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Back to the June 24, 2002 Issue

2001 S&P Core Earnings
How much does a company truly make? It's hard to tell these days. To boost the performance of their stocks, companies have come up with a slew of self-defined "pro-forma" numbers that put their financials in a favorable light. Now ratings agency Standard & Poor's has devised a truer measure known as Core Earnings.

The goal: To provide a standardized definition of the profits produced by a company's ongoing operations. Of the three main changes from more traditional measures of profits, two reduce earnings: Income from pension funds is excluded and the cost of stock options are deducted as an expense. The other big change boosts earnings by adding back in the charges taken to adjust for overpriced acquisitions. Here are traditional earnings (reported) and Core Earnings (based on S&P's analysis) last year for companies in the S&P 500-stock index:

Click column heading once to reorder from highest to lowest. Click twice to reorder from lowest to highest.
Company Name
Traditional Earnings
2001
$ Mil.
Core Earnings
2001
$ Mil.
Difference
$ Mil.
3M1,430.0 1,126.9 -303.1 
ABBOTT LABORATORIES1,550.4 1,529.4 -21.0 
ACE-123.7 -170.0 -46.3 
ADC TELECOMMUNICATIONS-1,287.7 -1,125.5 162.2 
ADOBE SYSTEMS205.6 30.2 -175.4 
ADVANCED MICRO DEVICES-60.6 -178.9 -118.3 
AES467.0 423.0 -44.0 
AETNA-291.5 -392.8 -101.3 
AFLAC687.0 654.0 -33.0 
AGILENT TECHNOLOGIES-406.0 -1,107.9 -701.9 
AIR PRODUCTS & CHEMICALS512.9 421.9 -91.0 
ALBERTO-CULVER110.4 104.6 -5.8 
ALBERTSON'S501.0 414.2 -86.8 
ALCAN5.0 78.7 73.7 
ALCOA908.0 601.3 -306.7 
ALLEGHENY ENERGY454.0 431.4 -22.5 
ALLEGHENY TECHNOLOGIES-25.2 -96.1 -70.9 
ALLERGAN226.7 194.5 -32.2 
ALLIED WASTE INDUSTRIES75.5 57.8 -17.7 
ALLSTATE1,167.0 1,114.6 -52.4 
ALLTEL1,047.5 795.3 -252.2 
ALTERA-39.8 -95.5 -55.8 
AMBAC FINANCIAL GROUP432.9 418.9 -14.0 
AMERADA HESS914.0 897.1 -16.9 
AMEREN487.8 457.2 -30.6 
AMERICAN ELECTRIC POWER1,013.0 911.5 -101.5 
AMERICAN EXPRESS1,311.0 1,055.2 -255.8 
AMERICAN GREETINGS-122.3 -130.2 -7.8 
AMERICAN INTERNATIONAL GROUP5,499.0 6,085.6 586.6 
AMERICAN POWER CONVERSION113.4 64.8 -48.6 
AMERICAN STANDARD295.0 278.4 -16.6 
AMERISOURCEBERGEN123.8 110.0 -13.8 
AMGEN1,119.7 930.6 -189.1 
AMR-1,762.0 -1,808.0 -46.0 
AMSOUTH BANCORPORATION536.3 495.6 -40.7 
ANADARKO PETROLEUM-176.0 -195.7 -19.7 
ANALOG DEVICES356.4 173.4 -183.0 
ANDREW61.6 55.6 -6.1 
ANHEUSER-BUSCH1,704.5 1,593.3 -111.2 
AOL TIME WARNER-4,921.0 -6,197.3 -1,276.3 
AON203.0 128.3 -74.7 
APACHE723.4 681.3 -42.1 
APOLLO GROUP107.8 90.1 -17.7 
APPLE COMPUTER-37.0 -408.0 -371.0 
APPLIED BIOSYSTEMS GROUP212.4 114.0 -98.4 
APPLIED MATERIALS775.2 558.2 -217.0 
APPLIED MICRO CIRCUITS-3,605.7 -1,589.5 2,016.2 
ARCHER DANIELS MIDLAND383.3 381.4 -1.9 
ASHLAND406.0 403.0 -3.0 
AT&T-6,842.0 -6,055.4 786.6 
AT&T WIRELESS SERVICES200.0 124.0 -76.0 
AUTODESK90.3 21.4 -69.0 
AUTOMATIC DATA PROCESSING924.7 914.1 -10.6 
AUTOZONE175.5 167.4 -8.1 
AVAYA-352.0 -459.9 -107.9 
AVERY DENNISON243.4 200.7 -42.7 
AVON PRODUCTS430.3 390.4 -39.9 
BAKER HUGHES438.7 404.6 -34.1 
BALL-99.2 -110.7 -11.5 
BANK OF AMERICA6,792.0 6,264.4 -527.6 
BANK OF NEW YORK1,343.0 1,210.0 -133.0 
BANK ONE2,682.0 2,636.5 -45.5 
BARD (C.R.)143.2 131.1 -12.1 
BARRICK GOLD97.0 246.0 149.0 
BAUSCH & LOMB42.0 15.2 -26.8 
BAXTER INTERNATIONAL664.0 409.7 -254.3 
BB&T973.6 1,072.4 98.8 
BEAR STEARNS625.0 591.1 -33.8 
BECTON, DICKINSON438.4 394.1 -44.3 
BED BATH & BEYOND219.6 200.0 -19.6 
BELLSOUTH2,570.0 1,764.1 -805.9 
BEMIS140.3 123.5 -16.8 
BEST BUY570.0 512.0 -58.0 
BIG LOTS-28.7 -35.5 -6.8 
BIOGEN272.7 237.4 -35.3 
BIOMETN/A N/A N/A 
BJ SERVICES349.3 331.8 -17.5 
BLACK & DECKER108.0 68.2 -39.8 
BLOCK (H&R)N/A N/A N/A 
BMC SOFTWARE-184.1 -175.8 8.3 
BOEING2,826.0 1,711.9 -1,114.1 
BOISE CASCADE-42.5 -82.6 -40.1 
BOSTON SCIENTIFIC-54.0 -94.0 -40.0 
BRISTOL-MYERS SQUIBB2,527.0 1,961.2 -565.8 
BROADCOM-2,742.0 -2,638.2 103.8 
BROWN-FORMANN/A N/A N/A 
BRUNSWICK84.7 74.3 -10.4 
BURLINGTON NORTHERN SANTA FE737.0 703.3 -33.7 
BURLINGTON RESOURCES558.0 663.7 105.7 
CALPINE641.1 639.6 -1.4 
CAMPBELL SOUP649.0 604.5 -44.5 
CAPITAL ONE FINANCIAL642.0 597.3 -44.7 
CARDINAL HEALTH857.4 850.6 -6.8 
CARNIVAL926.2 850.3 -75.9 
CATERPILLAR805.0 555.0 -250.0 
CENDANT423.0 326.3 -96.7 
CENTEXN/A N/A N/A 
CENTURYTEL343.0 167.4 -175.6 
CHARTER ONE FINANCIAL500.7 474.9 -25.8 
CHEVRONTEXACO3,931.0 4,977.0 1,046.0 
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Data: COMPUSTAT, from Standard & Poor's Institutional Market Services, a division of the McGraw-Hill Companies




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