New Risk • Mar 12
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 14% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Earnings have declined by 42% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.73b market cap, or US$54.2m). Aankondiging • Mar 11
Joinsoon Electronics Manufacturing CO., LTD., Annual General Meeting, Jun 12, 2026 Joinsoon Electronics Manufacturing CO., LTD., Annual General Meeting, Jun 12, 2026. Location: 17- floor no,93, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan Reported Earnings • Mar 11
Full year 2025 earnings released: NT$0.96 loss per share (vs NT$0.87 loss in FY 2024) Full year 2025 results: NT$0.96 loss per share (further deteriorated from NT$0.87 loss in FY 2024). Revenue: NT$3.00b (up 6.3% from FY 2024). Net loss: NT$116.7m (loss widened 15% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Aankondiging • Dec 19
Joinsoon Electronics Manufacturing CO., LTD. has filed a Follow-on Equity Offering. Joinsoon Electronics Manufacturing CO., LTD. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,900 Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.004 (vs NT$0.37 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.004 (up from NT$0.37 loss in 3Q 2024). Revenue: NT$762.9m (up 9.3% from 3Q 2024). Net income: NT$435.0k (up NT$45.1m from 3Q 2024). Profit margin: 0.1% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. New Risk • Aug 13
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings have declined by 20% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (NT$1.87b market cap, or US$62.4m). Reported Earnings • Aug 09
Second quarter 2025 earnings released: NT$0.59 loss per share (vs NT$0.21 loss in 2Q 2024) Second quarter 2025 results: NT$0.59 loss per share (further deteriorated from NT$0.21 loss in 2Q 2024). Revenue: NT$770.8m (up 2.6% from 2Q 2024). Net loss: NT$71.6m (loss widened 203% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. New Risk • Aug 06
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 Taiwanese stocks, typically moving 6.0% 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 Earnings have declined by 3.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Market cap is less than US$100m (NT$1.79b market cap, or US$59.7m). Aankondiging • May 30
Joinsoon Electronics Manufacturing CO., LTD. Approves Elections of Directors Joinsoon Electronics Manufacturing CO., LTD. at its 2025 annual general shareholders' meeting held on May 29, 2025, approved the election of Director: Huang, Chin-Chi and Independent Directors: Chen, I-Hsun, Chuang, Te-Min and Hsu, Mei-Man. Reported Earnings • May 15
First quarter 2025 earnings released: NT$0.16 loss per share (vs NT$0.19 loss in 1Q 2024) First quarter 2025 results: NT$0.16 loss per share (improved from NT$0.19 loss in 1Q 2024). Revenue: NT$750.2m (up 22% from 1Q 2024). Net loss: NT$19.9m (loss narrowed 3.5% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Aankondiging • May 10
Joinsoon Electronics Manufacturing CO., LTD. to Report Q1, 2025 Results on May 08, 2025 Joinsoon Electronics Manufacturing CO., LTD. announced that they will report Q1, 2025 results on May 08, 2025 Reported Earnings • Mar 14
Full year 2024 earnings released: NT$0.87 loss per share (vs NT$0.57 profit in FY 2023) Full year 2024 results: NT$0.87 loss per share (down from NT$0.57 profit in FY 2023). Revenue: NT$2.83b (up 3.6% from FY 2023). Net loss: NT$101.1m (down 263% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 12
Joinsoon Electronics Manufacturing CO., LTD., Annual General Meeting, May 29, 2025 Joinsoon Electronics Manufacturing CO., LTD., Annual General Meeting, May 29, 2025, at 09:00 Taipei Standard Time. Location: 17- floor no,93, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan Aankondiging • Feb 07
Joinsoon Electronics Manufacturing CO., LTD. to Report Fiscal Year 2024 Results on Mar 10, 2025 Joinsoon Electronics Manufacturing CO., LTD. announced that they will report fiscal year 2024 results on Mar 10, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: NT$697.9m (down 22% from 3Q 2023). Net loss: NT$44.7m (down 157% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Aankondiging • Oct 22
Joinsoon Electronics Manufacturing CO., LTD. to Report Q3, 2024 Results on Nov 07, 2024 Joinsoon Electronics Manufacturing CO., LTD. announced that they will report Q3, 2024 results on Nov 07, 2024 Upcoming Dividend • Sep 02
Upcoming dividend of NT$0.23 per share Eligible shareholders must have bought the stock before 09 September 2024. Payment date: 02 October 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (2.7%). Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$0.21 loss per share (vs NT$0.053 profit in 2Q 2023) Second quarter 2024 results: NT$0.21 loss per share (down from NT$0.053 profit in 2Q 2023). Revenue: NT$751.1m (up 28% from 2Q 2023). Net loss: NT$23.6m (down NT$29.4m from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Declared Dividend • Aug 10
Dividend reduced to NT$0.25 Dividend of NT$0.25 is 58% lower than last year. Ex-date: 9th September 2024 Payment date: 2nd October 2024 Dividend yield will be 1.2%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (50% 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 decreased over the past 96 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 44% to shift the payout ratio to a potentially unsustainable range, which is more than the 35% EPS decline seen over the last 5 years. Aankondiging • Aug 01
Joinsoon Electronics Manufacturing CO., LTD. announced a financing transaction Joinsoon Electronics Manufacturing CO., LTD. announced that it will issue common shares to receive funding on July 30, 2024. Aankondiging • Jul 27
Joinsoon Electronics Manufacturing CO., LTD. to Report Q2, 2024 Results on Aug 08, 2024 Joinsoon Electronics Manufacturing CO., LTD. announced that they will report Q2, 2024 results on Aug 08, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.19 loss per share (vs NT$0.12 loss in 1Q 2023) First quarter 2024 results: NT$0.19 loss per share (further deteriorated from NT$0.12 loss in 1Q 2023). Revenue: NT$613.7m (up 9.2% from 1Q 2023). Net loss: NT$20.6m (loss widened 65% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 9% per year. New Risk • May 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% 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: Major Risks Earnings have declined by 1.2% per year over the past 5 years. High level of non-cash earnings (22% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (2.3% net profit margin). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Market cap is less than US$100m (NT$2.41b market cap, or US$74.2m). Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$0.58 (vs NT$1.45 in FY 2022) Full year 2023 results: EPS: NT$0.58 (down from NT$1.45 in FY 2022). Revenue: NT$2.73b (down 1.4% from FY 2022). Net income: NT$62.0m (down 60% from FY 2022). Profit margin: 2.3% (down from 5.6% in FY 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 14
Joinsoon Electronics Manufacturing CO., LTD. Approves Dividend Distribution for the Year Ended December 31, 2023 Joinsoon Electronics Manufacturing CO., LTD. at the SBM held on March 12, 2024, the board has approved a dividend of appropriations of earnings in cash dividends to shareholders TWD 0.25 per share for the year ended December 31, 2023. Total amount of cash dividends to shareholders TWD 27,422,594. Aankondiging • Mar 13
Joinsoon Electronics Manufacturing CO., LTD., Annual General Meeting, Jun 12, 2024 Joinsoon Electronics Manufacturing CO., LTD., Annual General Meeting, Jun 12, 2024. Location: 7F.-10, No. 93, Sec. 1, Xintai 5th Rd., Xizhi Dist New Tapei City Taiwan Agenda: To consider Business Report of 2023; to consider Inspection Report of Audit Committee of 2023; to consider Report on 2023 emplyees's and directors' remuneration; to consider ReportSustainable Development Best Practice Principles; to consider Proposal of Business Report and Financial Statements 2023; to accept the Proposal of 2023 earnings distribution. New Risk • Nov 17
New major risk - Revenue and earnings growth Earnings have declined by 5.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 5.7% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.9% average weekly change). Profit margins are more than 30% lower than last year (3.6% net profit margin). Market cap is less than US$100m (NT$2.68b market cap, or US$84.0m). New Risk • Oct 21
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 Taiwanese 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: Minor Risks Dividend is not well covered by cash flows (114% cash payout ratio). Share price has been volatile over the past 3 months (5.8% average weekly change). Profit margins are more than 30% lower than last year (4.1% net profit margin). Market cap is less than US$100m (NT$2.53b market cap, or US$78.1m). Upcoming Dividend • Aug 29
Upcoming dividend of NT$0.60 per share at 2.9% yield Eligible shareholders must have bought the stock before 05 September 2023. Payment date: 27 September 2023. Payout ratio is a comfortable 62% but the company is paying out more than the cash it is generating. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (4.2%). New Risk • Aug 13
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: 4.1% Last year net profit margin: 6.2% 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 Dividend is not well covered by cash flows (114% cash payout ratio). Profit margins are more than 30% lower than last year (4.1% net profit margin). Market cap is less than US$100m (NT$2.26b market cap, or US$70.8m). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.05 (vs NT$0.12 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.05 (down from NT$0.12 in 2Q 2022). Revenue: NT$586.9m (up 4.7% from 2Q 2022). Net income: NT$5.73m (down 56% from 2Q 2022). Profit margin: 1.0% (down from 2.3% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$1.45 (vs NT$1.85 in FY 2021) Full year 2022 results: EPS: NT$1.45 (down from NT$1.85 in FY 2021). Revenue: NT$2.77b (down 31% from FY 2021). Net income: NT$155.9m (down 13% from FY 2021). Profit margin: 5.6% (up from 4.4% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 65% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$23.85, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 399% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 24% share price gain to NT$22.30, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 164% over the past three years. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: NT$0.83 (vs NT$0.35 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.83 (up from NT$0.35 in 3Q 2021). Revenue: NT$822.0m (down 24% from 3Q 2021). Net income: NT$88.9m (up 163% from 3Q 2021). Profit margin: 11% (up from 3.1% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$19.45, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 127% over the past three years. Upcoming Dividend • Sep 06
Upcoming dividend of NT$0.60 per share Eligible shareholders must have bought the stock before 13 September 2022. Payment date: 05 October 2022. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (6.5%). Lower than average of industry peers (4.5%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.12 (vs NT$0.011 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$0.12 (up from NT$0.011 loss in 2Q 2021). Revenue: NT$560.7m (down 43% from 2Q 2021). Net income: NT$13.1m (up NT$14.2m from 2Q 2021). Profit margin: 2.3% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improved over the past week After last week's 17% share price gain to NT$17.95, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 100% over the past three years. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: NT$0.29 (vs NT$0.10 in 1Q 2021) First quarter 2022 results: EPS: NT$0.29 (up from NT$0.10 in 1Q 2021). Revenue: NT$767.9m (down 15% from 1Q 2021). Net income: NT$31.2m (up 207% from 1Q 2021). Profit margin: 4.1% (up from 1.1% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improved over the past week After last week's 20% share price gain to NT$25.35, the stock trades at a trailing P/E ratio of 68.5x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 105% over the past three years. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 15% share price gain to NT$23.90, the stock trades at a trailing P/E ratio of 59.6x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 88% over the past three years. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improved over the past week After last week's 29% share price gain to NT$28.95, the stock trades at a trailing P/E ratio of 72.2x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 119% over the past three years. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improved over the past week After last week's 15% share price gain to NT$19.95, the stock trades at a trailing P/E ratio of 49.7x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 66% over the past three years. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.35 (vs NT$0.026 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.08b (up 31% from 3Q 2020). Net income: NT$33.8m (up NT$36.4m from 3Q 2020). Profit margin: 3.1% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 15
Second quarter 2021 earnings released: NT$0.01 loss per share (vs NT$0.067 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: NT$977.6m (up 46% from 2Q 2020). Net loss: NT$1.07m (loss narrowed 83% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Reported Earnings • May 11
First quarter 2021 earnings released: EPS NT$0.10 (vs NT$0.27 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$901.2m (up 64% from 1Q 2020). Net income: NT$10.2m (up NT$36.4m from 1Q 2020). Profit margin: 1.1% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Aankondiging • Mar 20
Joinsoon Electronics Manufacturing CO., LTD., Annual General Meeting, Jun 11, 2021 Joinsoon Electronics Manufacturing CO., LTD., Annual General Meeting, Jun 11, 2021. Reported Earnings • Mar 19
Full year 2020 earnings released: NT$0.41 loss per share (vs NT$0.88 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: NT$2.94b (up 12% from FY 2019). Net loss: NT$39.4m (loss narrowed 53% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 20
New 90-day high: NT$14.85 The company is up 90% from its price of NT$7.80 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 24% over the same period. Is New 90 Day High Low • Jan 14
New 90-day high: NT$14.10 The company is up 76% from its price of NT$7.99 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 26% over the same period. Is New 90 Day High Low • Dec 11
New 90-day high: NT$9.13 The company is up 14% from its price of NT$8.02 on 11 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 15% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: NT$0.03 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: NT$824.7m (up 22% from 3Q 2019). Net loss: NT$2.55m (loss narrowed 69% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings.