Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY FINANCIAL DATA (UNAUDITED):

The table below sets forth the unaudited consolidated operating results by quarter for the years ended December 31, 2018 and 2017 (in thousands, except per share information).



	For the Three Months Ended
	March 31,		June 30,		September 30,		December 31,
2018:
Revenues	$	2,417,576	$	2,656,348	$	2,985,281	$	3,112,218
Gross profit	301,048		333,371		425,830		419,715
Net income	38,611		74,706		124,899		57,791
Net income from continuing operations attributable to common stock	37,614		74,365		124,551		56,816
Basic earnings per share from continuing operations attributable to common stock	$	0.24	$	0.49	$	0.82	$	0.38
Diluted earnings per share from continuing operations attributable to common stock	$	0.24	$	0.48	$	0.81	$	0.38
2017:
Revenues	$	2,178,170	$	2,200,374	$	2,609,307	$	2,478,627
Gross profit	266,188		302,165		350,631		322,876
Net income	48,440		64,360		89,849		115,576
Net income from continuing operations attributable to common stock	48,267		63,837		89,313		113,561
Basic earnings per share from continuing operations attributable to common stock	$	0.31	$	0.41	$	0.57	$	0.72
Diluted earnings per share from continuing operations attributable to common stock	$	0.31	$	0.41	$	0.56	$	0.72

During the fourth quarter of 2018, Quanta recorded asset impairment charges of $49.4 million ($36.5 million net of tax) related to the winding down of certain oil-influenced operations and assets and net tax charges of $36.0 million, as further described in Note 9 and primarily related to Quanta’s final assessment of the Tax Act enacted on December 22, 2017 and for which regulations have been issued during 2018. During the fourth quarter of 2017, Quanta recorded one-time tax benefits as further described in Note 9 and asset impairment charges of $58.1 million ($36.6 million net of tax), which were primarily associated with two reporting units within its Pipeline and Industrial Infrastructure Services Division. Specifically, a reporting unit that provides material handling services experienced lower operating margins and was expected to continue to face a highly competitive environment in its select markets, and a reporting unit that provides marine and offshore services experienced prolonged periods of reduced revenues and operating margins and was expected to continue to experience lower levels of activity in the U.S. Gulf of Mexico and other offshore markets.

The sum of the individual quarterly earnings per share amounts may not equal year-to-date earnings per share as each period’s computation is based on the weighted average number of shares outstanding during the period.