| Quarterly Financial Summary (Unaudited) |
27. Quarterly Financial Summary (Unaudited):
The quarterly financial data is presented for each quarter of the two most recent fiscal years to reflect the material retrospective change in 2021, which was previously disclosed in 2021, to reflect the sale of the Performance Chemicals business as discontinued operations. See Note 5 of these consolidated financial statements for further discussion on the transaction.
The following tables summarize the Company’s quarterly financial results during the years ended December 31, 2022 and 2021:
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2022 |
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First
Quarter |
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Second
Quarter |
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Third
Quarter |
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Fourth
Quarter |
| Sales |
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$ |
179,714 |
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$ |
225,172 |
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$ |
232,533 |
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$ |
182,740 |
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| Gross profit |
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47,735 |
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59,859 |
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67,669 |
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49,367 |
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| Operating income |
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16,436 |
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27,411 |
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38,536 |
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22,002 |
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| Net income from continuing operations |
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7,875 |
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19,245 |
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21,325 |
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21,350 |
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| Net income from discontinued operations, net of tax |
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— |
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— |
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— |
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3,902 |
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| Net income |
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7,875 |
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19,245 |
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21,325 |
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25,252 |
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| Net income attributable to Ecovyst Inc. |
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7,875 |
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19,245 |
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21,325 |
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25,252 |
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| Earnings per common share - basic: |
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| Continued operations |
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$ |
0.06 |
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$ |
0.14 |
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$ |
0.16 |
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$ |
0.17 |
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| Discontinued operations |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
0.03 |
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| Net earnings per share - basic |
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$ |
0.06 |
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$ |
0.14 |
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$ |
0.16 |
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$ |
0.20 |
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| Earnings per common share - diluted: |
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| Continued operations |
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$ |
0.06 |
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$ |
0.14 |
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$ |
0.16 |
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$ |
0.17 |
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| Discontinued operations |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
0.03 |
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| Net earnings per share - diluted |
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$ |
0.06 |
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$ |
0.14 |
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$ |
0.16 |
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$ |
0.20 |
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| Weighted average shares outstanding: |
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| Basic |
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137,684,773 |
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138,035,764 |
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132,622,105 |
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125,962,111 |
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| Diluted |
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138,749,065 |
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139,149,560 |
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134,096,839 |
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127,538,343 |
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2021 |
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First
Quarter |
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Second
Quarter |
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Third
Quarter |
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Fourth
Quarter |
| Sales |
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$ |
126,624 |
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$ |
146,952 |
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$ |
167,428 |
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$ |
170,197 |
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| Gross profit |
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30,119 |
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38,473 |
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53,644 |
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54,425 |
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| Operating income |
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2,482 |
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11,652 |
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22,494 |
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17,979 |
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| Net (loss) income from continuing operations |
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(2,748) |
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(7,870) |
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4,689 |
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7,723 |
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| Net (loss) income from discontinued operations, net of tax |
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(89,770) |
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6,520 |
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(75,872) |
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17,712 |
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| Net (loss) income |
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(92,518) |
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(1,350) |
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(71,183) |
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25,435 |
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| Less: Net income attributable to the noncontrolling interest - discontinued operations |
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117 |
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140 |
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76 |
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— |
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| Net (loss) income attributable to Ecoyvst Inc. |
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(92,635) |
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(1,490) |
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(71,259) |
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25,435 |
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| (Loss) Earnings per common share - basic: |
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| Continuing operations |
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$ |
(0.02) |
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$ |
(0.06) |
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$ |
0.03 |
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$ |
0.06 |
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| Discontinued operations |
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$ |
(0.66) |
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$ |
0.05 |
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$ |
(0.56) |
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$ |
0.13 |
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| Net (loss) earnings per share - basic |
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$ |
(0.68) |
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$ |
(0.01) |
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$ |
(0.52) |
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$ |
0.19 |
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| (Loss) Earnings per common share - diluted: |
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| Continuing operations |
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$ |
(0.02) |
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$ |
(0.06) |
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$ |
0.03 |
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$ |
0.06 |
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| Discontinued operations |
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$ |
(0.66) |
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$ |
0.05 |
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$ |
(0.55) |
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$ |
0.13 |
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| Net (loss) earnings per share - diluted |
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$ |
(0.68) |
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$ |
(0.01) |
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$ |
(0.52) |
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$ |
0.18 |
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| Weighted average shares outstanding: |
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| Basic |
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136,006,082 |
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136,095,060 |
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136,129,591 |
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136,256,601 |
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| Diluted |
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136,006,082 |
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136,095,060 |
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137,354,427 |
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137,528,028 |
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