RE:RE:RE:Q1 - some good, some badYou are right; the one time event are not in the adjusted EPS, but the consequence of them are in.
But you are wrong for the product mix" . The Gross margin, the EBIT and the adjusted EBITDA are almost the same even if we had 200 M$ less sales. So, the mix or whatever have given positive results not less.
The difference are caused by the taxes recuperation indirectly caused by the gain on derivatives last year.
Yep, the 217 M$ profit pre-tax largely due tothe derivative gain gave a 85 M$ tax recuperation for a net result of 302 M$ which result in a 1,06$ adjusted EPS after sustracting the gain on derivative but leaving the tax recuperation.
This year, the tax recuperation was only 16 M$ due to the smaller profits (102 M$), so the bigger difference between the adjusted EPS results of the 2 years is the tax recuperation which was close to 0,90$ last year and only 0,15$ this year.