Operating income versus net income. Refer to the selected financial data (five-year financial summary) on figure shown below of the Campbell Soup Company annual report in the appendix.

Required:
Compare the trend of the operating income (earnings before interest and taxes) data with the trend of net income (net earnings attributable to Campbell Soup Company) data from 2007 through 2011. Which series of data is more meaningful? Explain youranswer.

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FIVE-YEAR REVIEW-CONSOLIDATED Fiscal Year 20111) 2010(2) 2003) 2008(4) 2007(5 Millions, except per share amounts) Summary of Operations Eamings from continuing operations.-. Earmings from discontinued operations._. 802 844 732 67 792 62 4 494 Net earnings attributable to Campbell Soup Company.....805 844 736 1,165 854 Financial Position Per Share Data Earnings from continuing operations attributable to Campbell Soup Company basic. 2.44 S 244 2.05 1.77 2.02 Earnings from continuing operations attributable to Campbell Soup Company Net earnings attributable to Campbell Soup Company_basic Net earnings attributable to Campbell Soup Company_ y assuming dilution ..._...2.422.42 2.03 1.75 99 2.44 244 2.06 3.06 2.18 Dividends declared. Other Statistics Capital expenditures . . .. Weighted average shares outstanding basic Weighted average shares outstanding assuming dilution 272 S 315 S 345 S 298 334 326 34352 373 386 329 3 354 377 392