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tonyr53  
#1 Posted : Wednesday, January 13, 2010 12:05:41 PM(UTC)
tonyr53

Rank: Newbie

Posts: 3

There are problems with the Morningstar feeds for these two companies.

In the company report for Sysco, the 2009 dividend is reported as $1.16, but for their fiscal year ended June 2009, the amount should be $0.92. (.22+.22+.24+.24)

For PM International the revenue numbers are incorrect.  PM International reports revenues, including excise taxes.  Many analyses that are done, strip those out since they are included in their cost of goods sold also, i.e. they have no impact on margin.  However, in the data feed from Morningstar that is showing up in PM's Company Report, some of the revenues include the excise taxes and some exclude them.  PM went public in 2008 so there isn't a lot of historical data.  You can see it all in the "Quarterly Financial History".  You will see that some of the quarters show revenues between 5 and 7 billion, while others show revenues of 15-17 billion.  The difference is the excise taxes that PM reports in the numbers.  The 4 quarters 4 2008 don't even add up to what is shown in the annual series of data for 2008.  Morningstar needs to clean up their data for PM.  I did a quick check on Altria (MO), PM's former parent, as they also report revenues including excise taxes. Morningstar is consistent with MO, reporting excise taxes in all of the revenue figures.  For those interested, RAI, MO's competitor does NOT include excise taxes in their revenue numbers---JIC anyone was comparing these companies.

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