Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

24. Quarterly Financial Data (unaudited)

2020	Q1		Q2			Q3		Q4
Net sales	$	1,845.8	$	1,047.6		$	2,037.2	$	2,516.8
Gross profit		331.0		14.4			399.7		501.8
Income (loss) before income taxes		111.3		(246.6	)		148.5		277.9
Net Income (loss)		74.9		(174.3	)		98.8		188.9
Net income (loss) attributable to controlling interest		74.8		(174.7	)		98.3		188.5
Earnings (loss) per share
– basic		0.86		(2.00	)		1.13		2.16
– diluted		0.86		(2.00	)		1.12		2.15
Dividends paid		0.62		—			—		—

2019	Q1		Q2		Q3		Q4
Net sales	$	2,174.0	$	2,154.7	$	2,027.7	$	2,191.2
Gross profit		378.8		399.7		379.1		426.8
Income before income taxes		153.6		150.8		134.4		209.7
Net Income		111.5		109.4		86.0		155.9
Net income attributable to controlling interest		111.4		109.1		85.4		155.6
Earnings per share
– basic		1.28		1.25		0.98		1.78
– diluted		1.27		1.25		0.98		1.78
Dividends paid		0.62		0.62		0.62		0.62

Quarterly movements

In the second quarter of 2020, COVID-19 negatively impacted Net Income due to several plant closures as customers’ plants were also closed for several weeks and operated at low levels during Q2. A large number of customer plants were closed in April and parts of May, followed by a ramp-up in June. According to IHS, global light vehicle production (LVP) declined by 45% in Q2 2020 compared to Q2 2019. In addition to the decline in global LVP, the slow and volatile restart and ramp-up of production had a significant impact on our sales and profitability in the first half of 2020.