| Selected Unaudited Quarterly Financial Information |
The following
tables set forth selected unaudited quarterly financial information
for the years ended December 31, 2012 and 2011:
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Quarter
Ended |
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March 31,
2012 |
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June 30,
2012(1) |
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September 30,
2012(2) |
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December 31,
2012(3) |
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(In thousands, except
per share amounts) |
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Revenues
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$ |
727,678 |
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$ |
889,248 |
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$ |
1,028,745 |
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$ |
995,953 |
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Operating income
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$ |
80,176 |
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$ |
79,382 |
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$ |
82,481 |
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$ |
77,288 |
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Income from continuing
operations, less noncontrolling interest
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$ |
59,261 |
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$ |
52,739 |
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$ |
50,612 |
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$ |
40,544 |
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Income (loss) from
discontinued operations, net of tax
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3,497 |
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— |
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— |
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— |
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Net income
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$ |
62,758 |
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$ |
52,739 |
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$ |
50,612 |
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$ |
40,544 |
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Per Share
Data
Quarter
Ended |
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March 31,
2012 |
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June 30,
2012
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September 30,
2012 |
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December 31,
2012
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Basic earnings per common
share:
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Income from continuing
operations, less noncontrolling interest
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0.25 |
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0.22 |
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0.21 |
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0.17 |
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Income (loss) from
discontinued operations, net of tax
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0.01 |
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— |
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— |
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— |
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Net income
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0.27 |
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0.22 |
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0.21 |
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0.17 |
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Diluted earnings per common
share:
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Income from continuing
operations, less noncontrolling interest
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0.25 |
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0.22 |
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0.21 |
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0.17 |
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Income (loss) from
discontinued operations, net of tax
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0.01 |
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— |
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— |
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— |
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Net income
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0.26 |
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0.22 |
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0.21 |
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0.17 |
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| (1) |
Operating income for the
quarter ended June 30 2012 was influenced by increased
fabrication activities partially offset by lower project close-outs
and settlements. |
| (2) |
Revenues for the quarter
ended September 30, 2012 were influenced by increased marine
activity on certain of our Asia Pacific projects. |
| (3) |
Operating income for the quarter ended December 31, 2012
was influenced by significant cost savings on marine installation
activities on an EPCI project, partially offset by project losses
of approximately $52.0 million recognized across each segment.
Income from continuing operations, less non-controlling interests
was impacted by an increase in our provision for income taxes and
sales, general & administrative expenses, partially offset by
an increase in gain (loss) on foreign currency - net.
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Quarter
Ended |
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March 31,
2011 |
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June 30,
2011(2) |
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September 30,
2011(3) |
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December 31,
2011 |
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(In thousands, except
per share amounts) |
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Revenues
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$ |
899,240 |
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$ |
849,801 |
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$ |
879,894 |
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$ |
816,175 |
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Operating income
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$ |
100,298 |
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$ |
83,779 |
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$ |
35,216 |
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$ |
31,430 |
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Income from continuing
operations, less noncontrolling interest
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$ |
68,758 |
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$ |
63,718 |
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$ |
9,764 |
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$ |
9,302 |
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Income (loss) from
discontinued operations, net of tax(1)
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1,662 |
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3,610 |
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1,187 |
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(19,271 |
) |
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Net income
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$ |
70,420 |
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$ |
67,328 |
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$ |
10,951 |
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$ |
(9,969 |
) |
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Per Share
Data
Quarter
Ended |
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March 31,
2011 |
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June 30,
2011 |
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September 30,
2011 |
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December 31,
2011 |
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Basic earnings per common
share:
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Income from continuing
operations, less noncontrolling interest
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0.29 |
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0.27 |
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0.04 |
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0.04 |
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Income (loss) from
discontinued operations, net of tax
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0.01 |
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0.02 |
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0.01 |
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(0.08 |
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Net income
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0.30 |
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0.29 |
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0.05 |
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(0.04 |
) |
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Diluted earnings per common
share:
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Income from continuing
operations, less noncontrolling interest
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0.29 |
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0.27 |
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0.04 |
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0.04 |
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Income (loss) from
discontinued operations, net of tax
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0.01 |
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0.02 |
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0.01 |
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(0.08 |
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Net income
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0.30 |
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0.28 |
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0.05 |
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(0.04 |
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| (1) |
See Note 2 in the notes to
the consolidated financial statements for a discussion of
discontinued operations and other items. |
| (2) |
Operating income for the
June 30, 2011 quarter was influenced by a $49.1 million
decline in our Middle East segment as a result of reduced marine
activity and the substantial completion of several higher margin
projects in Saudi Arabia for which the marine activities were
ongoing during the 2010 quarter but were complete prior to the 2011
quarter. |
| (3) |
Operating income for the
September 30, 2011 quarter was influenced by the $75.4 million
decline in the Middle East segment. The Middle East decline was
primarily driven by reduced fabrication and marine activity levels,
lower change orders, project close-outs and settlements on
completed contracts. In addition, the September quarter was
impacted by approximately $50.0 million of project charges
recognized across segments. |
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