Drug company changes earnings release after confusion
Mike Huckman, who covers drug companies for CNBC, writes Thursday that Bristol-Myers Squibb changed its earnings release after a number of media outlets reported that they missed analyst expectations.
Huckman wrote, “Here’s an excerpt from the very top of the press release BMY issued just after 7:36:59 ET this morning on the PR Newswire:
“Posts Fourth Quarter and Full Year 2007 Non-GAAP EPS of $0.33 and $1.38 from Continuing Operations ($0.35 and $1.48, including Discontinued Operations), Exceeding Top End of Non-GAAP Guidance Range”
“(GAAP stands for Generally Accepted Accounting Principles.)
“As a result, several news outlets including CNBC, Dow Jones, Associated Press and MarketWatch reported that BMY missed the 34-cent consensus by one cent.
“Curiously, when I just went to the Bristol-Myers Squibb web site to take another look at the press release, at first the page came up as ‘inactive.’ Okay, that could be some kind of computer snafu. Then a few seconds later the press release was back up, but guess what? The line that led to the widespread ‘confusion’ is gone! Disappeared. You can check it out for yourself.“
Read more here.Â Anybody else had a company change its earnings release after it was already released?