Looking at the financial on yahoo finance (YoY compares end of January) things look OK from the income statement side. Gross margin is down 1.6% from 2017 doesn't seem to big of an issue however 1.6% on $8.4B is roughly $131M.
Why didn't the financials see a huge pickup from 2017 to 2018 due to the US tax law changes? where did that income go?
Balance sheet side...inventory is the highest is has been since 2016(furthest I can go back), AP is highest since 2016 also. They took on~$56M of long term debt between 17-18. Current ratio is dropping over the years but still good 1.5 down to 1.4. They've spent a significant less amount (1/2 as less) in CapEx.
Working capital is worse, $20M less in receivables, inventory $100M higher and AP $40M year over year.
Be interesting to watch this one in the next couple of years.
Why didn't the financials see a huge pickup from 2017 to 2018 due to the US tax law changes? where did that income go?
Balance sheet side...inventory is the highest is has been since 2016(furthest I can go back), AP is highest since 2016 also. They took on~$56M of long term debt between 17-18. Current ratio is dropping over the years but still good 1.5 down to 1.4. They've spent a significant less amount (1/2 as less) in CapEx.
Working capital is worse, $20M less in receivables, inventory $100M higher and AP $40M year over year.
Be interesting to watch this one in the next couple of years.