(Financial statements follow)
Condensed Consolidated Statements of Operations (Unaudited)
|
Three Months Ended |
||||||
(DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE AMOUNTS) |
March 31, 2024 |
|
March 31, 2023 |
||||
Net sales |
$ |
213.4 |
|
|
$ |
243.8 |
|
Cost of sales |
|
145.2 |
|
|
|
164.1 |
|
Gross margin |
|
68.2 |
|
|
|
79.7 |
|
|
|
|
|
||||
Selling, general and administrative expenses |
|
47.5 |
|
|
|
60.1 |
|
Research and development expenses |
|
8.9 |
|
|
|
9.6 |
|
Restructuring and impairment charges |
|
0.1 |
|
|
|
10.5 |
|
Other operating (income) expense, net |
|
— |
|
|
|
(0.2 |
) |
Operating income (loss) |
|
11.7 |
|
|
|
(0.3 |
) |
|
|
|
|
||||
Equity income in unconsolidated joint ventures |
|
0.3 |
|
|
|
0.1 |
|
| Other income (expense), net |
|
0.4 |
|
|
|
0.1 |
|
| Interest expense, net |
|
(0.8 |
) |
|
|
(3.5 |
) |
| Income (loss) before income tax expense |
|
11.6 |
|
|
|
(3.6 |
) |
| Income tax expense (benefit) |
|
3.8 |
|
|
|
(0.1 |
) |
| Net income (loss) |
$ |
7.8 |
|
|
$ |
(3.5 |
) |
|
|
|
|
|
||||
| Basic earnings (loss) per share |
$ |
0.42 |
|
|
$ |
(0.19 |
) |
| Diluted earnings (loss) per share |
$ |
0.42 |
|
|
$ |
(0.19 |
) |
|
|
|
|
|
||||
| Shares used in computing: |
|
|
|
||||
| Basic earnings (loss) per share |
|
18.6 |
|
|
|
18.6 |
|
| Diluted earnings (loss) per share |
|
18.7 |
|
|
|
18.6 |
|
Condensed Consolidated Statements of Financial Position (Unaudited)
