Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

20. Quarterly Financial Information (Unaudited)

The following is an analysis of certain line items in the Consolidated Statements of Income by quarter for 2020 and 2019:


(in millions, except per share data)	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
2020
Net sales(1)	$	384.1	$	366.9	$	444.1	$	460.1
Gross profit	112.2		110.0		127.1		143.1
Operating income	17.4		18.5		34.3		42.2


Net income	$	8.0	$	5.4	$	18.8	$	29.8
Per share:


Basic income per share (2)	$	0.08	$	0.06	$	0.20	$	0.31



Diluted income per share (2)	$	0.08	$	0.06	$	0.20	$	0.31
2019
Net sales(1)	$	393.9	$	518.7	$	505.7	$	537.4
Gross profit	125.8		165.8		155.9		186.0
Operating income	17.9		61.4		48.8		68.1


Net income	$	(0.6)	$	35.9	$	28.0	$	43.5
Per share:


Basic income per share (2)	$	(0.01)	$	0.35	$	0.29	$	0.45



Diluted income per share (2)	$	(0.01)	$	0.35	$	0.28	$	0.44

(1) Our recent acquisition of PowerA and previous acquisitions in Mexico and Brazil have increased the size of our seasonal businesses. As a result of the seasonal nature of the demand for our products, we have generated, and we expect to continue to generate, a significant percentage of our sales and profit during the second, third, and fourth quarters. However, our cash flow seasonality is almost all in the second half of the year, as the cash inflow in the first quarter is consumed in the second quarter as inventory. Our third and fourth quarter cash flow comes from completing the working capital cycle and collecting our accounts receivable.

(2) The sum of the quarterly earnings per share amounts may not equal the total for the year due to the effects of rounding, dilution as a result of issuing shares of common stock and repurchasing of shares of common stock during the year.