But on a company-earnings-weighted basis, the total EPS growth of these Big 4 US Defense Contractors was an amazing 5.4%. No, that's not a misprint.....it's 5.4% total EPS growth, all caused by common stock buybacks!
And where are these Big 4 US Defense Contractors getting the money to buy back their own common stock? From the US Government, and thus from US taxpayers. I'll have to do some extensive research on just what has been going on here.
Non-GAAP Adjusted After-tax Net Income, which is generally used by the investment community to value common stocks, was used when this amount was disclosed in the company's earnings release, and it excludes Special, Unusual Items which are significant in amount relative to Reported GAAP Net Income.
Below here is the Non-GAAP Adjusted After-tax Net Income for both annual 2012 and 2011 for each of these Big 4 US Defense Contractor Corps:
|mils of $s||mils of $s||mils of $s|
|US Defense Contractors|
|Total all 4||9,620||9,624||(4)||0.0%||5.4%||5.4%|