Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Sales Trend
- Net sales demonstrate a general upward trend from March 2020 through June 2024, increasing from approximately 4.15 billion USD to around 6.27 billion USD at its peak in June 2024. However, periodic declines are observed, notably at the end of 2020, late 2021, and during the latter part of 2024, suggesting some volatility in sales across quarters.
- Cost of Goods Sold (COGS)
- COGS generally follows the pattern of net sales but with marked increases in mid-2021 and mid-2022, reaching peaks close to 3.43 billion USD by June 2022. Subsequent periods show a reduction in COGS, although still elevated compared to early 2020 levels. This oscillation indicates fluctuations in production or procurement costs relative to sales.
- Gross Profit Analysis
- Gross profit maintains an increasing trend, rising from approximately 1.89 billion USD in March 2020 to a high near 3.06 billion USD in September 2024. Despite some dips aligning with sales and COGS fluctuations, the overall increase in gross profit suggests improved margin management or pricing strategies over the period analyzed.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses exhibit a steady upward trend, increasing from around 1.39 billion USD in early 2020 to nearly 1.89 billion USD by September 2024. The consistent rise in these expenses may reflect expanding operational scale, increased investment in marketing or administration, or inflationary pressures.
- Operating Income Developments
- Operating income fluctuates considerably with notable peaks at September 2023 (approximately 1.11 billion USD) and September 2024 (about 1.25 billion USD). Early periods in 2020 show lower operating income, with dips reflecting the pandemic's initial impact. The variability points to sensitivity in operational efficiency and cost control relative to sales.
- Interest and Other Income/Expense Items
- Interest expense remains relatively stable, oscillating around 83 to 111 million USD across the quarters, with slight increases in later periods. Interest income shows gradual growth, peaking near 9.4 million USD at the end of 2023 before decreasing again. Other income and expenses fluctuate without a clear trend, sometimes showing gains and other times losses which affect net income variability.
- Income Before Income Taxes and Income Taxes
- Income before income taxes rises over the period, from roughly 392 million USD in early 2020 to a peak exceeding 1.17 billion USD in September 2024, indicating overall improved profitability. Income tax expense also increases in magnitude but with some volatility, consistent with taxable income changes. The ratio of taxes to pre-tax income varies, reflecting changes in effective tax rates or tax planning.
- Net Income Performance
- Net income demonstrates growth from around 322 million USD in March 2020 up to a peak near 890 million USD in September 2024. The data shows cycles of profit accumulation with some quarters exhibiting declines, notably during the pandemic onset and year-end periods. Overall, the net income trend suggests enhanced profitability and recovery over time.
- Impairment Charges
- Impairment expenses appear sporadically with significant charges in the fourth quarter of 2021 and during 2023 and early 2024, negatively impacting operating income in those periods. These charges indicate occasional asset write-downs or restructuring costs affecting financial results.