

22.	QUARTERLY FINANCIAL INFORMATION

The following table summarizes the unaudited quarterly results of operations for 2019 and 2018:



	2019 Quarters Ended (unaudited)
	March 31		June 30		September 30		December 31
Revenues	$	223,949	$	264,086	$	291,699	$	346,544
Gross profit	19,503		25,496		29,216		33,579
Income (loss) before income taxes	2,024		8,571		9,422		(5,538		)
Net income attributable to Sterling common stockholders	$	1,815	$	7,828	$	7,957	$	22,301
Net income per share attributable to Sterling common stockholders:
Basic	$	0.07	$	0.30	$	0.30	$	0.81
Diluted	$	0.07	$	0.29	$	0.30	$	0.79



	2018 Quarters Ended (unaudited)
	March 31		June 30		September 30		December 31
Revenues	$	222,492	$	268,734	$	291,266	$	255,175
Gross profit	$	19,834	$	31,046	$	31,279	$	28,173
Income before income taxes	$	3,721	$	9,238	$	11,581	$	6,738
Net income attributable to Sterling common stockholders	$	2,489	$	8,174	$	8,917	$	5,607
Net income per share attributable to Sterling common stockholders:
Basic	$	0.09	$	0.30	$	0.33	$	0.22
Diluted	$	0.09	$	0.30	$	0.33	$	0.21

The Company’s operating revenues tend to be somewhat higher in the summer months which are typically due to holiday schedules and warmer and dryer weather conditions. Our second and third quarter revenues and results of operations typically reflect these seasonal trends. However, from time to time, the Company’s operating results are significantly affected by certain transactions or events that management believes are not indicative or representative of our results. As of October 2, 2019, Plateau’s results are included in the results for the remainder of 2019.

As discussed in Note 21 - Segment Information, during the fourth quarter 2019, the Company realigned the operating groups to reflect the present management oversight of operations. Due to the aforementioned realignment, part the 2019 and 2018 results for our commercial business were reclassified from the Heavy Civil operating group into our newly formed Specialty Services operating group. The following tables represent our 2019 and 2018 quarterly revenue and income from operations adjusted to reflect our operating group realignment and to conform to our 2019 presentation:



	2019 Quarters Ended (unaudited)
	March 31			June 30			September 30			December 31			Total
Revenue
Heavy Civil	$	150,505		$	200,236		$	218,894		$	190,690		$	760,325
Specialty Services	30,679			27,894			32,863			121,388			212,824
Residential	42,765			35,956			39,942			34,466			153,129
Total Revenue	$	223,949		$	264,086		$	291,699		$	346,544		$	1,126,278

Operating Income
Heavy Civil	$	(2,147	)	$	5,747		$	7,420		$	(7,704	)	$	3,316
Specialty Services	1,048			865			1,371			14,923			18,207
Residential	5,819			4,834			5,220			4,666			20,539
Subtotal	4,720			11,446			14,011			11,885			42,062
Acquisition related costs	—			(262		)	(1,896		)	(2,153		)	(4,311		)
Total Operating Income	$	4,720		$	11,184		$	12,115		$	9,732		$	37,751



	2018 Quarters Ended (unaudited)
	March 31		June 30		September 30		December 31		Total
Revenue
Heavy Civil	$	158,722	$	194,174	$	222,299	$	190,443	$	765,638
Specialty Services	28,519		29,109		32,245		30,460		120,333
Residential	35,251		45,451		36,722		34,272		151,696
Total Revenue	$	222,492	$	268,734	$	291,266	$	255,175	$	1,037,667

Operating Income
Heavy Civil	$	1,092	$	4,322	$	7,385	$	4,245	$	17,044
Specialty Services	519		1,480		1,647		983		4,629
Residential	5,068		6,347		5,341		4,182		20,938
Total Operating Income	$	6,679	$	12,149	$	14,373	$	9,410	$	42,611