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The company said operational earnings per share in the fourth quarter should be 26 to 28 cents, down from estimates of 29 to 33 cents.
Others shifted to "pro forma" earnings, "adjusted" earnings, "consolidated" net income and "operational" earnings that exclude anything that analysts want to eliminate to pump up the numbers.
Vodafone's operational earnings were also propped up by the weakness of the British pound, which fell more than 30.0% against the U.S. dollar and 15.0% against the euro between July 2008 and March of this year.
For the fourth quarter, the company expects operational earnings per share in a range of 60 cents to 67 cents, in line with analyst expectations of 62 cents per share.
Despite an increase in its Health Imaging sales, which were up 5%, gross margins got the best of operational earnings, pushing the results down 8% year-over-year to $108 million.
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That said, investors were encouraged by Valero's bullish third-quarter and full-year guidance that called for improved operational and earnings performance on better margins and limited maintenance activity.
The company has significant operational gearing in its earnings and has a relatively strong balance sheet, which is forecast to have a cash balance of £40m at end of April 2010.
They said he had the operational experience to improve earnings by reducing costs and increasing production, and the political connections in South Africa to be able to navigate contentious topics like the reduction of mining jobs.
All in all, this is a reasonably balanced index that reflects the business world's growing power centers in terms of earnings and operational scope.
And this is an industry where it doesn't take much operational disruption to screw up earnings".
Faced with these conditions, many retailers would slash operational costs to drive up earnings.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com