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19. QUARTERLY FINANCIAL DATA (UNAUDITED)
(In Millions, Except Per Share Amounts) First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
2008:
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,175.1 $1,138.8 $1,130.7 $1,083.7
Gross profit
(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . 435.5 417.2 367.7 314.2
Operating income
(1)
. . . . . . . . . . . . . . . . . . . . . . . 122.3 100.9 54.0 —
Net earnings
(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . 101.7 83.7 36.6 18.1
Basic EPS*
(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.07 $ 0.89 $ 0.42 $ 0.23
Diluted EPS*
(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.07 0.89 0.42 0.23
Stock prices:
High. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 37.68 $ 37.18 $ 36.90 $ 32.75
Low . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.02 30.36 30.28 23.25
2007:
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,260.6 $1,208.2 $1,195.4 $1,309.7
Gross profit
(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . 422.8 370.2 332.6 438.0
Operating income
(2)
. . . . . . . . . . . . . . . . . . . . . . . 121.1 65.6 20.5 114.1
Net earnings
(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . 92.4 64.2 45.2 99.0
Basic EPS*
(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.96 $ 0.68 $ 0.48 $ 1.04
Diluted EPS*
(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . 0.95 0.67 0.48 1.04
Stock prices:
High. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 73.20 $ 62.01 $ 49.73 $ 43.80
Low . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.81 48.93 35.71 32.85
The sum of the quarterly data may not equal annual amounts due to rounding.
* The sum of the quarterly earnings per share amounts does not necessarily equal the annual earnings per share due to changes in
average share calculations. This is in accordance with prescribed reporting requirements.
(1) Net earnings for the first quarter of 2008 included $12.6 million of pre-tax restructuring-related charges and project costs in
connection with the Company’s restructuring plans.
Net earnings for the second quarter of 2008 included $8.8 million of pre-tax restructuring-related charges and project costs in
connection with the Company’s restructuring plans.
Net earnings for the third quarter of 2008 included $24.5 million of pre-tax restructuring-related charges and project costs in
connection with the Company’s restructuring plans.
Net earnings for the fourth quarter of 2008 included $46.8 million of pre-tax restructuring-related charges and project costs in
connection with the Company’s restructuring plans.
(2) Net earnings for the first quarter of 2007 included $5.7 million of pre-tax project costs in connection with the Company’s 2006
actions and a $3.5 million pre-tax gain on the sale of the Company’s Scotland facility.
Net earnings for the second quarter of 2007 included $5.1 million of pre-tax project costs in connection with the 2006 actions, an
$8.1 million pre-tax foreign exchange gain realized upon the substantial liquidation of the Company’s Scotland entity and
adjustments of $4.8 million to previously recorded tax amounts.
Net earnings for the third quarter of 2007 included $6.6 million of pre-tax restructuring-related charges in connection with the
2007 Restructuring Plan, $8.0 million of pre-tax project costs in connection with the 2006 actions and a $13 million tax benefit due
to the settlement of a tax audit outside the U.S.
Net earnings for the fourth quarter of 2007 included $24.2 million and $3.4 million of pre-tax restructuring-related charges and
project costs, respectively, in connection with the 2007 Restructuring Plan, $2.5 million of pre-tax project costs in connection with
the 2006 actions and adjustments of $6.4 million to previously recorded tax amounts
105