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Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data
(Unaudited)
 
 
Quarter Ended
(In millions, except per share amounts)
 
March 31
 
June 30
 
September 30
 
December 31
2018 -
 
 
 
 
 
 
 
 
Sales
 
$
979.0

 
$
1,009.5

 
$
1,020.2

 
$
1,037.9

Gross Profit
 
148.6

 
173.7

 
160.4

 
147.6

Net income
 
60.5

 
75.6

 
55.6

 
45.0

Net income attributable to ATI
 
58.0

 
72.8

 
50.5

 
41.1

Basic income attributable to ATI per common share
 
$
0.46

 
$
0.58

 
$
0.40

 
$
0.33

Diluted income attributable to ATI per common share
 
$
0.42

 
$
0.52

 
$
0.37

 
$
0.30

Average shares outstanding
 
125.7

 
125.7

 
125.7

 
125.7

2017 -
 
 
 
 
 
 
 
 
Sales
 
$
865.9

 
$
880.2

 
$
869.1

 
$
909.9

Gross Profit
 
124.8

 
124.3

 
105.3

 
142.6

Net income (loss)
 
21.1

 
13.4

 
(119.4
)
 
5.2

Net income (loss) attributable to ATI
 
17.5

 
10.1

 
(121.2
)
 
1.7

Basic income (loss) attributable to ATI per common share
 
$
0.16

 
$
0.09

 
$
(1.12
)
 
$
0.01

Diluted income (loss) attributable to ATI per common share
 
$
0.16

 
$
0.09

 
$
(1.12
)
 
$
0.01

Average shares outstanding
 
108.8

 
108.9

 
108.9

 
118.6



Quarterly earnings per share amounts above may not add to year-to-date amounts due to rounding as well as the impact of dilutive securities for each individual quarterly period versus the year-to-date period. Gross profit amounts for 2017 have been restated as a result of the retrospective application of changes to the accounting for defined benefit pension and other postretirement benefit expenses adopted by the Company in 2018 (see Note 1).
First quarter 2018 results include a $15.9 million pre-tax ($14.7 million, net of tax) gain on deconsolidation of A&T Stainless following the sale of a 50% noncontrolling interest and subsequent derecognition. See Note 6 for further explanation.
Third quarter 2017 includes a $114.4 million pre-tax ($113.6 million, net of tax) non-cash goodwill impairment charge for the Company’s Cast Products business. See Note 5 for further explanation.
Fourth quarter 2017 includes a $37.0 million pre-tax and net of tax debt extinguishment charge for the full redemption of the $350 million, 9.375% Senior Notes due 2019. Fourth quarter 2017 also includes $4.1 million of tax benefits from the 2017 Tax Cuts and Jobs Act legislation. Fourth quarter 2017 shares outstanding reflect the Company’s issuance of 17 million shares of common stock on November 7, 2017 (see Note 14 for further explanation).
Net of tax amounts presented above generally use the effective tax rate for the applicable quarterly period which differs from the effective tax rate for the full year.