| Stage | FUL | % of rev | TNC | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $938M | 100.00% | $324M | 100.00% | FUL ×2.90 |
| Gross profit | $312M | 33.22% | $128M | 39.48% | TNC +6.3pp |
| Operating income | $140M | 14.88% | $16M | 4.91% | FUL +10.0pp |
| Pre-tax income | $101M | 10.79% | $10M | 3.18% | FUL +7.6pp |
| Net income | $79M | 8.44% | $8M | 2.35% | FUL +6.1pp |
| Stage | FUL | TNC | Gap · A − B |
|---|---|---|---|
| Revenue | $938M100.00% | $324M100.00% | FUL ×2.90 |
| Gross profit | 33.22%$312M | 39.48%$128M | TNC +6.3pp |
| Operating income | 14.88%$140M | 4.91%$16M | FUL +10.0pp |
| Pre-tax income | 10.79%$101M | 3.18%$10M | FUL +7.6pp |
| Net income |
| 8.44%$79M |
| 2.35%$8M |
| FUL +6.1pp |
No disclosed counterparties: FUL, TNC.