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Analysts can become less diligent due to earnings guidance.
The company added that its management has affirmed 2014 consolidated ongoing earnings guidance in the USD1.
The Company uses ongoing earnings guidance to provide investors with management's expectations of ongoing financial performance over the period presented.
To assess the current state of earnings guidance, the author compiled company-issued guidance information recorded by First Call, an investor information service owned by Thomson Reuters, for constituent firms of the S&P 500, an index of large U.
A notable study by Hutton, Miller, and Skinner (2003) examines verifiable forward-looking statements that accompany earnings guidance and finds that managers tend to supplement good-news earnings guidance with such statements to enhance the credibility of the earnings guidance.
Among CFA Institute members who think that providing earnings guidance is not a best practice, the main reason for their disagreement is the belief that companies should focus on their long-term performance (91 percent).
Realized gains or losses on investments and unrealized gains and losses on derivatives are expected in 2007, but cannot reasonably be estimated and are not included in FBL's 2007 earnings guidance.
The table below shows the previous earnings guidance issued on November 2, 2006 and the currently revised earnings guidance.
The projected earnings guidance excludes any impact from the consolidation in accordance with FIN 46 of the results of the franchisee-owned cheese purchasing company, BIBP Commodities, Inc.
The Company also noted that it expected results at the low end of its previously announced earnings guidance for the first quarter ending October 31, 2006, excluding the impact of derivative losses under SFAS 133.
Because PSI does not include any impact from future acquisitions in its earnings guidance, this termination will not affect its established earnings guidance for 2006.