QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2018

QUARTERLY FINANCIAL DATA (UNAUDITED)

NOTE 14—QUARTERLY FINANCIAL DATA (UNAUDITED):


	(Thousands of dollars except per share data)
	First		Second		Third		Fourth		Year
2018
Net product sales	$	100,859	$	105,623	$	181,505	$	127,264	$	515,251
Product gross margin		35,025		38,142		66,259		45,945		185,371
Net earnings attributable to Tootsie Roll Industries, Inc.		8,125		10,489		26,104		12,175		56,893
Net earnings attributable to Tootsie Roll Industries, Inc. per share		0.13		0.16		0.41		0.19		0.89

2017
Net product sales	$	103,425	$	104,897	$	182,173	$	125,179	$	515,674
Product gross margin		37,887		39,516		67,203		44,657		189,263
Net earnings attributable to Tootsie Roll Industries, Inc.		10,051		11,895		26,933		31,985		80,864
Net earnings attributable to Tootsie Roll Industries, Inc. per share		0.15		0.18		0.42		0.49		1.24

Net earnings per share is based upon average outstanding shares as adjusted for 3% stock dividends issued during the second quarter of each year as discussed above. The sum of the quarterly per share amounts may not equal annual amounts due to rounding. In connection with enactment of the U.S. Tax Cuts and Jobs Act (Tax Reform Act) in December 2017, the Company recorded a favorable accounting adjustment of $20,318, or $0.31 per share, during the fourth quarter of 2017. This reflects the estimated benefit from the revaluation of net deferred income tax liabilities based on the new lower U.S. corporate income tax rate effective January 1, 2018.