Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

QUARTERLY FINANCIAL DATA (UNAUDITED):

The table below sets forth the unaudited consolidated operating results by quarter for the years ended December 31, 2019 and 2018 (in thousands, except per share information).

	For the Three Months Ended
	March 31,		June 30,		September 30,		December 31,
2019:
Revenues	$	2,807,259	$	2,839,199	$	3,352,895	$	3,112,800
Gross profit	$	363,981	$	319,505	$	473,445	$	443,321
Net income	$	121,035	$	28,459	$	137,022	$	120,299
Net income attributable to common stock	$	120,488	$	27,344	$	136,068	$	118,144
Basic earnings per share attributable to common stock	$	0.83	$	0.19	$	0.93	$	0.81
Diluted earnings per share attributable to common stock	$	0.82	$	0.19	$	0.92	$	0.80
2018:
Revenues	$	2,417,576	$	2,656,348	$	2,985,281	$	3,112,218
Gross profit	$	301,048	$	333,371	$	425,830	$	419,715
Net income	$	38,611	$	74,706	$	124,899	$	57,791
Net income attributable to common stock	$	37,614	$	74,365	$	124,551	$	56,816
Basic earnings per share attributable to common stock	$	0.24	$	0.49	$	0.82	$	0.38
Diluted earnings per share attributable to common stock	$	0.24	$	0.48	$	0.81	$	0.38

During the three months ended March 31, 2019, Quanta recorded deferred earnings of $60.3 million ($43.9 million after-tax) related to its interest in a limited partnership as further described in Note 2. During the three months ended June 30, 2019, Quanta recorded a $79.2 million ($79.2 million after-tax) charge associated with the termination of the telecommunications project in Peru as further described in Note 14. During the three months ended December 31, 2019, Quanta recognized a gain of $13.0 million ($20.7 million with associated tax benefits) related to the sale of its interest in the limited partnership described in Note 2.

During the fourth quarters of 2019 and 2018, Quanta recorded asset impairment charges of $13.9 million ($10.5 million net of tax) and $49.4 million ($36.5 million net of tax) primarily related to the winding down and exit of certain oil-influenced operations and assets. During the fourth quarter of 2018, Quanta also recorded net tax charges of $36.0 million, as further described in Note 10 and primarily related to Quanta’s final assessment of the Tax Act enacted on December 22, 2017 and for which regulations were issued during 2018.

The sum of the individual quarterly earnings per share amounts may not equal year-to-date earnings per share as each period’s computation is based on the weighted average number of shares outstanding during the period.