Diluted earnings per share, excluding specified items, were $1.23, reflecting 9.8 percent growth, exceeding Abbott's guidance range. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) were $1.08, including specified items.
Abbott is confirming its ongoing earnings-per-share guidance for 2012 of $5.00 to $5.10, reflecting another year of expected strong performance. Including specified items, projected earnings per share under GAAP would be $4.29 to $4.39 for the full-year 2012.
Do expectations also reflect specified items so that this is actually a beat? Why do we report a non-GAAP number instead of a GAAP number? I don't understand the reasoning and really would appreciate some guidance here. Thanks in advance.