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Quarterly Financial Data (Unaudited)
12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)
QUARTERLY FINANCIAL DATA (UNAUDITED):
The table below sets forth the unaudited consolidated operating results by quarter for the years ended December 31, 2017 and 2016 (in thousands, except per share information).
 
 
For the Three Months Ended
 
 
March 31,
 
June 30,
 
September 30,
 
December 31,
2017:
 
 

 
 

 
 

 
 

Revenues
 
$
2,178,170

 
$
2,200,374

 
$
2,609,307

 
$
2,478,627

Gross profit
 
266,188

 
302,165

 
350,631

 
322,876

Net income
 
48,440

 
64,360

 
89,849

 
115,576

Net income attributable to common stock
 
48,267

 
63,837

 
89,313

 
113,561

Net income from continuing operations attributable to common stock
 
48,267

 
63,837

 
89,313

 
113,561

Basic earnings per share from continuing operations attributable to common stock
 
$
0.31

 
$
0.41

 
$
0.57

 
$
0.72

Diluted earnings per share from continuing operations attributable to common stock
 
$
0.31

 
$
0.41

 
$
0.56

 
$
0.72

2016:
 
 

 
 

 
 

 
 
Revenues
 
$
1,713,737

 
$
1,792,430

 
$
2,042,186

 
$
2,102,966

Gross profit
 
203,313

 
200,217

 
302,582

 
307,688

Net income
 
20,859

 
16,729

 
74,152

 
88,358

Net income attributable to common stock
 
20,496

 
16,562

 
73,742

 
87,583

Net income from continuing operations attributable to common stock
 
20,496

 
16,562

 
73,137

 
88,530

Basic earnings per share from continuing operations attributable to common stock
 
$
0.13

 
$
0.11

 
$
0.47

 
$
0.57

Diluted earnings per share from continuing operations attributable to common stock
 
$
0.13

 
$
0.11

 
$
0.47

 
$
0.57


During the fourth quarter of 2017, Quanta recorded one-time tax benefits as further described in Note 10 and asset impairment charges of $58.1 million ($36.6 million net of tax), which were primarily associated with two reporting units within its Oil and Gas Infrastructure Services Division. Specifically, a reporting unit that provides material handling services experienced lower operating margins and is expected to continue to face a highly competitive environment in its select markets, and a reporting unit that provides marine and offshore services experienced prolonged periods of reduced revenues and operating margins and is expected to continue to experience lower levels of activity in the U.S. Gulf of Mexico and other offshore markets. During the fourth quarter of 2016, Quanta recorded total asset impairment charges of $8.0 million ($7.1 million net of tax) primarily related to a pending disposition of certain international renewable energy services operations, which was completed in 2017.
The sum of the individual quarterly earnings per share amounts may not equal year-to-date earnings per share as each period’s computation is based on the weighted average number of shares outstanding during the period.