Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Information (Unaudited)

v3.10.0.1
Quarterly Financial Information (Unaudited)
12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (Unaudited)
18. Quarterly Financial Information (Unaudited)

2018
 
(in millions, except per share data)
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Net sales
$
471.8

 
$
459.4

  
$
429.9

 
$
404.3

  
Gross profit
49.0

(a)
57.9

(a)
42.9

(a)
36.9

(a)
Income before provision for income taxes
21.2

 
29.1

(b)
16.8

 
8.8

 
Net income
15.9

 
21.1

  
14.9

 
6.7

 
Net income attributable to Global Brass and Copper Holdings, Inc.
15.8

 
21.0

  
14.8

 
6.6

 
Net income attributable to Global Brass and Copper Holdings, Inc. per common share:
 
 
 
 
 
 
 
 
Basic
$
0.72

 
$
0.95

  
$
0.67

 
$
0.30

  
Diluted
$
0.71

 
$
0.94

  
$
0.66

 
$
0.29

  
 
2017
 
(in millions, except per share data)
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Net sales
$
419.5

 
$
374.8

  
$
359.4

 
$
424.9

  
Gross profit
50.6

(c)
44.2

(c)
43.6

(c)
45.8

(c)
Income before provision for income taxes
22.7

 
24.6

 
19.0

(d)
19.3

 
Net income
17.7

 
15.8

  
12.4

 
5.8

  
Net income attributable to Global Brass and Copper Holdings, Inc.
17.5

 
15.7

  
12.3

 
5.6

  
Net income attributable to Global Brass and Copper Holdings, Inc. per common share:
 
 
 
 
 
 
 
 
Basic
$
0.81

 
$
0.72

  
$
0.56

 
$
0.26

  
Diluted
$
0.79

 
$
0.71

  
$
0.56

 
$
0.25

  
(a)
Includes lower of cost or market adjustments for certain domestic, non-copper metal inventory, which increased gross profit by $0.9 million and $0.2 million in the first and second quarters, respectively, and decreased gross profit by $1.2 million and $2.8 million in the third and fourth quarters, respectively. Includes $0.1 million loss from liquidation of LIFO inventory layers in the fourth quarter.
(b)
Includes $0.5 million loss from extinguishment of debt in the second quarter.
(c)
Includes lower of cost or market adjustments for certain domestic, non-copper metal inventory, which increased gross profit by $0.8 million, $0.7 million, and $2.8 million in the first, third, and fourth quarters, respectively, and decreased gross profit by $0.7 million in the second quarter. Includes $1.0 million loss from liquidation of LIFO inventory layers in the fourth quarter.
(d)
Includes $0.2 million loss from extinguishment of debt in the third quarter.
Basic and diluted EPS are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not equal the total for the year.