공시 • May 20
Israel Corporation Ltd to Report Q1, 2026 Results on May 27, 2026 Israel Corporation Ltd announced that they will report Q1, 2026 results on May 27, 2026 Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₪1,010, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 21x in the Chemicals industry in Israel. Total loss to shareholders of 5.0% over the past three years. New Risk • Mar 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Declared Dividend • Mar 29
Dividend of US$1.73 announced Shareholders will receive a dividend of US$1.73. Ex-date: 14th April 2026 Payment date: 27th April 2026 Dividend yield will be 0.2%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is well covered by both earnings (20% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 77% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.7% EPS decline seen over the last 5 years. Reported Earnings • Mar 27
Full year 2025 earnings released: EPS: US$11.60 (vs US$25.30 in FY 2024) Full year 2025 results: EPS: US$11.60 (down from US$25.30 in FY 2024). Revenue: US$7.15b (up 4.6% from FY 2024). Net income: US$87.0m (down 54% from FY 2024). Profit margin: 1.2% (down from 2.8% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. 공시 • Mar 26
Israel Corporation Ltd Announces Dividend, Payable on April 27, 2026 On March 25, 2026, Israel Corporation Ltd. Board of Directors decided on distribution of dividend at the amount of approx. $13 million, this in accordance with the company's dividend policy. The record date will be April 14, 2026 and the payment date will be April 27, 2026. 공시 • Mar 18
Israel Corporation Ltd to Report Fiscal Year 2025 Results on Mar 25, 2026 Israel Corporation Ltd announced that they will report fiscal year 2025 results on Mar 25, 2026 Buy Or Sell Opportunity • Mar 02
Now 28% overvalued Over the last 90 days, the stock has fallen 5.1% to ₪878. The fair value is estimated to be ₪685, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 68%. New Risk • Nov 26
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.2% Last year net profit margin: 5.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Profit margins are more than 30% lower than last year (2.2% net profit margin). New Risk • Nov 20
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 Israeli stocks, typically moving 6.1% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: US$0.089 (vs US$6.54 in 3Q 2024) Third quarter 2025 results: EPS: US$0.089. Revenue: US$1.85b (up 5.7% from 3Q 2024). Net income: US$115.0m (up 135% from 3Q 2024). Profit margin: 6.2% (up from 2.8% in 3Q 2024). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₪928, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 14x in the Chemicals industry in Israel. Total loss to shareholders of 29% over the past three years. 공시 • Nov 12
Israel Corporation Ltd to Report Q3, 2025 Results on Nov 19, 2025 Israel Corporation Ltd announced that they will report Q3, 2025 results on Nov 19, 2025 Buy Or Sell Opportunity • Nov 06
Now 29% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.0% to ₪987. The fair value is estimated to be ₪1,392, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Earnings per share has declined by 62%. 공시 • Aug 15
Israel Corporation Ltd, Annual General Meeting, Sep 18, 2025 Israel Corporation Ltd, Annual General Meeting, Sep 18, 2025. 공시 • Aug 07
Israel Corporation Ltd to Report Q2, 2025 Results on Aug 13, 2025 Israel Corporation Ltd announced that they will report Q2, 2025 results on Aug 13, 2025 Buy Or Sell Opportunity • Jul 16
Now 20% undervalued Over the last 90 days, the stock has risen 1.9% to ₪1,120. The fair value is estimated to be ₪1,409, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 51%. Buy Or Sell Opportunity • Jun 24
Now 21% undervalued Over the last 90 days, the stock has risen 12% to ₪1,125. The fair value is estimated to be ₪1,422, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 51%. Buy Or Sell Opportunity • May 27
Now 21% undervalued Over the last 90 days, the stock has risen 3.4% to ₪1,102. The fair value is estimated to be ₪1,401, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 51%. Reported Earnings • May 24
First quarter 2025 earnings released: EPS: US$4.67 (vs US$8.22 in 1Q 2024) First quarter 2025 results: EPS: US$4.67 (down from US$8.22 in 1Q 2024). Revenue: US$1.77b (up 1.8% from 1Q 2024). Net income: US$35.0m (down 44% from 1Q 2024). Profit margin: 2.0% (down from 3.6% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. 공시 • May 20
Israel Corporation Ltd to Report Q1, 2025 Results on May 21, 2025 Israel Corporation Ltd announced that they will report Q1, 2025 results on May 21, 2025 New Risk • Apr 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.9% Last year net profit margin: 8.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Declared Dividend • Apr 02
Dividend of US$2.00 announced Shareholders will receive a dividend of US$2.00. Ex-date: 9th April 2025 Payment date: 21st April 2025 Dividend yield will be 0.2%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is well covered by both earnings (20% earnings payout ratio) and cash flows (5% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 21% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. 공시 • Mar 28
Israel Corporation Ltd. Announces Distribution of Dividend, Payable on April 21, 2025 On March 27, 2025, Israel Corporation Ltd. Board of Directors decided on distribution of dividend at the sum of $15 million, this in accordance with the company's dividend policy announced in January 2023. The record date will be April 9, 2025 and the payment date will be April 21, 2025. Reported Earnings • Mar 24
Full year 2024 earnings released: EPS: US$0.32 (vs US$35.79 in FY 2023) Full year 2024 results: EPS: US$0.32. Revenue: US$6.84b (down 9.2% from FY 2023). Net income: US$407.0m (up 49% from FY 2023). Profit margin: 5.9% (up from 3.6% in FY 2023). The increase in margin was driven by lower expenses. 공시 • Mar 20
Israel Corporation Ltd to Report Fiscal Year 2024 Results on Mar 27, 2025 Israel Corporation Ltd announced that they will report fiscal year 2024 results on Mar 27, 2025 New Risk • Mar 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Profit margins are more than 30% lower than last year (2.8% net profit margin). 공시 • Jan 22
Israel Corporation Ltd (TASE:ILCO) agreed to acquire an unknown minority stake in Prodlim Investments Ltd. for $71.9 million. Israel Corporation Ltd (TASE:ILCO) entered into share purchase agreement to acquire an unknown minority stake in Prodlim Investments Ltd. from VB International for $71.9 million on January 21, 2025.
Israel Corporation Ltd board approved the deal. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₪1,008, the stock trades at a trailing P/E ratio of 71.3x. Average trailing P/E is 15x in the Chemicals industry in Israel. Total loss to shareholders of 21% over the past three years. New Risk • Nov 24
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.4% Last year net profit margin: 9.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.3% average weekly change). Profit margins are more than 30% lower than last year (0.4% net profit margin). Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: US$0.088 (vs US$7.60 in 3Q 2023) Third quarter 2024 results: EPS: US$0.088. Revenue: US$1.75b (down 5.9% from 3Q 2023). Net income: US$113.0m (up 95% from 3Q 2023). Profit margin: 6.4% (up from 3.1% in 3Q 2023). The increase in margin was driven by lower expenses. 공시 • Nov 14
Israel Corporation Ltd to Report Q3, 2024 Results on Nov 21, 2024 Israel Corporation Ltd announced that they will report Q3, 2024 results on Nov 21, 2024 New Risk • Nov 05
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 Israeli stocks, typically moving 5.3% 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: Minor Risks Share price has been volatile over the past 3 months (5.3% average weekly change). Profit margins are more than 30% lower than last year (2.8% net profit margin). New Risk • Sep 18
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. 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. Profit margins are more than 30% lower than last year (2.8% net profit margin). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: US$6.40 (vs US$9.18 in 2Q 2023) Second quarter 2024 results: EPS: US$6.40 (down from US$9.18 in 2Q 2023). Revenue: US$1.75b (down 7.1% from 2Q 2023). Net income: US$48.0m (down 31% from 2Q 2023). Profit margin: 2.7% (down from 3.7% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. 공시 • Aug 14
Israel Corporation Ltd to Report Q2, 2024 Results on Aug 15, 2024 Israel Corporation Ltd announced that they will report Q2, 2024 results on Aug 15, 2024 공시 • Jun 24
Israel Corporation Ltd, Annual General Meeting, Jul 29, 2024 Israel Corporation Ltd, Annual General Meeting, Jul 29, 2024. Location: onilne, Israel 공시 • May 25
Israel Corporation Ltd to Report Q1, 2024 Results on May 30, 2024 Israel Corporation Ltd announced that they will report Q1, 2024 results on May 30, 2024 Upcoming Dividend • Apr 02
Upcoming dividend of US$4.93 per share Eligible shareholders must have bought the stock before 09 April 2024. Payment date: 17 April 2024. Trailing yield: 3.3%. Lower than top quartile of Israeli dividend payers (6.8%). Lower than average of industry peers (4.6%). Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: US$35.80 (vs US$118 in FY 2022) Full year 2023 results: EPS: US$35.80 (down from US$118 in FY 2022). Revenue: US$7.54b (down 25% from FY 2022). Net income: US$273.0m (down 70% from FY 2022). Profit margin: 3.6% (down from 9.0% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. 공시 • Mar 22
Israel Corporation Ltd to Report Fiscal Year 2023 Results on Mar 27, 2024 Israel Corporation Ltd announced that they will report fiscal year 2023 results on Mar 27, 2024 Reported Earnings • Nov 18
Third quarter 2023 earnings released: EPS: US$7.60 (vs US$34.36 in 3Q 2022) Third quarter 2023 results: EPS: US$7.60 (down from US$34.36 in 3Q 2022). Revenue: US$1.86b (down 26% from 3Q 2022). Net income: US$58.0m (down 78% from 3Q 2022). Profit margin: 3.1% (down from 10% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. 공시 • Nov 18
Israel Corporation Ltd (TASE:ILCO) announces an Equity Buyback for $33 million worth of its shares. Israel Corporation Ltd (TASE:ILCO) announces a share repurchase program. Under the program, the company will repurchase up to $33 million worth of its shares. The repurchases will be funded using company's independent sources. The program is valid till March 31, 2024. 공시 • Nov 09
Israel Corporation Ltd to Report Q3, 2023 Results on Nov 16, 2023 Israel Corporation Ltd announced that they will report Q3, 2023 results on Nov 16, 2023 Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: US$9.17 (vs US$27.80 in 2Q 2022) Second quarter 2023 results: EPS: US$9.17 (down from US$27.80 in 2Q 2022). Revenue: US$1.83b (down 36% from 2Q 2022). Net income: US$70.0m (down 67% from 2Q 2022). Profit margin: 3.8% (down from 7.4% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₪1,140, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 8x in the Chemicals industry in Israel. Total returns to shareholders of 270% over the past three years. Reported Earnings • Nov 27
Third quarter 2022 earnings released: EPS: US$37.90 (vs US$25.31 loss in 3Q 2021) Third quarter 2022 results: EPS: US$37.90 (up from US$25.31 loss in 3Q 2021). Revenue: US$2.52b (up 41% from 3Q 2021). Net income: US$262.0m (up US$455.0m from 3Q 2021). Profit margin: 10% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 31
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 9.1%. The fair value is estimated to be ₪2,100, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Jul 30
Second quarter 2022 earnings released: EPS: US$0.44 (vs US$8.65 in 2Q 2021) Second quarter 2022 results: EPS: US$0.44. Revenue: US$2.88b (up 78% from 2Q 2021). Net income: US$563.0m (up US$497.0m from 2Q 2021). Profit margin: 20% (up from 4.1% in 2Q 2021). The increase in margin was driven by higher revenue. Buying Opportunity • Jun 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 1.1%. The fair value is estimated to be ₪2,139, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Meanwhile, the company has become profitable. Board Change • May 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Ruth Solomon was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: US$0.49 (vs US$7.21 in 1Q 2021) First quarter 2022 results: EPS: US$0.49. Revenue: US$2.53b (up 67% from 1Q 2021). Net income: US$632.0m (up US$577.0m from 1Q 2021). Profit margin: 25% (up from 3.6% in 1Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: US$11.54 (vs US$22.69 loss in FY 2020) Full year 2021 results: EPS: US$11.54 (up from US$22.69 loss in FY 2020). Revenue: US$6.96b (up 38% from FY 2020). Net income: US$88.0m (up US$261.0m from FY 2020). Profit margin: 1.3% (up from net loss in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 20
Third quarter 2021 earnings released The company reported a mediocre third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: US$1.79b (up 49% from 3Q 2020). Net loss: US$193.0m (loss widened US$177.0m from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 23
Second quarter 2021 earnings released: EPS US$8.65 (vs US$12.63 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$1.62b (up 34% from 2Q 2020). Net income: US$66.0m (up US$167.0m from 2Q 2020). Profit margin: 4.1% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. 공시 • Mar 19
ICL Group Ltd and Israel Corporation Ltd Announces Application for Certification of Class Action ICL Group Ltd. was served an application for certification of a class action (the “Application”), that was filed to the district court in Tel Aviv, against the Company, against Israel Corporation Ltd. and the controlling shareholder of Israel Corporation (jointly hereinafter: the “Respondents”). The Application includes a series of allegations relating to alleged misleading and violation of the Company’s reporting and disclosure duties to the public under the Israeli Securities Law, 5728-1968, on several different occasions specified in the Application, in connection with the implications of the claim filed by the State of Israel in 2011 against its subsidiary, Dead Sea Works Ltd., relating to payment of royalties to the State under the Dead Sea Concession Law, 5721-1961. The State's claim was conducted between the parties within an arbitration proceeding. The alleged causes of misleading and violation relates, among other, to incomplete and\or misleading reporting allegation regarding the progress of the arbitration proceeding; the State’s consent as to the manner of calculation of the royalties; the real value of the Company’s equity; the intermediate arbitration award given within the arbitration proceeding and the implications thereof. In addition, the Applicant claims that the Company has failed to make a provision in its financial statements, when allegedly required to do so by law, with respect said claim. The Applicant is a shareholder of the Company, who held Company shares during the allegedly relevant period, on behalf of a represented class including all those who acquired Company shares from August 17, 2011 and held them until May 27, 2014. According to the Applicant such group incurred damages due to the Company’s conduct, and accordingly, the Court is requested to rule in their favor the entire sum of damage allegedly caused to them, at the amount of approx. ILS 133 million (about $40.4 million). Is New 90 Day High Low • Mar 02
New 90-day high: ₪780 The company is up 48% from its price of ₪527 on 02 December 2020. The Israeli market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 26% over the same period. Is New 90 Day High Low • Feb 10
New 90-day high: ₪706 The company is up 71% from its price of ₪412 on 11 November 2020. The Israeli market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 42% over the same period. Is New 90 Day High Low • Jan 13
New 90-day high: ₪700 The company is up 79% from its price of ₪392 on 15 October 2020. The Israeli market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 40% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: ₪586 The company is up 61% from its price of ₪365 on 29 September 2020. The Israeli market is up 26% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 25% over the same period. Reported Earnings • Nov 24
Third quarter 2020 earnings released: US$2.10 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: US$1.20b (down 9.1% from 3Q 2019). Net loss: US$16.0m (down 138% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 57% 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. Is New 90 Day High Low • Nov 12
New 90-day high: ₪442 The company is up 10.0% from its price of ₪402 on 13 August 2020. The Israeli market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 4.0% over the same period.