Merck, for example, turned a loss of -$0.02 per share under GAAP into an “adjusted” profit of $1.11 a share in the fourth quarter of 2017-a 5,650% difference. GAAP earnings now significantly trail non-GAAP earnings, as companies become addicted to “one-time” adjustments, which become meaningless when they happen every quarter. Studies have shown that adjusted figures are more likely to exclude losses than gains.
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