Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Results (Unaudited)

Quarterly results (unaudited)

NOTE 17 – QUARTERLY RESULTS (Unaudited)

The following tables set forth certain quarterly unaudited operating data for the fiscal years ended December 31, 2019 and 2018.  The unaudited quarterly information includes all adjustments, which the Company considers necessary for a fair presentation of the information shown (in thousands, except per share data):

	Fiscal 2019
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Sales	$	2,410,608	$	2,589,874	$	2,666,528	$	2,482,975
Gross profit		1,279,290		1,368,287		1,422,530		1,324,584
Operating income		444,786		498,074		536,363		441,503
Net income		321,152		353,681		391,293		324,916
Earnings per share – basic (1)	$	4.09	$	4.56	$	5.14	$	4.29
Earnings per share – assuming dilution (1)	$	4.05	$	4.51	$	5.08	$	4.25

	Fiscal 2018
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
Sales	$	2,282,681	$	2,456,073	$	2,482,717	$	2,314,957
Gross profit		1,201,258		1,288,638		1,315,755		1,234,315
Operating income		422,846		479,150		485,148		428,040
Net income		304,906		353,073		366,151		300,357
Earnings per share – basic (1)	$	3.65	$	4.32	$	4.54	$	3.76
Earnings per share – assuming dilution (1)	$	3.61	$	4.28	$	4.50	$	3.72

(1) Earnings per share amounts are computed independently for each quarter and annual period.  The quarterly earnings per share amounts may not sum to equal the full-year earnings per share amount.

The unaudited operating data presented above should be read in conjunction with the Company’s consolidated financial statements and related notes, and the other financial information included therein.