extra itemsThe problem is extra items which distort results. They give us adjusted EBITAX but not adjusted net income.
I f you look at their comments, you could see non recurring items in the first quarter : finance expenses (amortization of upfront costs related to the refinancing of the Senior Debt), and operating expenses (maintenance performed in the first quarter and not throughout the year).
More important : the deferred tax expense/recovery. Net income in the quarter is 24.4, less 12.2 def tax recov = 12.2M, which is much more significative. That's 7 cts per share, 28 cts for the year. PER<10 !