Net income and earnings per share have been almost as good, except for a dip in 2006.
In the third quarter of 2012, Wells Fargo achieved six consecutive quarters of record net income and earnings per share.
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Operating income, operating margin, net income, and earnings per share (EPS) are reported on a GAAP and non-GAAP basis.
Google reports operating income, operating margin, net income, and earnings per share (EPS) on a GAAP and non-GAAP basis.
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Roper reports results, including revenue, operating margin, net income and diluted earnings per share, on a GAAP and non-GAAP basis.
None of these changes impacts Dell's previously reported consolidated net revenue, gross margin, operating income, net income, or earnings per share.
These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income tax expense, non-GAAP net income, non-GAAP net income, or earnings, per share, and free cash flow.
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The company is currently paying out less than half its per-share net earnings.
These impacts on GAAP net income from continuing operations and diluted earnings per share are summarized in the table below.
The following tables include information about non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, and non-GAAP earnings per share (collectively, the "non-GAAP financial measures"), which are not measurements of financial performance prepared in accordance with U.S. generally accepted accounting principles.
This press release includes information about non-GAAP operating income, non-GAAP net income, and non-GAAP earnings per share (collectively with non-GAAP gross margin and non-GAAP operating expenses, the "non-GAAP financial measures"), which are not measurements of financial performance prepared in accordance with U.S. generally accepted accounting principles.
Detractors point out that buybacks artificially increase earnings per share, since net income does not change. (In other words, though each slice of the earnings pie is bigger, the size of the earnings pie does not change.) Repurchase programs also do not place the same level of fiscal responsibility on executives that dividend payments do.
On a per-share basis, net earnings soared 137% to 71 cents a share.
The investment bank is growing its earnings-per-share through net share repurchases and top line growth that makes its financial metrics comparable to other large Berkshire holdings, including IBM ( IBM), American Express ( AXP), Coca-Cola ( KO) and to a lesser extent, Wells Fargo ( WFC).
For the year, Kraft expects organic net revenue to grow about 5% and operating earnings per share to expand 9%.
Given a still uncertain earnings environment for Wall Street titans and Main Street lenders, net buybacks that drive share counts lower could help drive overall earnings per share growth in 2013 for a handful of banks.
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Second-quarter earnings of 8 cents per share disappointed Wall Street, while net revenue fell 7% and expenses only 1%.
Adjusted net earnings, which exclude charges and benefits related to tax items, rose 41% to 72 cents per share.
Berkshire's book value per share the measure of net worth that Mr. Buffett prefers as a yardstick to earnings, which he views as too volatile and subject to the whims of accounting rule makers increased 14% in 2012.
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