Quarterly Results of Operations (Unaudited)

12 Months Ended

Sep. 30, 2017

Quarterly Results of Operations (Unaudited)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

Consolidated quarterly results of operations for fiscal 2017 and 2016 were (in millions, except per share amounts):



	Fiscal 2017
	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Revenues	$	2,904.2	$	3,251.3	$	3,776.4	$	4,159.1
Gross profit	558.2		614.5		723.4		802.5
Income before income taxes	318.1		353.9		444.5		485.5
Income tax expense	111.2		124.7		155.5		172.3
Net income	206.9		229.2		289.0		313.2
Basic net income per common share	0.55		0.61		0.77		0.84
Net income per common share assuming dilution	0.55		0.60		0.76		0.82



	Fiscal 2016
	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Revenues	$	2,416.4	$	2,767.9	$	3,231.9	$	3,741.3
Gross profit	468.9		531.7		625.8		732.6
Income before income taxes (a)	241.3		300.5		378.6		433.0
Income tax expense	83.6		105.4		128.8		149.4
Net income	157.7		195.1		249.8		283.6
Basic net income per common share	0.43		0.53		0.67		0.76
Net income per common share assuming dilution	0.42		0.52		0.66		0.75

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(a)	In the fourth quarter of fiscal 2016, income before income taxes was reduced by a goodwill impairment charge of $7.2 million.

The Company experiences variability in its results of operations from quarter to quarter due to the seasonal nature of its homebuilding business. The Company generally closes more homes and has greater revenues and income before income taxes in the third and fourth quarters (June and September) than in the first and second quarters (December and March) of its fiscal year.