Form 10-Q, example
Item 2. Management's discussion and analysis of financial condition and results of operations
Results of operations
Net sales for the quarter increased 6.0% to $412.0 million from $388.7 million in the same quarter of the prior year. The increase reflects price increases across the municipal water product line, partly offset by lower shipment volumes of replacement parts to industrial customers.
Gross profit was $128.5 million. Gross margin decreased 140 basis points to 31.2%, as costs for iron castings and inbound freight rose faster than selling prices.
Liquidity and capital resources
During the quarter the Company borrowed $60.0 million under its revolving credit facility. The proceeds fund construction of a second assembly plant. Total debt was $300.0 million at quarter end, compared with $240.0 million at the end of the prior quarter.
Outlook
The Company expects demand for replacement parts to remain soft in the coming quarter.
Forward-looking statements. This report contains statements about future events and expectations that involve risks and uncertainties, and actual results may differ materially.
Left out of the summary: boilerplate that does not change a figure.