Included in the report are the industries that have outsized adjustments and which industry adjustments are disproportionately affected by one firm.
NEW YORK, June 19, 2024 /PRNewswire-PRWeb/ -- Calcbench, the leading interactive financial research firm for data-intensive analysts, in collaboration with Suffolk University's Sawyer Business School, released their June report analyzing net income adjustments by industry. This report follows Calcbench's May non-GAAP reconciliation report which found that firms continued to bolster their adjusted earnings in 2023, to the tune of $698 million (on average) more than their reported GAAP income.
This newly published analysis shows some industries with outsized adjustments. While large U.S. companies adjusted their 2023 earnings to push up GAAP net income by an average of 29 percent, Wholesale and retail trade (SIC category 5), for example, reported $11.4 billion worth of non-GAAP net income against $20.75 billion of GAAP net income, a 54.9% percent boost to "traditional" earnings.
The report also shows that the number and type of adjustments vary by industry. Calcbench found that Manufacturers (SIC category 2, 3) had a large representation in our random sample size of 260 S&P companies and also had a large amount of Amortization of Intangibles, likely due to some pharma exposure.
Included in the report are industry non-GAAP adjustments that are disproportionately affected by one company. For example, Fidelity National Information Services, Inc. represented 48% of all adjustments made by companies in Services (SIC category 7).
"Firms continue to rely on adjustments of various shapes and sizes to tell a broader earnings narrative," says Calcbench CEO Pranav Ghai. "We are pleased to share our new industry report to provide a deeper level of understanding of non-GAAP reporting."
About Calcbench
Calcbench is a financial data platform designed for outperformance. Founded in 2011, the company uses the latest technology to offer instant and systematic access to all the data (numbers and text) in financial statements, including the details hidden within the footnotes. Developed by former analysts and supported by a team of financial experts, Calcbench was built for data analysis looking to go deeper. Visit http://www.calcbench.com to learn more.
About Suffolk University
Suffolk University, located in historic downtown Boston, provides students with experiential and transformational learning opportunities that begin in the center of Boston, reach across the globe, and lead to extraordinary outcomes for graduates. The University is driven by the power of education, inclusion, and engagement to change lives and positively impact communities. Suffolk University offers a wide range of undergraduate and graduate programs in its College of Arts & Sciences, Sawyer Business School, and Law School.
Media Contact
Samantha Berg, Calcbench, 1 9175334622, [email protected], www.calcbench.com
SOURCE Calcbench
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