RE:RE:RE:RE:RE:Q1 - some good, some badSorry but look at the numbers not at your toughs.
- Gross margin is 280 M$ VS 295 M$ last year.
- The EBIT was 144 M$ this year VS 140 M$ last year.
- Adjusted EBITDA was 212 M$ last year VS 204 M$ this year.
The gross margin at 21,9% is better than last year (20,3%).
Even with 172 M$ less sales.
The reality is that the operations gave almost the same level of profits even with less sales. That means that each dollar of sale works better than before. Period.
How can you said that the product mix is the cause of the diminution of EPS ?????
The difference is caused by the accounting practices with the gain on derivatives excluded of the adjusted EPS but not the tax recovery, that create a distorsion. The important numbers are the gross margin, the EBITDA and the FCF.
At the end, the difference is about less important elements given that it is the result of accounting practices. Don't be distracted, these results are far better than last year.