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Eaton Reports All-Time Record Quarterly Results

  • Third Quarter Earnings Per Share of $1.57
  • All-Time Record Quarterly Adjusted Earnings Per Share of $1.75, Up 30% Over the Third Quarter of 2020
  • All-Time Record Segment Margins of 19.9%, 230 Basis Points Above the Third Quarter of 2020

Power management company Eaton Corporation plc (NYSE:ETN) today announced that earnings per share were $1.57 for the third quarter of 2021. Excluding income of $0.13 per share related to acquisitions and divestitures and charges of $0.25 per share related to intangible amortization and $0.06 per share related to a multi-year restructuring program, adjusted earnings per share were an all-time record of $1.75, up 30% over the third quarter of 2020.

Sales in the third quarter of 2021 were $4.9 billion, up 9% from the third quarter of 2020. The sales increase consisted of 8% growth in organic sales, 7% growth from acquisitions, and 1% from positive currency translation, which was partially offset by 7% from the divestiture of the Hydraulics business that was completed on August 2.

Craig Arnold, Eaton chairman and chief executive officer, said, “We had a record third quarter, driven by strong operational performance despite supply constraints that impacted our organic sales growth. Still, we saw encouraging signs, including robust order growth of 17% on a rolling 12-month basis and record backlogs up more than 50% in our combined Electrical Americas and Electrical Global segments. Our segment margins in the third quarter were 19.9%, an all-time record and above the high end of our guidance. This represents a 230-basis point improvement over the third quarter of 2020.”

Operating cash flow in the third quarter of 2021 was $471 million. Excluding $279 million of taxes paid on the Hydraulics sale, adjusted operating cash flow was $750 million and adjusted free cash flow was $610 million.

For full year 2021, the company now expects organic growth of 9-11%, compared to a previous estimate of 11-13%, due to supply constraints that are expected to continue into the fourth quarter. For the fourth quarter of 2021, the company anticipates adjusted earnings per share to be between $1.68 and $1.78.

Business Segment Results

Sales for the Electrical Americas segment were $1.9 billion, up 9% from the third quarter of 2020. Organic sales were up 1% and the acquisition of Tripp Lite added 8%. Operating profits were $402 million, up 7% from the third quarter of 2020. Operating margins of 21.7% were down 50 basis points from the third quarter of 2020, driven by commodity and logistics pressures.

While quarterly sales were constrained by supply availability, order activity remained robust with the twelve-month rolling average of orders in the third quarter up 17%, with particular strength in residential and data center markets. Backlog at the end of September continues to remain strong, up 50% organically over September 2020 and a new record.

Sales for the Electrical Global segment were $1.4 billion, up 19% over the third quarter of 2020. Organic sales were up 18% and positive currency translation added 1%. Operating profits were $285 million, up 44% over the third quarter of 2020. Operating margins of 20.1% were an all-time record and up 350 basis points over the third quarter of 2020.

The twelve-month rolling average of orders in the third quarter was up 17%, driven by data center, residential and utility markets. The September backlog was also strong, up 55% organically over September 2020 and also a new record.

Aerospace segment sales were $745 million, up 38% from the third quarter of 2020. Organic sales were up 4%, the acquisition of Cobham Mission Systems added 33%, and positive currency translation added 1%. Operating profits were $164 million, up 64% from the third quarter of 2020. Operating margins in the quarter were 22.0%, up 350 basis points over the third quarter of 2020.

The twelve-month rolling average of orders in the third quarter was up 4%, driven by strength in the business jet market. On an organic basis, backlog at the end of September was up 5% versus September 2020.

The Vehicle segment posted sales of $640 million, up 12% over the third quarter of 2020. Organic sales were up 11% and positive currency translation added 1%. Operating profits were $115 million, up 44% from the third quarter of 2020. Operating margins in the quarter were 18.0%, up 400 basis points over the third quarter of 2020.

eMobility segment sales were $84 million, up 6% over the third quarter of 2020, driven by organic sales growth of 6%. The segment recorded an operating loss of $8 million reflecting continued investment in research and development and ramp up costs associated with new program wins.

Eaton’s mission is to improve the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical, hydraulic, and mechanical power – more safely, more efficiently, and more reliably. Eaton’s 2020 revenues were $17.9 billion, and we sell products to customers in more than 175 countries. We have approximately 85,000 employees. For more information, visit www.eaton.com.

Notice of conference call: Eaton’s conference call to discuss its third quarter results is available to all interested parties as a live audio webcast today at 11 a.m. United States Eastern time via a link on Eaton’s home page. This news release can be accessed under its headline on the home page. Also available on the website prior to the call will be a presentation on third quarter results, which will be covered during the call.

This news release contains forward-looking statements concerning fourth quarter 2021 adjusted earnings per share, expected costs and benefits associated with restructuring actions and full year 2021 organic sales. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside the company’s control. The following factors could cause actual results to differ materially from those in the forward-looking statements: the course of the COVID-19 pandemic globally and government actions related thereto; unanticipated changes in the markets for the company’s business segments; unanticipated downturns in business relationships with customers or their purchases from us; competitive pressures on sales and pricing; unanticipated changes in the cost of material and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technologies; unexpected technical or marketing difficulties; unexpected claims, charges, litigation or dispute resolutions; strikes or other labor unrest; natural disasters; the performance of recent acquisitions; unanticipated difficulties completing or integrating acquisitions; new laws and governmental regulations; interest rate changes; changes in tax laws or tax regulations; stock market and currency fluctuations; and unanticipated deterioration of economic and financial conditions in the United States and around the world. We do not assume any obligation to update these forward-looking statements.

Financial Results

The company’s comparative financial results for the nine months ended September 30, 2021, are available on the company’s website, www.eaton.com.

EATON CORPORATION plc

 

 

 

 

 

 

 

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

September 30

 

Nine months ended

September 30

 

 

(In millions except for per share data)

2021

 

2020

 

2021

 

2020

Net sales

$

4,923

 

 

$

4,526

 

 

$

14,830

 

 

$

13,171

 

 

 

 

 

 

 

 

 

Cost of products sold

3,338

 

 

3,051

 

 

10,067

 

 

9,230

 

Selling and administrative expense

834

 

 

754

 

 

2,505

 

 

2,310

 

Research and development expense

152

 

 

132

 

 

454

 

 

411

 

Interest expense - net

37

 

 

41

 

 

112

 

 

113

 

Gain on sale of businesses

617

 

 

 

 

617

 

 

221

 

Other expense - net

66

 

 

23

 

 

38

 

 

135

 

Income before income taxes

1,113

 

 

525

 

 

2,271

 

 

1,193

 

Income tax expense

483

 

 

78

 

 

676

 

 

254

 

Net income

630

 

 

447

 

 

1,595

 

 

939

 

Less net income for noncontrolling interests

(1

)

 

(1

)

 

(2

)

 

(4

)

Net income attributable to Eaton ordinary shareholders

$

629

 

 

$

446

 

 

$

1,593

 

 

$

935

 

 

 

 

 

 

 

 

 

Net income per share attributable to Eaton ordinary shareholders

 

 

 

 

 

 

 

Diluted

$

1.57

 

 

$

1.11

 

 

$

3.97

 

 

$

2.31

 

Basic

1.58

 

 

1.11

 

 

4.00

 

 

2.32

 

 

 

 

 

 

 

 

 

Weighted-average number of ordinary shares outstanding

 

 

 

 

 

 

 

Diluted

401.9

 

 

402.3

 

 

401.4

 

 

404.9

 

Basic

398.9

 

 

400.4

 

 

398.7

 

 

403.3

 

 

 

 

 

 

 

 

 

Cash dividends declared per ordinary share

$

0.76

 

 

$

0.73

 

 

$

2.28

 

 

$

2.19

 

 

 

 

 

 

 

 

 

Reconciliation of net income attributable to Eaton ordinary shareholders to adjusted earnings

 

 

 

 

 

 

 

Net income attributable to Eaton ordinary shareholders

$

629

 

 

$

446

 

 

$

1,593

 

 

$

935

 

Excluding acquisition and divestiture charges (income), after-tax

(52

)

 

21

 

 

57

 

 

110

 

Excluding restructuring program charges, after-tax

25

 

 

8

 

 

48

 

 

156

 

Excluding intangible asset amortization expense, after-tax

99

 

 

69

 

 

270

 

 

203

 

Adjusted earnings

$

701

 

 

$

544

 

 

$

1,968

 

 

$

1,404

 

 

 

 

 

 

 

 

 

Net income per share attributable to Eaton ordinary shareholders - diluted

$

1.57

 

 

$

1.11

 

 

$

3.97

 

 

$

2.31

 

Excluding per share impact of acquisition and divestiture charges (income), after-tax

(0.13

)

 

0.05

 

 

0.14

 

 

0.27

 

Excluding per share impact of restructuring program charges, after-tax

0.06

 

 

0.02

 

 

0.12

 

 

0.39

 

Excluding per share impact of intangible asset amortization expense, after-tax

0.25

 

 

0.17

 

 

0.68

 

 

0.50

 

Adjusted earnings per ordinary share

$

1.75

 

 

$

1.35

 

 

$

4.91

 

 

$

3.47

 

 

See accompanying notes.

 

EATON CORPORATION plc

 

 

 

 

 

 

 

BUSINESS SEGMENT INFORMATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

September 30

 

Nine months ended

September 30

 

 

(In millions)

2021

 

2020

 

2021

 

2020

Net sales

 

 

 

 

 

 

 

Electrical Americas

$

1,854

 

 

$

1,699

 

 

$

5,325

 

 

$

4,977

 

Electrical Global

1,421

 

 

1,196

 

 

4,092

 

 

3,451

 

Hydraulics

179

 

 

439

 

 

1,300

 

 

1,357

 

Aerospace

745

 

 

540

 

 

1,889

 

 

1,681

 

Vehicle

640

 

 

573

 

 

1,969

 

 

1,498

 

eMobility

84

 

 

79

 

 

255

 

 

207

 

Total net sales

$

4,923

 

 

$

4,526

 

 

$

14,830

 

 

$

13,171

 

 

 

 

 

 

 

 

 

Segment operating profit (loss)

 

 

 

 

 

 

 

Electrical Americas

$

402

 

 

$

377

 

 

$

1,127

 

 

$

993

 

Electrical Global

285

 

 

198

 

 

757

 

 

542

 

Hydraulics

20

 

 

43

 

 

177

 

 

135

 

Aerospace

164

 

 

100

 

 

391

 

 

315

 

Vehicle

115

 

 

80

 

 

349

 

 

140

 

eMobility

(8

)

 

(2

)

 

(21

)

 

(3

)

Total segment operating profit

978

 

 

796

 

 

2,780

 

 

2,122

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

Intangible asset amortization expense

(126

)

 

(90

)

 

(326

)

 

(265

)

Interest expense - net

(37

)

 

(41

)

 

(112

)

 

(113

)

Pension and other postretirement benefits income (expense)

14

 

 

(9

)

 

44

 

 

(29

)

Restructuring program charges

(34

)

 

(10

)

 

(63

)

 

(197

)

Other income (expense) - net

318

 

 

(121

)

 

(52

)

 

(325

)

Income before income taxes

1,113

 

 

525

 

 

2,271

 

 

1,193

 

Income tax expense

483

 

 

78

 

 

676

 

 

254

 

Net income

630

 

 

447

 

 

1,595

 

 

939

 

Less net income for noncontrolling interests

(1

)

 

(1

)

 

(2

)

 

(4

)

Net income attributable to Eaton ordinary shareholders

$

629

 

 

$

446

 

 

$

1,593

 

 

$

935

 

 

See accompanying notes.

 

EATON CORPORATION plc

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

September 30,

2021

 

December 31,

2020

(In millions)

Assets

 

 

 

Current assets

 

 

 

Cash

$

271

 

 

$

438

 

Short-term investments

389

 

 

664

 

Accounts receivable - net

3,393

 

 

2,904

 

Inventory

2,802

 

 

2,109

 

Assets held for sale

 

 

2,487

 

Prepaid expenses and other current assets

632

 

 

576

 

Total current assets

7,487

 

 

9,178

 

 

 

 

 

Property, plant and equipment - net

3,025

 

 

2,964

 

 

 

 

 

Other noncurrent assets

 

 

 

Goodwill

14,767

 

 

12,903

 

Other intangible assets

6,041

 

 

4,175

 

Operating lease assets

448

 

 

428

 

Deferred income taxes

422

 

 

426

 

Other assets

1,938

 

 

1,750

 

Total assets

$

34,128

 

 

$

31,824

 

 

 

 

 

Liabilities and shareholders’ equity

 

 

 

Current liabilities

 

 

 

Short-term debt

$

428

 

 

$

1

 

Current portion of long-term debt

116

 

 

1,047

 

Accounts payable

2,591

 

 

1,987

 

Accrued compensation

489

 

 

351

 

Liabilities held for sale

 

 

468

 

Other current liabilities

2,290

 

 

2,027

 

Total current liabilities

5,914

 

 

5,881

 

 

 

 

 

Noncurrent liabilities

 

 

 

Long-term debt

8,520

 

 

7,010

 

Pension liabilities

1,029

 

 

1,588

 

Other postretirement benefits liabilities

273

 

 

330

 

Operating lease liabilities

343

 

 

326

 

Deferred income taxes

494

 

 

277

 

Other noncurrent liabilities

1,541

 

 

1,439

 

Total noncurrent liabilities

12,200

 

 

10,970

 

 

 

 

 

Shareholders’ equity

 

 

 

Eaton shareholders’ equity

15,971

 

 

14,930

 

Noncontrolling interests

43

 

 

43

 

Total equity

16,014

 

 

14,973

 

Total liabilities and equity

$

34,128

 

 

$

31,824

 

 

See accompanying notes.

 

EATON CORPORATION plc

NOTES TO THE THIRD QUARTER 2021 EARNINGS RELEASE

Amounts are in millions of dollars unless indicated otherwise (per share data assume dilution).

Note 1. NON-GAAP FINANCIAL INFORMATION

This earnings release includes certain non-GAAP financial measures. These financial measures include adjusted earnings, adjusted earnings per ordinary share, adjusted operating cash flow, and adjusted free cash flow, each of which differs from the most directly comparable measure calculated in accordance with generally accepted accounting principles (GAAP). A reconciliation of each of these financial measures to the most directly comparable GAAP measure is included in this earnings release. During the first quarter of 2021, the Company revised its definition of adjusted earnings to exclude intangible asset amortization expense and prior periods have been retrospectively adjusted to apply this change. Management believes that these financial measures are useful to investors because they exclude certain transactions, allowing investors to more easily compare Eaton Corporation plc's (Eaton or the Company) financial performance period to period. Management uses this information in monitoring and evaluating the on-going performance of Eaton and each business segment.

The Company's fourth quarter adjusted earnings results for 2020 and guidance for 2021 follows:

 

 

Three months ended

December 31

 

 

2020

 

2021

 

 

Results

 

Guidance

Net income per share attributable to Eaton ordinary shareholders - diluted

 

$

1.18

 

 

$1.28 - $1.38

Excluding per share impact of acquisition and divestiture charges, after-tax

 

0.06

 

 

0.10

Excluding per share impact of restructuring program charges, after-tax

 

0.04

 

 

0.06

Excluding per share impact of intangible amortization expense, after-tax

 

0.17

 

 

0.24

Adjusted earnings per ordinary share

 

$

1.45

 

 

$1.68 - $1.78

A reconciliation of operating cash flow to adjusted operating cash flow and adjusted free cash flow follows:

(In millions)

 

Three months ended

September 30, 2021

Operating cash flow

 

$

471

 

Taxes paid on the Hydraulics sale

 

279

 

Adjusted operating cash flow

 

750

 

Capital expenditures for property, plant and equipment

 

(140

)

Adjusted free cash flow

 

$

610

 

Note 2. ACQUISITIONS AND DIVESTITURES OF BUSINESSES

Sale of Hydraulics business

On August 2, 2021, Eaton completed the sale of the Hydraulics business to Danfoss A/S, a Danish industrial company. As a result of the sale, the Company received $3.1 billion, net of cash sold, and recognized a pre-tax gain of $617 million, subject to post-closing adjustments to be negotiated with Danfoss A/S. The Hydraulics business is a global leader in hydraulics components, systems, and services for industrial and mobile equipment. The business had sales of $1.8 billion in 2020. During the first quarter of 2020, the Company determined the Hydraulics business met the criteria to be classified as held for sale. Therefore, assets and liabilities of the business have been presented as held for sale in the Consolidated Balance Sheet as of December 31, 2020.

Acquisition of a 50% stake in Jiangsu YiNeng Electric's busway business

On June 25, 2021, Eaton acquired a 50 percent stake in Jiangsu YiNeng Electric's busway business, which manufactures and markets busway products in China and had sales of $60 million in 2020. Eaton accounts for this investment on the equity method of accounting and is reported within the Electrical Global business segment.

Acquisition of Cobham Mission Systems

On June 1, 2021, Eaton acquired Cobham Mission Systems (CMS) for $2.80 billion, net of cash received. CMS is a leading manufacturer of air-to-air refueling systems, environmental systems, and actuation primarily for defense markets. CMS had sales of over $700 million in 2020. CMS is reported within the Aerospace business segment.

Acquisition of a 50% stake in HuanYu High Tech

On March 29, 2021, Eaton acquired a 50 percent stake in HuanYu High Tech, a subsidiary of HuanYu Group that manufactures and markets low-voltage circuit breakers and contactors in China, and throughout the Asia-Pacific region. HuanYu High Tech had 2019 sales of $106 million and has production operations in Wenzhou, China. Eaton accounts for this investment on the equity method of accounting and is reported within the Electrical Global business segment.

Acquisition of Green Motion SA

On March 22, 2021, Eaton acquired Green Motion SA, a leading designer and manufacturer of electric vehicle charging hardware and related software based in Switzerland. Green Motion SA was acquired for $105 million, including $49 million of cash paid at closing and $56 million of estimated fair value of contingent future consideration based on 2023 and 2024 revenue performance, with a maximum possible undiscounted value of $109 million. Green Motion SA is reported within the Electrical Global business segment.

Acquisition of Tripp Lite

On March 17, 2021, Eaton acquired Tripp Lite for $1.65 billion, net of cash received. Tripp Lite is a leading supplier of power quality products and connectivity solutions including single-phase uninterruptible power supply systems, rack power distribution units, surge protectors, and enclosures for data centers, industrial, medical, and communications markets in the Americas. Tripp Lite had sales of over $400 million in 2020. Tripp Lite is reported within the Electrical Americas business segment.

Sale of Lighting business

On March 2, 2020, Eaton sold its Lighting business to Signify N.V. for a cash purchase price of $1.4 billion. As a result of the sale, the Company recognized a pre-tax gain of $221 million in 2020. The Lighting business, which had sales of $1.6 billion in 2019 as part of the Electrical Americas business segment, served customers in commercial, industrial, residential, and municipal markets.

Acquisition of Power Distribution, Inc.

On February 25, 2020, Eaton acquired Power Distribution, Inc. a leading supplier of mission critical power distribution, static switching, and power monitoring equipment and services for data centers and industrial and commercial customers. The company is headquartered in Richmond, Virginia, and had 2019 sales of $125 million. Power Distribution, Inc. is reported within the Electrical Americas business segment.

Note 3. ACQUISITION AND DIVESTITURE CHARGES AND INCOME

Eaton incurs integration charges and transaction costs to acquire businesses, and transaction costs and other charges to divest and exit businesses. Eaton also recognizes gains and losses on the sale of businesses. A summary of these Corporate items follows:

 

 

Three months ended

September 30

 

Nine months ended

September 30

(In millions except for per share data)

 

2021

 

2020

 

2021

 

2020

Acquisition integration, divestiture charges and transaction costs

 

$

179

 

 

$

28

 

 

$

312

 

 

$

263

 

Gain on sale of the Hydraulics and Lighting businesses

 

(617

)

 

 

 

(617

)

 

(221

)

Total charges (income) before income taxes

 

(438

)

 

28

 

 

(305

)

 

42

 

Income tax expense (benefit)

 

386

 

 

(7

)

 

362

 

 

68

 

Total charges (income) after income taxes

 

$

(52

)

 

$

21

 

 

$

57

 

 

$

110

 

Charges (income) per ordinary share - diluted

 

$

(0.13

)

 

$

0.05

 

 

$

0.14

 

 

$

0.27

 

Acquisition integration, divestiture charges and transaction costs in 2021 are primarily related to the divestiture of the Hydraulics business, the acquisitions of Tripp Lite, Cobham Mission Systems, Souriau-Sunbank Connection Technologies, and Ulusoy Elektrik Imalat Taahhut ve Ticaret A.S., and other charges to acquire and exit businesses including certain indemnity claims associated with the sale of 50% interest in the commercial vehicle automated transmission business in 2017. Charges in 2020 are primarily related to the divestitures of the Hydraulics business and the Lighting business, the acquisitions of Souriau-Sunbank and Ulusoy Elektrik, and other charges to exit businesses. These charges were included in Cost of products sold, Selling and administrative expense, Research and development expense, Interest expense - net, or Other expense - net. In Business Segment Information, these charges were included in Other income (expense) - net.

Note 4. RESTRUCTURING CHARGES

In the second quarter of 2020, Eaton decided to undertake a multi-year restructuring program to reduce its cost structure and gain efficiencies in its business segments and at corporate in order to respond to declining market conditions. Restructuring charges incurred under this program were $214 million in 2020 and $63 million for the nine months ended September 30, 2021. These restructuring activities are expected to incur additional expenses of $33 million in 2021, and $10 million in 2022, primarily comprised of plant closing and other costs, resulting in total estimated charges of $320 million for the entire program.

A summary of restructuring program charges follows:

 

 

Three months ended

September 30

 

Nine months ended

September 30

(In millions except for per share data)

 

2021

 

2020

 

2021

 

2020

Workforce reductions

 

$

19

 

 

$

3

 

 

$

19

 

 

$

169

 

Plant closing and other

 

15

 

 

7

 

 

44

 

 

28

 

Total before income taxes

 

34

 

 

10

 

 

63

 

 

197

 

Income tax benefit

 

9

 

 

2

 

 

15

 

 

41

 

Total after income taxes

 

$

25

 

 

$

8

 

 

$

48

 

 

$

156

 

Per ordinary share - diluted

 

$

0.06

 

 

$

0.02

 

 

$

0.12

 

 

$

0.39

 

Restructuring program charges related to the following segments:

 

 

Three months ended

September 30

 

Nine months ended

September 30

(In millions)

 

2021

 

2020

 

2021

 

2020

Electrical Americas

 

$

5

 

 

$

3

 

 

$

13

 

 

$

16

 

Electrical Global

 

11

 

 

2

 

 

13

 

 

53

 

Aerospace

 

1

 

 

2

 

 

4

 

 

32

 

Vehicle

 

5

 

 

3

 

 

16

 

 

93

 

eMobility

 

 

 

 

 

1

 

 

1

 

Corporate

 

12

 

 

 

 

16

 

 

2

 

Total

 

$

34

 

 

$

10

 

 

$

63

 

 

$

197

 

These restructuring program charges were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other (income) expense - net, as appropriate. In Business Segment Information, these restructuring program charges are treated as Corporate items. The projected mature year savings from these restructuring actions are expected to be $230 million when fully implemented in 2023.

Note 5. INTANGIBLE ASSET AMORTIZATION EXPENSE

Intangible asset amortization expense follows:

 

 

Three months ended

September 30

 

Nine months ended

September 30

(In millions except for per share data)

 

2021

 

2020

 

2021

 

2020

Intangible asset amortization expense

 

$

126

 

 

$

90

 

 

$

326

 

 

$

265

 

Income tax benefit

 

27

 

 

21

 

 

56

 

 

62

 

Total after income taxes

 

$

99

 

 

$

69

 

 

$

270

 

 

$

203

 

Per ordinary share - diluted

 

$

0.25

 

 

$

0.17

 

 

$

0.68

 

 

$

0.50

 

 

Contacts

Eaton Corporation plc

Jennifer Tolhurst, Media Relations, +1 (440) 523-4006

jennifertolhurst@eaton.com

or

Yan Jin, Investor Relations, +1 (440) 523-7558

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