Upcoming Dividend • May 27
Upcoming dividend of ₹25.00 per share Eligible shareholders must have bought the stock before 03 June 2026. Payment date: 09 July 2026. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (0.7%). Reported Earnings • May 14
First quarter 2026 earnings released: EPS: ₹44.86 (vs ₹33.93 in 1Q 2025) First quarter 2026 results: EPS: ₹44.86 (up from ₹33.93 in 1Q 2025). Revenue: ₹2.10b (up 42% from 1Q 2025). Net income: ₹338.1m (up 56% from 1Q 2025). Profit margin: 16% (up from 15% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • May 12
Foseco India Limited to Report Q4, 2026 Results on May 12, 2026 Foseco India Limited announced that they will report Q4, 2026 results on May 12, 2026 Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: ₹110 (vs ₹114 in FY 2024) Full year 2025 results: EPS: ₹110 (down from ₹114 in FY 2024). Revenue: ₹6.60b (up 26% from FY 2024). Net income: ₹722.9m (down 1.0% from FY 2024). Profit margin: 11% (down from 14% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Feb 25
Foseco India Limited Recommends Final Dividend for the Financial Year Ended 31 December 2025 The Board of Directors of Foseco India Limited has recommended for approval of the Members at the next Annual General Meeting of the Company, a final dividend of INR 25/- (250%) on a paid-up equity share of INR 10/- each for the financial year ended 31 December 2025. Ankündigung • Feb 20
Foseco India Limited to Report Q3, 2026 Results on Feb 25, 2026 Foseco India Limited announced that they will report Q3, 2026 results on Feb 25, 2026 New Risk • Dec 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (18% increase in shares outstanding). Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: ₹25.81 (vs ₹29.95 in 3Q 2024) Third quarter 2025 results: EPS: ₹25.81 (down from ₹29.95 in 3Q 2024). Revenue: ₹1.54b (up 9.6% from 3Q 2024). Net income: ₹164.9m (down 14% from 3Q 2024). Profit margin: 11% (down from 14% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Oct 02
Foseco India Limited to Report Q3, 2025 Results on Nov 06, 2025 Foseco India Limited announced that they will report Q3, 2025 results on Nov 06, 2025 Ankündigung • Aug 22
Foseco India Limited (BSE:500150) entered into a share purchase agreement to acquire 75% stake in Morganite Crucible (India) Limited (BSE:523160) from Morganite Crucible Limited and Morgan Terrassen BV for INR 6.5 billion. Foseco India Limited (BSE:500150) entered into a share purchase agreement to acquire 75% stake in Morganite Crucible (India) Limited (BSE:523160) from Morganite Crucible Limited and Morgan Terrassen BV for INR 6.5 billion on August 22, 2025. Foseco has agreed to acquire 42,00,000 fully paid-up equity shares of Morganite Crucible (India) Limited, constituting 75.00% total voting share capital of Morganite Crucible (India) Limited at a price of INR 1,557 per Sale Share. The Underlying Consideration shall be paid and discharged by Foseco issuing and allotting 11,50,800 shares, constituting 15.27%, of the total issued and paid-up share capital of Foseco, at a price of INR 5,674 per Consideration Share and at an exchange ratio of 274 Consideration Shares for every 1000 Sale Shares, by way of a preferential allotment. Post the transaction, Morganite Crucible would become a subsidiary of Foseco.
The transaction is subject to receipt of approval of the members of Foseco, the approval of shareholders of Foseco for the Proposed Issuance is sought to be obtained at an extraordinary general meeting to be held on 21 September 2025, any other approvals required (if any applicable) including the in-principle approval of BSE Limited and the National Stock Exchange of India Limited and and the performance of certain actions by the Promoters and the Acquirers. The transaction is not subject to the approval of the shareholders of either Morgan or Vesuvius. The board of Foseco India Limited approved the transaction.
The transaction is expected to complete by early October 2025. Gleacher Shacklock acted as financial adviser to Morgan on the transaction. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹5,691, the stock trades at a trailing P/E ratio of 44.5x. Average trailing P/E is 27x in the Chemicals industry in India. Total returns to shareholders of 222% over the past three years. New Risk • Jul 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (40% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.8% average weekly change). Reported Earnings • Jul 30
Second quarter 2025 earnings released: EPS: ₹33.72 (vs ₹28.97 in 2Q 2024) Second quarter 2025 results: EPS: ₹33.72 (up from ₹28.97 in 2Q 2024). Revenue: ₹1.62b (up 29% from 2Q 2024). Net income: ₹215.3m (up 16% from 2Q 2024). Profit margin: 13% (down from 15% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Jul 02
Foseco India Limited to Report Q2, 2025 Results on Jul 29, 2025 Foseco India Limited announced that they will report Q2, 2025 results on Jul 29, 2025 Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ₹33.93 (vs ₹24.81 in 1Q 2024) First quarter 2025 results: EPS: ₹33.93 (up from ₹24.81 in 1Q 2024). Revenue: ₹1.53b (up 25% from 1Q 2024). Net income: ₹216.7m (up 37% from 1Q 2024). Profit margin: 14% (up from 13% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 07
Upcoming dividend of ₹25.00 per share Eligible shareholders must have bought the stock before 14 May 2025. Payment date: 19 June 2025. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.4%). In line with average of industry peers (0.7%). Ankündigung • Apr 29
Foseco India Limited, Annual General Meeting, May 21, 2025 Foseco India Limited, Annual General Meeting, May 21, 2025, at 14:00 Indian Standard Time. Ankündigung • Apr 01
Foseco India Limited to Report Q1, 2025 Results on May 14, 2025 Foseco India Limited announced that they will report Q1, 2025 results on May 14, 2025 Ankündigung • Mar 07
Foseco India Limited Announces the Appointment of Patrick André as Non-Executive Non-Independent Director Vesuvius plc announced that Patrick André, Chief Executive Officer of the Company, has been appointed as a Non-executive Non-independent Director of Foseco India Limited, effective 1 March 2025. Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: ₹114 (vs ₹114 in FY 2023) Full year 2024 results: EPS: ₹114 (up from ₹114 in FY 2023). Revenue: ₹5.43b (up 14% from FY 2023). Net income: ₹730.3m (flat on FY 2023). Profit margin: 13% (down from 15% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Mar 01
Foseco India Limited Announce Board Changes and Reconstitution of Committees Foseco India Limited announced that Ms. Karena Cancilleri has tendered her resignation from the Directorship of the Company that will take effect from the close of business on February 28, 2025. The Board of Directors of the Company took note of the resignation of Ms. Karena Cancilleri at its Meeting held on February 28, 2025. Ms. Karena Cancilleri will be leaving the employment with the Vesuvius plc group and therefore, has tendered her resignation as a Director from the Board of the Company. She was nominated as a Director of the Company by the holding company Foseco Overseas Limited, a Vesuvius plc group company, who has withdrawn her nomination as a Director. Reconstitution of the Committees of the Board: In view of appointment of new director, the Board of Directors of the Company, at their Meeting held February 28, 2025, has reconstituted the following Committees of the Board, with effect from March 1, 2025: the Nomination and Remuneration Committee; and the Risk Management Committee. Nomination and Remuneration Committee: Anita Belani as Chairperson; Ravi Moti Kirpalani as Member; Amitabha Mukhopadhyay as Member; Patrick Georges Felix André Member. Risk Management Committee: Amitabha Mukhopadhyay as Chairperson; Ravi Moti Kirpalani as Member; Anita Belani as Member; Mark Russell Collis as Member; Prasad Chavare as Member. Ankündigung • Feb 28
Foseco India Limited Recommends Final Dividend for the Financial Year Ended 31 December 2024 The Board of Directors of Foseco India Limited has recommended for approval of the Members at the next Annual General Meeting of the Company, a final dividend of INR 25/- (250%) on a paid-up equity share of INR 10/- each for the financial year ended 31 December 2024. Ankündigung • Feb 19
Foseco India Limited to Report Q4, 2024 Results on Feb 28, 2025 Foseco India Limited announced that they will report Q4, 2024 results on Feb 28, 2025 Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ₹29.95 (vs ₹23.13 in 3Q 2023) Third quarter 2024 results: EPS: ₹29.95 (up from ₹23.13 in 3Q 2023). Revenue: ₹1.45b (up 18% from 3Q 2023). Net income: ₹191.3m (up 29% from 3Q 2023). Profit margin: 13% (up from 12% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Oct 14
Foseco India Limited to Report Q2, 2025 Results on Nov 13, 2024 Foseco India Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Reported Earnings • Jul 26
Second quarter 2024 earnings released: EPS: ₹28.97 (vs ₹43.32 in 2Q 2023) Second quarter 2024 results: EPS: ₹28.97 (down from ₹43.32 in 2Q 2023). Revenue: ₹1.29b (up 6.7% from 2Q 2023). Net income: ₹185.0m (down 33% from 2Q 2023). Profit margin: 14% (down from 23% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Jun 29
Foseco India Limited to Report Q2, 2024 Results on Jul 25, 2024 Foseco India Limited announced that they will report Q2, 2024 results on Jul 25, 2024 Ankündigung • Jun 13
Foseco India Limited Approves to Declare Final Dividend for Financial Year Ended December 31, 2023 Foseco India Limited at Annual General Meeting held on June 11, 2024, approved to declare a Final Dividend of INR 25 per share (i.e., 250%) on the paid-up equity share of INR 10 each of the Company for the financial year ended 31 December 2023. Upcoming Dividend • May 28
Upcoming dividend of ₹25.00 per share Eligible shareholders must have bought the stock before 04 June 2024. Payment date: 10 July 2024. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.2%). In line with average of industry peers (0.8%). Ankündigung • May 23
Foseco India Limited, Annual General Meeting, Jun 11, 2024 Foseco India Limited, Annual General Meeting, Jun 11, 2024, at 14:00 Indian Standard Time. Reported Earnings • May 02
First quarter 2024 earnings released: EPS: ₹24.81 (vs ₹22.29 in 1Q 2023) First quarter 2024 results: EPS: ₹24.81 (up from ₹22.29 in 1Q 2023). Revenue: ₹1.26b (up 14% from 1Q 2023). Net income: ₹158.5m (up 11% from 1Q 2023). Profit margin: 13% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has increased by 40% per year whereas the company’s share price has increased by 36% per year. Ankündigung • Mar 30
Foseco India Limited to Report Q1, 2024 Results on Apr 30, 2024 Foseco India Limited announced that they will report Q1, 2024 results at 3:30 PM, Indian Standard Time on Apr 30, 2024 Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: ₹114 (vs ₹71.98 in FY 2022) Full year 2023 results: EPS: ₹114 (up from ₹71.98 in FY 2022). Revenue: ₹4.99b (up 23% from FY 2022). Net income: ₹729.8m (up 59% from FY 2022). Profit margin: 15% (up from 11% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year whereas the company’s share price has increased by 47% per year. Ankündigung • Feb 23
Foseco India Limited Recommends Final Dividend for the Financial Year Ended 31 December 2023 Foseco India Limited announced that Board of Directors has recommended for approval of the Members at the next Annual General Meeting of the Company, a final dividend of INR 25/- (250%) on a paid-up equity share of INR 10/- each for the financial year ended 31 December 2023. Ankündigung • Dec 29
Foseco India Limited to Report Q3, 2024 Results on Feb 23, 2024 Foseco India Limited announced that they will report Q3, 2024 results at 3:30 PM, Indian Standard Time on Feb 23, 2024 Reported Earnings • Nov 14
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₹1.30b (up 27% from 3Q 2022). Net income: ₹147.9m (up 35% from 3Q 2022). Profit margin: 11% (in line with 3Q 2022). Ankündigung • Sep 30
Foseco India Limited to Report Q3, 2023 Results on Nov 10, 2023 Foseco India Limited announced that they will report Q3, 2023 results on Nov 10, 2023 New Risk • Jul 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 38% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (38% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.8% average weekly change). Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: ₹43.32 (vs ₹16.53 in 2Q 2022) Second quarter 2023 results: EPS: ₹43.32 (up from ₹16.53 in 2Q 2022). Revenue: ₹1.27b (up 25% from 2Q 2022). Net income: ₹276.6m (up 162% from 2Q 2022). Profit margin: 22% (up from 10% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Jul 01
Foseco India Limited to Report First Half, 2023 Results on Jul 27, 2023 Foseco India Limited announced that they will report first half, 2023 results on Jul 27, 2023 Upcoming Dividend • May 10
Upcoming dividend of ريال15.00 per share at 1.0% yield Eligible shareholders must have bought the stock before 17 May 2023. Payment date: 22 June 2023. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Indian dividend payers (1.6%). Higher than average of industry peers (0.8%). Reported Earnings • Mar 04
Full year 2022 earnings released: EPS: ₹71.98 (vs ₹51.16 in FY 2021) Full year 2022 results: EPS: ₹71.98 (up from ₹51.16 in FY 2021). Revenue: ₹4.14b (up 23% from FY 2021). Net income: ₹459.7m (up 41% from FY 2021). Profit margin: 11% (up from 9.7% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 23% per year. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹2,366, the stock trades at a trailing P/E ratio of 36.2x. Average trailing P/E is 19x in the Chemicals industry in India. Total returns to shareholders of 91% over the past three years. Ankündigung • Jan 26
Foseco India Limited to Report Q4, 2022 Results on Feb 07, 2023 Foseco India Limited announced that they will report Q4, 2022 results on Feb 07, 2023 Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improved over the past week After last week's 15% share price gain to ₹1,868, the stock trades at a trailing P/E ratio of 32.6x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 64% over the past three years. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 16% share price gain to ₹1,633, the stock trades at a trailing P/E ratio of 26.2x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 30% over the past three years. Reported Earnings • May 15
First quarter 2022 earnings released: EPS: ₹19.14 (vs ₹14.51 in 1Q 2021) First quarter 2022 results: EPS: ₹19.14 (up from ₹14.51 in 1Q 2021). Revenue: ₹1.01b (up 14% from 1Q 2021). Net income: ₹122.2m (up 32% from 1Q 2021). Profit margin: 12% (up from 11% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 27
Upcoming dividend of ₹25.00 per share Eligible shareholders must have bought the stock before 02 May 2022. Payment date: 09 June 2022. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 1.7%. Within top quartile of Indian dividend payers (1.4%). Higher than average of industry peers (0.7%). Reported Earnings • Apr 10
Full year 2021 earnings released: EPS: ₹51.16 (vs ₹24.17 in FY 2020) Full year 2021 results: EPS: ₹51.16 (up from ₹24.17 in FY 2020). Revenue: ₹3.38b (up 34% from FY 2020). Net income: ₹326.7m (up 112% from FY 2020). Profit margin: 9.7% (up from 6.1% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Feb 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₹51.16 (up from ₹24.17 in FY 2020). Revenue: ₹3.38b (up 34% from FY 2020). Net income: ₹326.7m (up 112% from FY 2020). Profit margin: 9.7% (up from 6.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Oct 30
Third quarter 2021 earnings released: EPS ₹14.06 (vs ₹7.95 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹879.6m (up 28% from 3Q 2020). Net income: ₹89.8m (up 77% from 3Q 2020). Profit margin: 10% (up from 7.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Jul 28
Second quarter 2021 earnings released: EPS ₹9.88 (vs ₹4.58 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₹781.2m (up 183% from 2Q 2020). Net income: ₹63.1m (up ₹92.3m from 2Q 2020). Profit margin: 8.1% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improved over the past week After last week's 24% share price gain to ₹1,710, the stock trades at a trailing P/E ratio of 58.7x. Average trailing P/E is 21x in the Chemicals industry in India. Total returns to shareholders of 35% over the past three years. Upcoming Dividend • Jun 04
Upcoming dividend of ₹10.00 per share Eligible shareholders must have bought the stock before 11 June 2021. Payment date: 20 July 2021. Trailing yield: 1.4%. Lower than top quartile of Indian dividend payers (1.6%). Higher than average of industry peers (0.8%). Reported Earnings • May 09
First quarter 2021 earnings released: EPS ₹14.51 (vs ₹9.53 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₹892.9m (up 24% from 1Q 2020). Net income: ₹92.7m (up 52% from 1Q 2020). Profit margin: 10% (up from 8.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 12
Full year 2020 earnings released: EPS ₹24.17 (vs ₹54.07 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₹2.51b (down 22% from FY 2019). Net income: ₹154.4m (down 55% from FY 2019). Profit margin: 6.1% (down from 11% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings.