| Schedule of quarterly financial data |
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Quarter and Year Ended December 31, 2013 |
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(In millions, except per share data) |
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Q1 |
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Q2 |
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Q3 |
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Q4 |
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Total (2) |
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Net sales |
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$ |
1,061.2 |
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$ |
1,272.8 |
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$ |
1,197.5 |
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$ |
1,134.5 |
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$ |
4,666.0 |
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Gross margin (1) |
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152.2 |
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210.0 |
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193.5 |
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185.8 |
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741.5 |
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Operating income |
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71.2 |
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124.6 |
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78.1 |
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96.9 |
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370.8 |
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Consolidated net income (loss) |
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(2.8 |
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73.7 |
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39.3 |
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57.8 |
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168.0 |
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Earnings (loss) per share: |
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Basic |
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$ |
(0.06 |
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$ |
1.04 |
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$ |
0.56 |
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$ |
0.81 |
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$ |
2.46 |
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Diluted |
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$ |
(0.06 |
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$ |
1.03 |
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$ |
0.55 |
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$ |
0.81 |
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$ |
2.44 |
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Quarter and Year Ended December 31, 2012 |
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Q1 |
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Q2 |
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Q3 |
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Q4 |
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Total (2) |
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Net sales |
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$ |
859.9 |
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$ |
867.7 |
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$ |
813.5 |
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$ |
784.7 |
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$ |
3,325.8 |
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Gross margin |
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103.5 |
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86.8 |
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140.3 |
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129.8 |
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460.4 |
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Operating income |
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68.2 |
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28.4 |
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73.9 |
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67.6 |
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238.1 |
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Consolidated net income |
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35.3 |
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13.6 |
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39.3 |
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32.3 |
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120.5 |
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Earnings per share: |
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Basic |
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$ |
1.02 |
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$ |
0.39 |
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$ |
1.13 |
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$ |
0.93 |
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$ |
3.47 |
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Diluted |
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$ |
1.01 |
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$ |
0.39 |
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$ |
1.12 |
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$ |
0.92 |
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$ |
3.45 |
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- (1)
- Financial results presented in the above table for the quarters ended September 30, 2013, June 30, 2013 and March 31, 2013, include an immaterial correction of an error related to an inconsistent policy related to income statement classification of shipping and handling costs. Subsequent to the consummation of the merger on January 28, 2013 and prior to the fourth quarter ended December 31, 2013, we included the Merged Business shipping and handling costs in selling, general and administrative expenses. Such costs should have been included in cost of goods sold to conform to our policy. The impact of the correction decreased quarterly gross margin by $19.1 million, $21.1 million and $10.0 million for the quarters ended September 30, 2013, June 30, 2013 and March 31, 2013, respectively, from what was previously reported. Operating income, consolidated net income (loss) and earnings (loss) per share for the quarters ended September 30, 2013, June 30, 2013 and March 31, 2013 were not impacted by this prior error.
- (2)
- Totaling quarterly data may differ from the annual audited amounts due to rounding.
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