Tredegar Corporation

Tredegar Corporation

TG · NYSE · Industrials / Metal Fabrication

5.75USD+0.06 (+1.05%)

Price History

Full chart

Market Stats

Previous Close5.69
Open5.74
Day Range5.55 – 5.81
52-Week Range6.25 – 10.53
Volume252.80K
Market Cap244.82M
P/E (TTM)7.48
Forward P/E11.06
EPS0.94
Dividend Yield0.00%
Beta0.78
50-Day Avg7.60
200-Day Avg8.10

About

Tredegar Corporation, through its subsidiaries, manufactures and sells aluminum extrusions, and polyethylene and polypropylene plastic films in the United States and internationally. It operates through Aluminum Extrusions and High performance films segments. The Aluminum Extrusions segment produces soft and medium strength alloyed, custom fabricated, and finished aluminum extrusions for the building and construction, automotive and transportation, consumer durable goods, machinery and equipment, electrical and renewable energy, and distribution markets; and manufactures mill, machined, anodized and painted and thermally improved aluminum extrusions to fabricators and distributors. This segment also manufactures and sells products, such as flooring trims under the Futura Transitions brand name; and structural aluminum framing systems under the TSLOTS brand name. The High performance films segment produces surface protection films used for protecting components of flat panel and flexible displays that are used in televisions, monitors, notebooks, smart phones, tablets, e-readers, electronic shelf labels, and automobiles under the UltraMask, ForceField, ForceField PEARL, Pearl A, and Obsidian brands. This segment provides adcanved packaging films for bathroom tissue and paper towels and films for other markets. The company was incorporated in 1988 and is headquartered in Richmond, Virginia.

Company Details

  • SectorIndustrials
  • IndustryMetal Fabrication
  • CEODr. Arijit DasGupta
  • Employees1.80K
  • Headquarters1100 Boulders Parkway, Richmond, VA, United States, 23225, USA
  • Websitehttps://tredegar.com

Leadership

  • Mr. Kevin Cyril Donnelly J.D.Executive VP, General Counsel & Corporate Secretary · b. 1975
  • Dr. Arijit DasGuptaCEO, President & Director · b. 1958

Financials

Income Statement

Currency: USD1987-12-311988-12-311989-12-311990-12-311991-12-311992-12-311993-12-311994-12-311995-12-311996-12-311997-12-311998-12-311999-12-312000-12-312001-12-312002-12-312003-12-312004-12-312005-12-312006-12-312007-12-312008-12-312009-12-312010-12-312011-12-312012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-312019-12-312020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
Total Revenue624.50M624.50M637.90M547.50M474.00M479.00M449.20M502.20M589.50M523.60M581.00M699.80M820.40M869.25M767.57M737.40M746.50M876.77M956.97M1.12B924.37M894.24M657.08M739.53M882.19M882.19M951.83M951.83M896.18M828.34M961.33M851.83M826.32M755.29M826.46M761.99M573.32M598.02M722.86M
Growth (%)-0.00%+2.15%-14.17%-13.42%+1.05%-6.22%+11.80%+17.38%-11.18%+10.96%+20.45%+17.23%+5.95%-11.70%-3.93%+1.23%+17.45%+9.15%+16.67%-17.21%-3.26%-26.52%+12.55%+19.29%0.00%+7.89%0.00%-5.85%-7.57%+16.05%-11.39%-2.99%-8.60%+9.42%-7.80%-24.76%+4.31%+20.88%
Cost of Revenue505.80M505.80M522.50M448.30M367.40M367.90M353.50M395.00M466.70M396.90M439.40M530.90M620.00M674.86M620.78M582.66M606.24M717.12M835.31M972.93M761.51M739.72M516.93M596.33M736.51M736.51M806.01M806.01M754.50M684.34M793.13M706.53M670.12M584.65M677.92M657.09M502.20M501.97M613.45M
Gross Profit118.70M118.70M115.40M99.20M106.60M111.10M95.70M107.20M122.80M126.70M141.60M168.90M200.40M194.40M146.79M154.75M140.26M159.65M121.66M143.59M162.86M154.52M140.14M143.21M145.68M145.68M145.82M145.82M141.68M144.00M168.20M145.30M156.20M170.64M148.53M104.89M71.13M96.06M109.41M
Gross Margin19.01%19.01%18.09%18.12%22.49%23.19%21.30%21.35%20.83%24.20%24.37%24.14%24.43%22.36%19.12%20.99%18.79%18.21%12.71%12.86%17.62%17.28%21.33%19.36%16.51%16.51%15.32%15.32%15.81%17.38%17.50%17.06%18.90%22.59%17.97%13.77%12.41%16.06%15.14%
Operating Expense74.60M74.60M86.40M131.90M89.20M80.50M82.90M81.10M80.80M71.10M68.70M76.40M105.50M140.73M105.87M76.03M103.43M121.00M90.34M80.68M100.84M90.61M88.54M100.51M90.08M90.08M81.67M81.67M82.78M102.03M106.57M83.11M107.73M101.66M88.69M91.63M80.88M75.68M81.55M
Operating Income44.10M44.10M29.00M-32.70M17.40M30.60M12.80M26.10M42.00M55.60M72.90M92.50M94.90M53.66M40.92M78.72M36.83M38.65M31.32M62.91M62.02M63.91M51.60M42.69M55.60M55.60M64.15M64.15M58.90M41.97M61.63M62.19M48.47M68.98M59.84M13.27M-9.76M20.38M27.86M
Operating Margin7.06%7.06%4.55%-5.97%3.67%6.39%2.85%5.20%7.12%10.62%12.55%13.22%11.57%6.17%5.33%10.68%4.93%4.41%3.27%5.63%6.71%7.15%7.85%5.77%6.30%6.30%6.74%6.74%6.57%5.07%6.41%7.30%5.87%9.13%7.24%1.74%-1.70%3.41%3.85%
EBITDA71.70M71.70M57.40M-4.20M48.60M54.50M38.60M50.90M65.80M75.90M91.40M114.90M130.70M119.45M111.25M114.53M81.94M80.44M69.56M108.64M108.06M94.71M58.09M85.51M86.55M84.36M101.99M99.57M15.28M63.96M31.54M92.02M120.34M9.50M94.28M40.11M-116.47M31.08M56.40M
EBITDA Margin11.48%11.48%9.00%-0.77%10.25%11.38%8.59%10.14%11.16%14.50%15.73%16.42%15.93%13.74%14.49%15.53%10.98%9.18%7.27%9.73%11.69%10.59%8.84%11.56%9.81%9.56%10.72%10.46%1.70%7.72%3.28%10.80%14.56%1.26%11.41%5.26%-20.31%5.20%7.80%
Net Income36.70M36.70M17.30M-24.70M5.60M15.30M9.60M38.60M24.10M45.00M58.40M68.90M52.60M111.38M9.75M-2.53M-26.35M29.18M16.23M38.20M15.25M28.94M-1.35M27.03M43.19M43.19M36.88M36.88M-32.13M24.47M38.25M24.84M48.26M-75.44M57.83M28.45M-105.91M-64.56M33.48M
Net Income Margin5.88%5.88%2.71%-4.51%1.18%3.19%2.14%7.69%4.09%8.59%10.05%9.85%6.41%12.81%1.27%-0.34%-3.53%3.33%1.70%3.42%1.65%3.24%-0.21%3.65%4.90%4.90%3.87%3.87%-3.59%2.95%3.98%2.92%5.84%-9.99%7.00%3.73%-18.47%-10.80%4.63%
R&D----------13.20M14.50M22.30M27.59M32.89M20.35M18.77M15.27M8.98M8.09M8.35M11.01M11.86M13.63M13.16M13.16M12.15M12.15M16.17M19.12M18.29M6.67M7.89M8.40M6.35M5.32M2.89M711.00K702.00K
R&D as % of Total Revenue----------2.27%2.07%2.72%3.17%4.28%2.76%2.51%1.74%0.94%0.72%0.90%1.23%1.80%1.84%1.49%1.49%1.28%1.28%1.80%2.31%1.90%0.78%0.96%1.11%0.77%0.70%0.50%0.12%0.10%
Interest Expense-04.50M8.10M8.30M6.30M5.00M4.00M3.00M2.20M01.30M017.32M12.67M9.35M6.79M3.17M4.57M5.52M2.72M2.39M783.00K1.14M1.93M3.59M2.87M2.71M3.50M3.81M6.17M5.70M4.05M2.59M3.39M4.14M11.61M4.66M4.00M
Interest Expense % of Total Revenue-0.00%0.71%1.48%1.75%1.32%1.11%0.80%0.51%0.42%0.00%0.19%0.00%1.99%1.65%1.27%0.91%0.36%0.48%0.49%0.29%0.27%0.12%0.15%0.22%0.41%0.30%0.29%0.39%0.46%0.64%0.67%0.49%0.34%0.41%0.54%2.02%0.78%0.55%

Balance Sheet

Currency: USD1987-12-311988-12-311989-12-311990-12-311991-12-311992-12-311993-12-311994-12-311995-12-311996-12-311997-12-311998-12-311999-12-312000-12-312001-12-312002-12-312003-12-312004-12-312005-12-312006-12-312007-12-312008-12-312009-12-312010-12-312011-12-312012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-312019-12-312020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
Total Assets345.40M345.40M367.80M342.20M338.60M359.10M353.40M318.30M314.10M341.10M410.90M457.20M792.50M903.77M865.03M837.96M753.02M769.47M781.76M781.79M784.48M610.63M596.28M580.34M778.59M783.16M793.01M788.63M623.26M651.16M755.74M707.37M712.67M514.87M523.58M572.16M446.46M356.36M371.37M
Total Liabilities67.10M67.10M182.70M194.90M188.40M196.70M184.30M146.40M143.60M128.60M138.40M146.90M420.30M406.04M387.13M375.03M305.63M289.03M296.40M265.19M293.15M190.22M167.21M162.80M381.59M410.91M390.34M416.60M350.51M340.38M411.96M352.52M335.92M405.81M338.86M370.40M290.81M175.39M154.82M
Total Equity278.30M278.30M185.10M147.30M150.20M162.40M169.10M171.90M170.50M212.50M272.50M310.30M372.20M497.73M477.90M462.93M447.40M480.44M485.36M516.60M491.33M420.42M429.07M417.55M397.00M372.25M402.66M372.03M272.75M310.78M343.78M354.86M376.75M109.06M184.72M201.76M155.65M180.97M216.55M
Cash3.80M3.80M1.70M2.30M500.00K--9.00M2.10M101.30M120.10M25.40M25.80M44.53M96.81M109.93M19.94M22.99M23.43M40.90M48.22M45.98M90.66M73.19M68.94M48.82M52.62M50.06M44.16M29.51M36.49M34.40M31.42M11.85M30.52M19.23M9.66M7.06M6.73M
Total Debt--100.00M100.00M100.00M101.50M97.00M38.00M35.00M35.00M30.00M25.00M270.00M268.10M264.50M259.28M139.63M103.45M113.05M62.52M82.06M22.70M1.16M450.00K125.00M154.88M141.27M137.25M104.00M95.00M152.00M101.50M61.77M151.03M87.99M151.77M158.62M77.37M48.27M
Net Debt-3.80M-3.80M98.30M97.70M99.50M101.50M97.00M29.00M32.90M-66.30M-90.10M-400.00K244.20M223.57M167.69M149.35M119.69M80.46M89.62M21.62M33.84M-23.27M-89.50M-72.74M56.06M79.18M86.38M87.19M59.84M65.49M115.51M67.10M30.34M139.19M57.47M132.54M148.96M70.31M41.54M

Cash Flow

Currency: USD1987-12-311988-12-311989-12-311990-12-311991-12-311992-12-311993-12-311994-12-311995-12-311996-12-311997-12-311998-12-311999-12-312000-12-312001-12-312002-12-312003-12-312004-12-312005-12-312006-12-312007-12-312008-12-312009-12-312010-12-312011-12-312012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-312019-12-312020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
Operating Cash Flow81.90M81.90M47.00M34.60M41.50M31.50M20.80M42.50M49.60M45.30M66.30M70.80M92.00M21.58M74.91M65.27M76.38M93.82M53.70M104.61M95.55M75.41M103.22M46.41M71.77M82.59M76.72M51.23M74.26M48.87M88.22M97.79M115.86M74.37M70.58M-20.84M24.00M25.51M32.98M
Investing Cash Flow---44.30M-20.00M-40.70M-30.00M-12.90M62.10M-27.90M56.90M-39.60M-124.20M-338.20M5.15M-13.45M-42.09M-36.49M-50.31M-54.98M-40.64M-36.28M3.47M-31.70M-22.15M-195.23M-75.56M-77.60M-38.27M-31.41M-41.99M-125.60M-34.08M-39.93M32.88M24.45M-35.46M-26.18M40.51M-5.50M
Financing Cash Flow---4.80M-14.10M-2.60M-2.00M-7.90M-95.60M-28.60M-3.10M-7.90M-41.20M246.50M-7.95M-9.19M-10.07M-129.88M-40.46M3.59M-47.05M-54.08M-80.66M-28.24M-42.12M120.39M-26.74M5.28M-12.38M-44.20M-23.75M43.16M-64.09M-77.31M-125.59M-76.84M45.38M-4.48M-64.98M-28.16M
Capital Expenditure0043.40M39.70M26.60M21.00M22.00M15.60M28.80M24.00M22.70M95.00M260.40M79.83M38.99M31.34M65.81M55.65M62.54M40.57M20.64M19.23M35.85M20.42M15.88M33.25M79.66M44.90M32.83M45.46M44.36M40.81M50.86M23.36M27.36M36.88M26.45M14.35M17.24M
Free Cash Flow81.90M81.90M3.60M-5.10M14.90M10.50M-1.20M26.90M20.80M21.30M43.60M-24.20M-168.40M-58.25M35.92M33.94M10.57M38.17M-8.84M64.03M74.91M56.17M67.36M25.99M55.88M49.33M-2.95M6.34M41.42M3.42M43.85M56.98M65.00M51.02M43.22M-57.72M-2.45M11.16M15.74M
Dividends Paid--100.70M2.80M2.60M2.60M3.30M2.50M2.30M3.20M4.20M5.40M6.00M6.08M6.10M6.13M6.10M6.15M6.19M6.22M6.13M5.45M5.43M5.14M5.76M30.78M9.04M11.01M13.72M14.46M14.53M14.59M15.32M216.05M16.17M16.97M8.88M00
FCF to OCF100.00%100.00%7.66%-14.74%35.90%33.33%-5.77%63.29%41.94%47.02%65.76%-34.18%-183.04%-269.98%47.95%51.99%13.84%40.68%-16.46%61.21%78.40%74.49%65.27%56.00%77.87%59.74%-3.84%12.37%55.79%6.99%49.71%58.27%56.10%68.60%61.24%276.91%-10.21%43.75%47.72%
Dividend Paid to FCF--2797.22%-54.90%17.45%24.76%-275.00%9.29%11.06%15.02%9.63%-22.31%-3.56%-10.43%16.97%18.07%57.72%16.12%-70.02%9.72%8.18%9.70%8.06%19.78%10.31%62.40%-306.86%173.69%33.13%423.31%33.14%25.61%23.58%423.48%37.40%-29.41%-362.46%0.00%0.00%

Earnings

Report DateJan 18, 1993May 4, 1993Oct 15, 1993Jan 17, 1994Apr 15, 1994Jul 13, 1994Oct 17, 1994Jan 16, 1995Apr 11, 1995Jul 11, 1995Oct 11, 1995Jan 17, 1996Jan 13, 1997Apr 11, 1997Jul 14, 1997Oct 13, 1997Jan 14, 1998Apr 13, 1998Jul 13, 1998Oct 12, 1998Jan 12, 1999Apr 12, 1999Jul 14, 1999Oct 15, 1999Jan 20, 2000Apr 18, 2000Jul 19, 2000Oct 23, 2000Jan 18, 2001Apr 18, 2001Jul 13, 2001Oct 15, 2001Jan 17, 2002Apr 16, 2002Jul 22, 2002Oct 15, 2002Jan 21, 2003Apr 21, 2003Jul 21, 2003Oct 21, 2003Jan 21, 2004Apr 21, 2004Jul 21, 2004Oct 20, 2004Jan 26, 2005Apr 20, 2005Aug 3, 2005Nov 2, 2005Feb 8, 2006May 3, 2006Aug 2, 2006Nov 7, 2006Feb 15, 2007May 3, 2007Aug 7, 2007Nov 5, 2007Feb 15, 2008May 5, 2008Aug 5, 2008Nov 4, 2008Feb 12, 2009May 6, 2009Aug 3, 2009Nov 2, 2009Feb 12, 2010May 4, 2010Aug 3, 2010Nov 2, 2010Feb 10, 2011May 4, 2011Aug 3, 2011Nov 2, 2011Mar 1, 2012May 3, 2012Aug 1, 2012Nov 1, 2012Feb 14, 2013May 2, 2013Aug 1, 2013Nov 4, 2013Feb 24, 2014Apr 30, 2014Aug 7, 2014Nov 6, 2014Mar 2, 2015May 4, 2015Jul 30, 2015Nov 9, 2015Feb 29, 2016May 3, 2016Aug 2, 2016Nov 1, 2016Feb 22, 2017May 2, 2017Aug 1, 2017Oct 31, 2017Feb 21, 2018May 1, 2018Aug 1, 2018Nov 8, 2018Mar 18, 2019May 9, 2019Aug 8, 2019Nov 6, 2019Mar 16, 2020May 11, 2020Aug 6, 2020Nov 9, 2020Mar 16, 2021May 7, 2021Aug 6, 2021Nov 5, 2021Mar 11, 2022May 9, 2022Aug 8, 2022Nov 9, 2022Mar 16, 2023May 8, 2023Aug 9, 2023Nov 9, 2023Mar 15, 2024May 9, 2024Aug 7, 2024Nov 7, 2024Mar 12, 2025May 7, 2025Aug 8, 2025Nov 6, 2025Dec 31, 2025May 8, 2026Aug 7, 2026Nov 6, 2026
EPS Estimate0.070.070.050.050.060.060.070.060.080.110.130.120.190.230.240.280.290.320.350.400.370.410.390.380.340.350.330.310.210.160.190.260.220.200.290.340.270.160.200.260.210.140.170.270.210.190.260.20--0.220.220.260.250.320.240.180.250.210.240.160.260.160.190.200.150.160.280.170.260.220.230.180.430.270.270.250.410.360.380.270.290.310.34-0.260.380.140.160.180.240.240.21----0.270.280.280.280.320.330.330.32---------------------0.00-----
EPS Actual0.080.050.060.070.080.060.090.090.120.150.160.120.230.250.310.350.270.360.370.420.430.410.340.380.390.360.360.210.160.210.240.340.290.220.330.370.310.200.200.240.160.180.270.260.170.170.250.230.020.210.230.260.270.270.240.200.170.170.280.180.300.140.250.310.150.170.190.310.280.210.210.260.210.240.260.420.300.280.300.300.270.290.340.270.400.290.10-1.13-0.180.230.100.370.050.110.250.250.200.390.350.260.430.600.350.340.22-0.670.330.390.190.300.480.220.180.490.440.14-0.110.07-0.06-1.47-1.040.100.26-0.110.060.290.050.200.420.150.18-
Surprise14.29%-28.57%20.00%40.00%33.33%0.00%28.57%50.00%50.00%36.36%23.08%0.00%21.05%8.70%29.17%25.00%-6.90%12.50%5.71%5.00%16.22%0.00%-12.82%0.00%14.71%2.86%9.09%-32.26%-23.81%31.25%26.32%30.77%31.82%10.00%13.79%8.82%14.81%25.00%0.00%-7.69%-23.81%28.57%58.82%-3.70%-19.05%-10.53%-3.85%15.00%--4.55%18.18%3.85%8.00%-25.00%-16.67%-5.56%-32.00%33.33%-25.00%87.50%-46.15%56.25%63.16%-25.00%13.33%18.75%10.71%64.71%-19.23%-4.55%13.04%16.67%-44.19%-3.70%55.56%20.00%-31.71%-16.67%-21.05%0.00%0.00%9.68%-20.59%-11.54%-73.68%-907.14%-212.50%27.78%-58.33%54.17%-76.19%----44.44%25.00%-7.14%53.57%87.50%6.06%3.03%-31.25%---------------------------
Timing---------------------Pre-market-After-hoursAfter-hoursAfter-hoursPre-marketPre-marketPre-market-Pre-marketPre-marketPre-marketPre-marketAfter-hoursAfter-hoursPre-marketAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hours--After-hoursAfter-hoursAfter-hoursAfter-hoursPre-marketAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursPre-marketAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hours-After-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hours-After-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursPre-marketPre-marketAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hours--------------After-hoursPre-marketPre-marketAfter-hoursPre-marketPre-marketPre-marketPre-marketAfter-hoursPre-marketPre-marketPre-marketPre-market-Pre-market-After-hours--Pre-marketPre-market

Key Statistics & Ratios

Market Cap244.82M
Enterprise Value287.64M
Trailing P/E7.48
Forward P/E11.06
PEG Ratio0.90
Price / Sales0.31
Price / Book1.07
EPS0.94
Book Value6.67
Revenue (TTM)781.75M
Gross Profit (TTM)113.94M
EBITDA62.38M
Profit Margin4.26%
Operating Margin4.05%
Return on Equity15.47%
Return on Assets6.50%
Shares Outstanding34.83M
Shares Float28.18M
Beta0.78
Dividend Yield0.00%
Dividend Rate0.00
Payout Ratio0.00%

Ownership Breakdown

Institutions
69.37%
Insiders
19.48%
Retail / Other
11.15%

Top Institutional Holders

  • Gamco Investors, Inc. Et Al
    5.98M17.18%
  • Bank of America Corp
    2.88M8.27%
  • BlackRock Inc
    2.27M6.51%
  • Minerva Advisors LLC
    1.67M4.78%
  • Gabelli Funds LLC
    1.23M3.54%
  • Dimensional Fund Advisors, Inc.
    1.21M3.47%
  • Vanguard Capital Management, LLC
    1.18M3.39%
  • State Street Corp
    657.61K1.89%
  • Geode Capital Management, LLC
    648.61K1.86%
  • American Century Companies Inc
    549.87K1.58%
  • Charles Schwab Investment Management Inc
    493.61K1.42%
  • Acadian Asset Management LLC
    309.80K0.89%
  • London Company of Virginia
    276.38K0.79%
  • Arrowstreet Capital Limited Partnership
    259.48K0.75%

Top Fund Holders

  • 1290 VT GAMCO Small Company Value IB
    1.67M4.80%
  • Vanguard MStar Total Stk Mkt Idx Invest
    889.24K2.55%
  • Gabelli Small Cap Growth AAA
    710.00K2.04%
  • iShares Russell 2000 ETF
    687.14K1.97%
  • Avantis US Small Cap Value ETF
    660.71K1.90%
  • Fidelity Small Cap Index
    299.60K0.86%

Dividends

20232×
0.13Jun 15, 20230.13Mar 23, 2023
20224×
0.13Dec 15, 20220.13Sep 15, 20220.12Jun 16, 20220.12Mar 24, 2022
20214×
0.12Dec 16, 20210.12Sep 16, 20210.12Jun 17, 20210.12Mar 11, 2021
20205×
5.97Dec 21, 20200.12Dec 10, 20200.12Sep 17, 20200.12Jun 18, 20200.12Mar 12, 2020
20194×
0.12Dec 12, 20190.12Sep 12, 20190.11Jun 13, 20190.11Mar 14, 2019
20184×
0.11Dec 13, 20180.11Sep 13, 20180.11Jun 14, 20180.11Mar 15, 2018
20171×
0.11Dec 14, 2017

Stock Splits

  • Jul 2, 19983:1
  • Jan 3, 19963:2