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 4/10 Good --- feeds.portfolio.com http://feeds.portfolio.com/portfolio/dailybrief
| A smart take on the day's business headlines with insightful commentary and a sense of humor. ... |
Wednesday, May 14, 2008 --- 71 days ago http://www.portfolio.com/views/blogs/daily-brief/2008/05/14/business-2008-the-ye
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Could you describe the state of business in a single world? How about lumpy ?
The adjective lumpy -- to describe the uneven changes, quarter to quarter, in a company's revenue, capital expenditures, gross margins, etc. -- is being used more and more by corporate executives to describe what is happening in their business.
A search of transcripts shows that "lumpy" has been used in company earnings calls and at industry conferences this year at nearly twice the rate as the same period in 2003.
"Investment banking is lumpy by nature," Evercore's chief executive, Roger Altman, explained this week as the boutiques advisory firm swung to a loss in the first quarter.
And when it comes to real estate, some may think of hills and valleys rather than lumps, but Ric Clark of Brookfield Properties, one of Manhattan's biggest landlords, said that "this is a lumpy business in general."
"Choppy" or "inconsistent" or "rough" are less popular word choices for executives because they have connotations of volatility and trouble. "Lumpy" is not an ideal state, but it is more friendly and tactile, and perhaps necessary at times, like oatmeal.
As a producer of flour, cereals, and yogurt, General Mills should know something about the quality of lumpy. In its recent quarterly earning call, the C.E.O., used the word several times in answering questions from analysts.
The word made headlines last November, when John Chambers of ... |
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