In other words, operating earnings
excluding taxes, non-operating income and expenses, discontinued operations,
extraordinary items, etc..
For the period May 1, 1969 to April 30, 2011, I examine U.S. companies,
excluding AMEX companies, high business risk companies, such as Software & Services, Semiconductors & Semiconductor Equipment, Transportation, Automobiles & Components, Real Estate / Construction Materials (GICS 1510) and Pharmaceuticals, Biotechnology & Life Sciences Capital Goods, and companies that had reported
extraordinary items the year before.