24. SUMMARY BY QUARTER (UNAUDITED)

These tables summarize the unaudited results of operations for each quarter of 2017 and 2016:



2017	Q1		Q2			Q3				Q4				Total
Sales	$	1,882.5	$	1,980.1		$	2,121.9			$	2,203.1			$	8,187.6
Gross profit^(A)	564.4		576.3			635.7				657.8				2,434.2
Business separation costs^(B)	30.2		—			—				—				30.2
Business restructuring and cost reduction actions^(C)	50.0		10.3			42.7				48.4				151.4
Pension settlement loss^(D)	—		4.1			5.5				.9				10.5
Goodwill and intangible asset impairment charge^(E)	—		—			162.1				—				162.1
Gain on land sale^(F)	—		—			—				12.2				12.2
Operating income^(A)	328.1		391.2			252.6				455.7				1,427.6
Equity affiliates' income (loss)	38.0		34.2			(36.9		)	^(G)	44.8				80.1		^(G)
Income tax provision (benefit)	78.4		94.5			89.3				(1.3		)	^(H)	260.9		^(H)
Net income	306.4		2,135.7			104.1				475.0				3,021.2
Net income attributable to Air Products
Income from continuing operations	251.6		304.4			104.2				474.2				1,134.4
Income (Loss) from discontinued operations	48.2		1,825.6		^(I)	(2.3		)		(5.5		)		1,866.0		^(I)
Net income attributable to Air Products	299.8		2,130.0			101.9				468.7				3,000.4
Basic Earnings Per Common Share Attributable to Air Products
Income from continuing operations	1.16		1.40			.48				2.17				5.20
Income (Loss) from discontinued operations	.22		8.38			(.01		)		(.02		)		8.56
Net income attributable to Air Products	1.38		9.78			.47				2.15				13.76
Diluted Earnings Per Common Share Attributable to Air Products
Income from continuing operations	1.15		1.39			.47				2.15				5.16
Income (Loss) from discontinued operations	.22		8.31			(.01		)		(.02		)		8.49
Net income attributable to Air Products	1.37		9.70			.46				2.13				13.65
Dividends declared per common share	.86		.95			.95				.95				3.71
Market price per common share – High	150.45		149.46			147.66				152.26
Market price per common share – Low	129.00		133.63			134.09				141.88



2016	Q1		Q2				Q3			Q4			Total
Sales	$	1,866.3	$	1,777.4			$	1,914.5		$	1,945.5		$	7,503.7
Gross profit^(A)	570.4		564.4				594.3			598.0			2,327.1
Business separation costs^(B)	12.0		7.4				9.5			21.7			50.6
Business restructuring and cost reduction actions^(C)	—		10.7				13.2			10.6			34.5
Pension settlement loss^(D)	—		2.0				1.0			2.1			5.1
Operating income^(A)	372.5		371.6				394.6			391.0			1,529.7
Equity affiliates' income	33.3		32.3				42.1			39.3			147.0
Loss on extinguishment of debt^(J)	—		—				—			6.9			6.9
Income tax provision	96.4		93.5			^(K)	145.9		^(K)	96.8		^(K)	432.6			^(K)
Net income (loss)	372.0		(465.5		)		354.1			400.9			661.5
Net income attributable to Air Products
Income from continuing operations	280.9		278.9				250.3			289.4			1,099.5
Income (Loss) from discontinued operations	82.7		(752.2		)		96.5			104.6			(468.4		)
Net income (loss) attributable to Air Products	363.6		(473.3		)		346.8			394.0			631.1
Basic Earnings Per Common Share Attributable to Air Products
Income from continuing operations	1.30		1.29				1.16			1.33			5.08
Income (Loss) from discontinued operations	.38		(3.48		)		.44			.48			(2.16		)
Net income (loss) attributable to Air Products	1.68		(2.19		)		1.60			1.81			2.92
Diluted Earnings Per Common Share Attributable to Air Products
Income from continuing operations	1.29		1.28				1.15			1.32			5.04
Income (Loss) from discontinued operations	.38		(3.45		)		.44			.48			(2.15		)
Net income (loss) attributable to Air Products	1.67		(2.17		)		1.59			1.80			2.89
Dividends declared per common share	.81		.86				.86			.86			3.39
Market price per common share – High	133.78		136.88				141.53			146.82
Market price per common share – Low	117.80		106.63				124.78			127.72


^(A)	Changes in estimates on projects accounted for under the percentage of completion method favorably impacted income by approximately $27 in fiscal year 2017 and $20 in fiscal year 2016, primarily during the fourth quarter. For additional information, see Note 1, Major Accounting Policies (Revenue Recognition).


^(B)	For additional information, see Note 4, Materials Technologies Separation.


^(C)	For additional information, see Note 5, Business Restructuring and Cost Reduction Actions.


^(D)	For additional information, see Note 16, Retirement Benefits.


^(E)	For additional information, see Note 10, Goodwill, and Note 11, Intangible Assets.


^(F)	The gain is reflected on the consolidated income statements in "Other income (expense), net." For additional information, see Note 23, Supplemental Information.


^(G)	Includes the impact of an other-than-temporary impairment of an investment in an equity affiliate. For additional information, see Note 8, Summarized Financial Information of Equity Affiliates.


^(H)	Includes the impact of a tax election benefit related to a non-U.S. subsidiary. For additional information, see Note 22, Income Taxes.


^(I)	Includes the after-tax gain on the sale of PMD. For additional information, see Note 3, Discontinued Operations.


^(J)	For additional information, see Note 15, Debt.


^(K)	Includes income tax expense for tax costs associated with business separation. For additional information, see Note 4, Materials Technologies Separation.