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Article: Sara Lee Corporation Increases Earnings Guidance Based On Adoption of New Accounting Standards.
- Article from:
- Business Wire
- Article date:
- October 4, 2001
CopyrightCOPYRIGHT 2001 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
CHICAGO--(BUSINESS WIRE)--Oct. 4, 2001
Sara Lee Corporation today announced revised earnings per share (EPS) guidance for its first quarter and full year for fiscal 2002 due to the adoption of new accounting rules concerning the amortization of goodwill and intangibles. The adoption of the new rules will increase net income by approximately $109 million for the full year and increase EPS by approximately $.13, evenly split during the year.
Sara Lee's acquisition of The Earthgrains Company in August 2001 is expected to result in $.03 of EPS dilution in fiscal 2002. This guidance has not changed and reflects management's best ...