Izmir Fircanayi ve Ticaret AS (IST:IZFAS) Operating Income : ₺28.0 Mil (TTM As of Dec. 2023)

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What is Izmir Fircanayi ve Ticaret AS Operating Income?

Izmir Fircanayi ve Ticaret AS's Operating Income for the three months ended in Dec. 2023 was ₺17.2 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was ₺28.0 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Izmir Fircanayi ve Ticaret AS's Operating Income for the three months ended in Dec. 2023 was ₺17.2 Mil. Izmir Fircanayi ve Ticaret AS's Revenue for the three months ended in Dec. 2023 was ₺131.6 Mil. Therefore, Izmir Fircanayi ve Ticaret AS's Operating Margin % for the quarter that ended in Dec. 2023 was 13.07%.

Good Sign:

Izmir Firca Sanayi ve Ticaret AS operating margin is expanding. Margin expansion is usually a good sign.

Izmir Fircanayi ve Ticaret AS's 5-Year average Growth Rate for Operating Margin % was 4.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Izmir Fircanayi ve Ticaret AS's annualized ROC % for the quarter that ended in Dec. 2023 was 41.27%. Izmir Fircanayi ve Ticaret AS's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was -84.68%.

Izmir Fircanayi ve Ticaret AS Operating Income Historical Data

The historical data trend for Izmir Fircanayi ve Ticaret AS's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Izmir Fircanayi ve Ticaret AS Operating Income Chart

Izmir Fircanayi ve Ticaret AS Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec20

Dec21

Dec22

Dec23

Operating Income

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2.89

5.22

26.57

47.74

26.91

Izmir Fircanayi ve Ticaret AS Quarterly Data
	Sep14	Dec14	Jun15	Sep15	Dec15	Dec16	Jun17	Dec17	Jun18	Dec18	Dec20	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Operating Income	Get a 7-Day Free Trial															35.04	4.03	3.98	2.74	17.21

Izmir Fircanayi ve Ticaret AS Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was ₺28.0 Mil.

Izmir Fircanayi ve Ticaret AS (IST:IZFAS) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Izmir Fircanayi ve Ticaret AS's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	68.82 * ( 1 - -17.59% )	/	( (168.133	+	224.058)	/ 2 )
=	80.925438	/	196.0955
=	41.27 %

where

	Invested Capital		(Q: Sep. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	192.178	-	19.948	-	( 4.097	-	max(0, 95.488	-	154.163	+	4.097	))
=	168.133

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	238.593	-	12.344	-	( 2.191	-	max(0, 84.623	-	153.903	+	2.191	))
=	224.058

Note: The Operating Income data used here is four times the quarterly (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

Izmir Fircanayi ve Ticaret AS's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-82.576	/	( ( (33.72 + max(36.109, 0))	+	(78.443 + max(46.751, 0)) )	/	2 )
=	-82.576	/	( ( 69.829	+	125.194 )	/	2 )
=	-82.576	/	97.5115
=	-84.68 %

where Working Capital is:

	Working Capital		(Q: Sep. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(44.646	+	34.496	+	11.119)	-	(19.948	+	0	+	34.204)
=	36.109

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(32.954	+	46.093	+	9.584)	-	(12.344	+	0	+	29.536)
=	46.751

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2023) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Izmir Fircanayi ve Ticaret AS's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2023 )	/	Revenue (Q: Dec. 2023 )
	=	17.205	/	131.643
	=	13.07 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Izmir Fircanayi ve Ticaret AS Operating Income Related Terms

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Izmir Fircanayi ve Ticaret AS (IST:IZFAS) Business Description

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GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Izmir Firca Sanayi ve Ticaret AS (IST:IZFAS) » Definitions » Operating Income

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Address

10006. Sokak, No: 18 AOSB ZIP, Karsiyaka, Istanbul, TUR, 35620

Website

http://www.izmirfirca.com.tr

Izmir Firca Sanayi ve Ticaret A.S. provides products used in construction and cleaning the area for domestic and international market. The Company's products include bucket, cloth, stairs, brush, roll, garden cleaner and skerkel paint brush.

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