The Oldest Trick In The Book: Here Is How Johnson & Johnson’s “Beat Earnings” Despite Sliding Revenues
by Tyler Durden
ZeroHedge.com
10/13/2015
When looking at JNJ’s EPS line, things were not nearly as bad, because despite a 7% slide in revenues and a whopping 40% collapse in pretax net income, somehow JNJ reported Q3 >non-GAAP EPS of a solid $1.49, actually beating consensus of $1.45, and only 7% lower than a year ago. Hardly terrible… until one looks at the detail and finds the “oldest accounting gimmick in the book”: adjusting the tax rate.
The Rest…HERE
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