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Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)

 

17. Quarterly Financial Data (Unaudited)

Summarized quarterly results were as follows (in millions, except per share data):

 

 

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

Year ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

764

 

 

$

777

 

 

$

822

 

 

$

764

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products

 

 

616

 

 

 

620

 

 

 

654

 

 

 

607

 

Warehousing, selling and administrative

 

 

141

 

 

 

139

 

 

 

142

 

 

 

135

 

Operating profit

 

 

7

 

 

 

18

 

 

 

26

 

 

 

22

 

Net income

 

$

2

 

 

$

14

 

 

$

20

 

 

$

16

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.02

 

 

$

0.12

 

 

$

0.18

 

 

$

0.14

 

Diluted earnings per common share

 

$

0.02

 

 

$

0.12

 

 

$

0.18

 

 

$

0.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

631

 

 

$

651

 

 

$

697

 

 

$

669

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products

 

 

517

 

 

 

527

 

 

 

562

 

 

 

541

 

Warehousing, selling and administrative

 

 

135

 

 

 

138

 

 

 

141

 

 

 

128

 

Operating profit (loss)

 

 

(21

)

 

 

(14

)

 

 

(6

)

 

 

—

 

Net loss

 

$

(23

)

 

$

(17

)

 

$

(9

)

 

$

(3

)

Loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic loss per common share

 

$

(0.21

)

 

$

(0.16

)

 

$

(0.08

)

 

$

(0.03

)

Diluted loss per common share

 

$

(0.21

)

 

$

(0.16

)

 

$

(0.08

)

 

$

(0.03

)