uestion 3. Normalize Earnings The following table presents the most recent income statement of Company ELA...
Question 3. Normalize Earnings
The following table presents the most recent income statement of Company ELA.
The footnote of the 10-K filing mentions that the company recorded the following one-time items: - impairment charge of $10m pre-tax (generally included in "other operating costs/expenses");
- restructuring charge of $15m pre-tax;
- gains from selling a warehouse of $2m pre-tax.
Normalize the earnings accordingly and calculate the adjusted diluted EPS.
Homework Answers
Net Income 82.95
Add: Restructuring charges (net of tax) 12.75
(15*85%)
Add: Impairment charges (net of tax) 8.5
(10*85%)
Less: Gain from selling a warehpuse (net of tax) 1.7
(2*85%)
Normalized earnings 102.5
Weighted average diluted shares 30
Adjusted diluted EPS 3.42
(Normalized earnings/wtd avg diluted shares)
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