Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Data (Unaudited)

v3.3.1.900
Quarterly Financial Data (Unaudited)
12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)
17. QUARTERLY FINANCIAL DATA (UNAUDITED):

The table below sets forth the unaudited consolidated operating results by quarter for the years ended December 31, 2015 and 2014 (in thousands, except per share information).

 

     For the Three Months Ended  
     March 31,      June 30,      September 30,      December 31,  

2015:

           

Revenues

   $ 1,861,386       $ 1,872,340       $ 1,939,438       $ 1,899,272   

Gross profit

     237,906         227,505         235,215         223,039   

Net income (loss)

     58,185         49,565         218,956         (4,882

Net income (loss) attributable to common stock

     53,484         46,109         216,388         (5,074

Net income (loss) from continuing operations attributable to common stock

     47,689         32,007         43,176         (2,586

Earnings (loss) per share from continuing operations attributable to common stock — basic and diluted

   $ 0.22       $ 0.15       $ 0.23       $ (0.02

2014:

           

Revenues

   $ 1,735,448       $ 1,838,209       $ 2,145,958       $ 2,027,614   

Gross profit

     256,054         264,209         336,903         311,628   

Net income

     58,648         85,444         100,015         70,975   

Net income attributable to common stock

     54,408         81,082         94,648         66,576   

Net income from continuing operations attributable to common stock

     47,442         73,453         87,923         60,406   

Earnings per share from continuing operations attributable to common stock — basic and diluted

   $ 0.22       $ 0.33       $ 0.40       $ 0.27   

During the fourth quarter of 2015, Quanta recorded total asset impairment charges of $58.5 million ($44.6 million net of tax). These impairment charges related to goodwill, intangible assets and property and equipment. Included in these charges was a $39.8 million goodwill impairment and a $12.1 million impairment related to customer relationships, trade names and non-compete agreement intangible assets. These goodwill and intangible impairments primarily resulted from lower forecasted oil and gas services revenues for Quanta’s Gulf of Mexico operations and certain operations in Australia, due to the extended low commodity price environment. Additionally, Quanta recorded a property and equipment impairment of $6.6 million related to certain international renewable energy services operations.

Additionally, during the third quarter of 2015, net income and net income attributable to common stock included an approximately $171 million gain on the sale, net of tax, of Quanta’s fiber optic licensing operations.

During the third and fourth quarters of 2014, Quanta recorded charges of $52.5 million ($32.3 million net of tax) and $49.9 million ($30.3 million net of tax) associated with an electric power infrastructure services project completed in 2012. See Legal Proceedings — Sunrise Powerlink Arbitration in Note 15. During the first quarter of 2014, Quanta recorded a charge of $38.8 million ($25.8 million net of tax) as a result of an arbitration decision related to a contract dispute on a 2010 directional drilling project.

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.