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Quarterly Financial Data (Unaudited)
 12 Months Ended
Jun. 30, 2020
Quarterly Financial Data [Abstract]  
Quarterly Financial Data (Unaudited)
SUPPLEMENTARY DATA
 
Quarterly Financial Data (Unaudited)
 
Quarterly sales and earnings results are normally influenced by seasonal factors. Historically, the first two fiscal quarters (three months ending September 30 and December 31) are typically the lowest principally because of annual plant vacation and maintenance shutdowns by the Company and by many of its customers. However, the timing of major changes in the general economy or the markets for certain products can alter this pattern.
 
($ in millions)
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Results of Operations
 
 

 
 

 
 

 
 

Fiscal Year 2020
 
 

 
 

 
 

 
 

Net sales
 
$
585.4

 
$
573.0

 
$
585.4

 
$
437.3

 
 
 
 
 
 
 
 
 
Gross profit (loss)
 
$
112.6

 
$
112.6

 
$
109.5

 
$
(5.3
)
 
 
 
 
 
 
 
 
 
Operating income (loss)
 
$
59.8

 
$
55.0

 
$
58.7

 
$
(148.2
)
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
41.2

 
$
38.8

 
$
39.9

 
$
(118.4
)
 
 
 
 
 
 
 
 
 
Fiscal Year 2019
 
 

 
 

 
 

 
 

Net sales
 
$
572.4

 
$
556.5

 
$
609.9

 
$
641.4

 
 
 
 
 
 
 
 
 
Gross profit
 
$
91.7

 
$
107.0

 
$
123.2

 
$
122.9

 
 
 
 
 
 
 
 
 
Operating income
 
$
45.0

 
$
55.4

 
$
73.2

 
$
67.9

 
 
 
 
 
 
 
 
 
Net income
 
$
31.5

 
$
35.5

 
$
51.1

 
$
48.9

During the quarters ended December 31, 2019 and June 30, 2020, the Company recorded restructuring and asset impairment charges of $2.3 million and $130.1 million, respectively. See Note 2, Restructuring Charges and Asset Impairment Charges and Note 7, Inventories to Notes to Consolidated Financial Statements included in Item 8. “Financial Statements and Supplementary Data”.
(per share amount)
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Earnings (Loss) per common share
 
 
 
 
 
 
 
 
Fiscal Year 2020
 
 
 
 
 
 
 
 
Basic earnings (loss)
 
$
0.85

 
$
0.80

 
$
0.82

 
$
(2.46
)
 
 
 
 
 
 
 
 
 
Diluted earnings (loss)
 
$
0.85

 
$
0.79

 
$
0.82

 
$
(2.46
)
Fiscal Year 2019
 
 
 
 
 
 
 
 
Basic earnings
 
$
0.66

 
$
0.73

 
$
1.06

 
$
1.01

 
 
 
 
 
 
 
 
 
Diluted earnings
 
$
0.65

 
$
0.73

 
$
1.05

 
$
1.00

(shares in millions)
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Weighted average common shares outstanding
 
 
 
 
 
 
 
 
Fiscal Year 2020
 
 

 
 

 
 

 
 

Basic
 
47.9

 
48.1

 
48.1

 
48.1

Diluted
 
48.3

 
48.5

 
48.3

 
48.1

Fiscal Year 2019
 
 

 
 

 
 

 
 

Basic
 
47.6

 
47.7

 
47.7

 
47.7

Diluted
 
48.2

 
48.0

 
48.1

 
48.1