Aankondiging • Jun 03
ULVAC, Inc. to Report Fiscal Year 2026 Results on Aug 14, 2026 ULVAC, Inc. announced that they will report fiscal year 2026 results on Aug 14, 2026 Reported Earnings • May 13
Third quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2026 results: EPS: JP¥59.20 (up from JP¥54.71 in 3Q 2025). Revenue: JP¥67.7b (up 28% from 3Q 2025). Net income: JP¥2.91b (up 8.0% from 3Q 2025). Profit margin: 4.3% (down from 5.1% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.5%. Earnings per share (EPS) missed analyst estimates by 48%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥11,320, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 23x in the Semiconductor industry in Japan. Total returns to shareholders of 132% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥4,992 per share. Declared Dividend • Apr 11
Dividend of JP¥164 announced Dividend of JP¥164 is the same as last year. Ex-date: 29th June 2026 Payment date: 29th September 2026 Dividend yield will be 1.7%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 123% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • Apr 10
ULVAC, Inc. announces Annual dividend, payable on September 29, 2026 ULVAC, Inc. announced Annual dividend of JPY 164.0000 per share payable on September 29, 2026, ex-date on June 29, 2026 and record date on June 30, 2026. Price Target Changed • Feb 26
Price target increased by 8.1% to JP¥9,863 Up from JP¥9,125, the current price target is an average from 8 analysts. New target price is 7.0% below last closing price of JP¥10,600. Stock is up 89% over the past year. The company is forecast to post earnings per share of JP¥391 for next year compared to JP¥339 last year. Price Target Changed • Feb 17
Price target increased by 8.1% to JP¥9,125 Up from JP¥8,438, the current price target is an average from 8 analysts. New target price is 9.4% below last closing price of JP¥10,070. Stock is up 77% over the past year. The company is forecast to post earnings per share of JP¥391 for next year compared to JP¥339 last year. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥10,140, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 22x in the Semiconductor industry in Japan. Total returns to shareholders of 109% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥4,209 per share. New Risk • Feb 12
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 Japanese stocks, typically moving 6.9% 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 (6.9% average weekly change). Profit margins are more than 30% lower than last year (5.2% net profit margin). Reported Earnings • Feb 11
Second quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2026 results: EPS: JP¥92.24 (down from JP¥136 in 2Q 2025). Revenue: JP¥71.2b (down 3.6% from 2Q 2025). Net income: JP¥4.54b (down 32% from 2Q 2025). Profit margin: 6.4% (down from 9.0% in 2Q 2025). Revenue exceeded analyst estimates by 6.7%. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Aankondiging • Feb 11
ULVAC, Inc. to Report Q3, 2026 Results on May 12, 2026 ULVAC, Inc. announced that they will report Q3, 2026 results on May 12, 2026 Reported Earnings • Nov 13
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: JP¥33.75 (down from JP¥75.73 in 1Q 2025). Revenue: JP¥52.7b (down 14% from 1Q 2025). Net income: JP¥1.66b (down 56% from 1Q 2025). Profit margin: 3.2% (down from 6.1% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) also missed analyst estimates by 41%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 5% per year. Aankondiging • Nov 12
ULVAC, Inc. to Report Q2, 2026 Results on Feb 10, 2026 ULVAC, Inc. announced that they will report Q2, 2026 results on Feb 10, 2026 Aankondiging • Aug 15
Jiangsu Shangqi Group Co. Ltd entered into an equity transfer agreement to acquire an additional 20% stake in ULVAC Tianma Electric (Jingjiang) Co., Ltd. from ULVAC, Inc. (TSE:6728). Jiangsu Shangqi Group Co. Ltd entered into an equity transfer agreement to acquire an additional 20% stake in ULVAC Tianma Electric (Jingjiang) Co., Ltd. from ULVAC, Inc. (TSE:6728) on August 13, 2025. Upon completion, Jiangsu Shangqi Group Co. Ltd will own 60% stake in ULVAC Tianma Electric (Jingjiang) Co., Ltd. Reported Earnings • Aug 15
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥339 (down from JP¥411 in FY 2024). Revenue: JP¥251.2b (down 3.8% from FY 2024). Net income: JP¥16.7b (down 18% from FY 2024). Profit margin: 6.6% (down from 7.7% in FY 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 4% per year. Aankondiging • Aug 14
ULVAC, Inc. to Report Q1, 2026 Results on Nov 11, 2025 ULVAC, Inc. announced that they will report Q1, 2026 results on Nov 11, 2025 Aankondiging • Aug 13
ULVAC, Inc., Annual General Meeting, Sep 26, 2025 ULVAC, Inc., Annual General Meeting, Sep 26, 2025. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥164 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 30 September 2025. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (1.7%). Major Estimate Revision • May 21
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥272.1b to JP¥254.2b. EPS estimate also fell from JP¥471 per share to JP¥394 per share. Net income forecast to grow 16% next year vs 0.1% decline forecast for Semiconductor industry in Japan. Consensus price target down from JP¥9,238 to JP¥8,125. Share price fell 4.0% to JP¥4,928 over the past week. Price Target Changed • May 15
Price target decreased by 8.7% to JP¥8,438 Down from JP¥9,238, the current price target is an average from 8 analysts. New target price is 63% above last closing price of JP¥5,168. Stock is down 53% over the past year. The company is forecast to post earnings per share of JP¥433 for next year compared to JP¥411 last year. Aankondiging • May 14
ULVAC, Inc. to Report Fiscal Year 2025 Results on Aug 13, 2025 ULVAC, Inc. announced that they will report fiscal year 2025 results on Aug 13, 2025 Declared Dividend • Apr 11
Dividend of JP¥164 announced Shareholders will receive a dividend of JP¥164. Ex-date: 27th June 2025 Payment date: 30th September 2025 Dividend yield will be 3.8%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but not covered by cash flows (226% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • Apr 10
ULVAC, Inc. announces Annual dividend, payable on September 30, 2025 ULVAC, Inc. announced Annual dividend of JPY 164.0000 per share payable on September 30, 2025, ex-date on June 27, 2025 and record date on June 30, 2025. New Risk • Apr 07
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 Japanese stocks, typically moving 5.7% 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 Dividend is not well covered by cash flows (226% cash payout ratio). Share price has been volatile over the past 3 months (5.7% average weekly change). Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥4,463, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Semiconductor industry in Japan. Total loss to shareholders of 13% over the past three years. Price Target Changed • Feb 25
Price target decreased by 7.5% to JP¥10,129 Down from JP¥10,950, the current price target is an average from 7 analysts. New target price is 80% above last closing price of JP¥5,614. Stock is down 39% over the past year. The company is forecast to post earnings per share of JP¥480 for next year compared to JP¥411 last year. Aankondiging • Feb 13
ULVAC, Inc. to Report Q3, 2025 Results on May 13, 2025 ULVAC, Inc. announced that they will report Q3, 2025 results on May 13, 2025 Reported Earnings • Feb 13
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: JP¥136 (up from JP¥116 in 2Q 2024). Revenue: JP¥73.9b (up 13% from 2Q 2024). Net income: JP¥6.68b (up 17% from 2Q 2024). Profit margin: 9.0% (up from 8.8% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) also surpassed analyst estimates by 9.2%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has remained flat and the company’s share price has also remained flat. Aankondiging • Jan 28
Ulvac, Inc. Announces Executive Changes ULVAC, Inc. announced appointment of Junya Kiyota as Managing Executive Officer of Component Business HQ. His current position is managing executive officer of Research & Development HQ, General Manager of Future Technology Research, Laboratory, Research & Development HQ, Responsible for Intellectual Properties and Responsible for Material Business Promotion. The company also announced appointment of Ju Hoon Shin as Managing Executive Officer Responsible for Semiconductor Project ("S-Pro") Promotion. His current position is Managing Executive Officer, Component Business HQ, President & CEO of ULVAC KIKO, Inc., ULVAC CRYOGENICS INCORPORATED
Responsible for Semiconductor Special Project. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥6,114, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Semiconductor industry in Japan. Total loss to shareholders of 6.8% over the past three years. Reported Earnings • Nov 13
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: JP¥75.73 (up from JP¥23.04 in 1Q 2024). Revenue: JP¥61.0b (up 11% from 1Q 2024). Net income: JP¥3.73b (up 229% from 1Q 2024). Profit margin: 6.1% (up from 2.1% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) also missed analyst estimates by 21%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 2% per year. Aankondiging • Nov 12
ULVAC, Inc. to Report Q2, 2025 Results on Feb 12, 2025 ULVAC, Inc. announced that they will report Q2, 2025 results on Feb 12, 2025 Reported Earnings • Oct 03
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥411 (up from JP¥288 in FY 2023). Revenue: JP¥261.1b (up 15% from FY 2023). Net income: JP¥20.2b (up 43% from FY 2023). Profit margin: 7.7% (up from 6.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates by 9.8%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥411 (up from JP¥288 in FY 2023). Revenue: JP¥261.1b (up 15% from FY 2023). Net income: JP¥20.2b (up 43% from FY 2023). Profit margin: 7.7% (up from 6.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates by 9.8%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. New Risk • Aug 16
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.7% average weekly change). Aankondiging • Aug 14
ULVAC, Inc. to Report Q1, 2025 Results on Nov 11, 2024 ULVAC, Inc. announced that they will report Q1, 2025 results on Nov 11, 2024 Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to JP¥6,792, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Semiconductor industry in Japan. Total returns to shareholders of 28% over the past three years. New Risk • Jul 16
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 Japanese 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. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥114 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 30 September 2024. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (1.1%). Price Target Changed • Jun 04
Price target increased by 9.3% to JP¥11,856 Up from JP¥10,850, the current price target is an average from 8 analysts. New target price is 6.6% above last closing price of JP¥11,120. Stock is up 92% over the past year. The company is forecast to post earnings per share of JP¥371 for next year compared to JP¥288 last year. Reported Earnings • May 18
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: JP¥131 (up from JP¥49.18 in 3Q 2023). Revenue: JP¥65.0b (up 31% from 3Q 2023). Net income: JP¥6.43b (up 166% from 3Q 2023). Profit margin: 9.9% (up from 4.9% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) also surpassed analyst estimates by 30%. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Aankondiging • May 16
ULVAC, Inc. to Report Fiscal Year 2024 Results on Aug 13, 2024 ULVAC, Inc. announced that they will report fiscal year 2024 results on Aug 13, 2024 Aankondiging • May 15
ULVAC, Inc. Appoints Choong Ryul Paik as Director, Effective July 1, 2024 ULVAC, Inc. appointed Choong Ryul Paik as Director. Current Position: Senior Managing Director. Effective date: July 1, 2024. Declared Dividend • Apr 20
Dividend of JP¥114 announced Shareholders will receive a dividend of JP¥114. Ex-date: 27th June 2024 Payment date: 30th September 2024 Dividend yield will be 1.2%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by earnings (46% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 16% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 146% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Feb 15
Price target increased by 8.4% to JP¥8,240 Up from JP¥7,600, the current price target is an average from 8 analysts. New target price is 7.3% below last closing price of JP¥8,886. Stock is up 67% over the past year. The company is forecast to post earnings per share of JP¥353 for next year compared to JP¥288 last year. Reported Earnings • Feb 14
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: JP¥116 (up from JP¥107 in 2Q 2023). Revenue: JP¥65.2b (up 18% from 2Q 2023). Net income: JP¥5.73b (up 8.4% from 2Q 2023). Profit margin: 8.8% (in line with 2Q 2023). Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 34%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Feb 14
ULVAC, Inc. to Report Q3, 2024 Results on May 14, 2024 ULVAC, Inc. announced that they will report Q3, 2024 results on May 14, 2024 Price Target Changed • Dec 18
Price target increased by 7.2% to JP¥7,600 Up from JP¥7,088, the current price target is an average from 7 analysts. New target price is 15% above last closing price of JP¥6,624. Stock is up 12% over the past year. The company is forecast to post earnings per share of JP¥338 for next year compared to JP¥288 last year. Aankondiging • Nov 09
ULVAC, Inc. to Report Q2, 2024 Results on Feb 13, 2024 ULVAC, Inc. announced that they will report Q2, 2024 results on Feb 13, 2024 Reported Earnings • Nov 08
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: JP¥23.04 (down from JP¥82.30 in 1Q 2023). Revenue: JP¥55.0b (down 2.0% from 1Q 2023). Net income: JP¥1.14b (down 72% from 1Q 2023). Profit margin: 2.1% (down from 7.2% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) also missed analyst estimates by 69%. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 10
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: JP¥288 (down from JP¥410 in FY 2022). Revenue: JP¥227.5b (down 5.7% from FY 2022). Net income: JP¥14.2b (down 30% from FY 2022). Profit margin: 6.2% (down from 8.4% in FY 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 5.7%. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Aankondiging • Aug 08
ULVAC, Inc., Annual General Meeting, Sep 28, 2023 ULVAC, Inc., Annual General Meeting, Sep 28, 2023. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥123 per share at 2.1% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 02 October 2023. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.4%). Reported Earnings • May 14
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: JP¥49.18 (down from JP¥115 in 3Q 2022). Revenue: JP¥49.6b (down 18% from 3Q 2022). Net income: JP¥2.42b (down 57% from 3Q 2022). Profit margin: 4.9% (down from 9.3% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 45%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth.