Generally, the call will begin with a company official, typically the
Investor Relations Officer (IRO), reading a
safe harbor statement to limit the company's liability should actual results prove different from expected indicators reported in the discussion. Then one or more company officials, often including the
Chief executive officer and
Chief financial officer, will discuss the operational results and financial statements for the period just ended and their outlook for the future. The teleconference will then be opened for questions by investors,
financial analysts, and other call participants. Management will answer many of these questions, although if the data is unavailable to them they may decline or defer response. Depending on the size and complexity of the company, the difference between actual and expected results, and other factors, the length of the call will vary. There is no general requirement for how far in advance notice of a call must be given. However, keeping the investor and analyst communities happy is part of management's job, so the call will generally be announced a few days or weeks in advance. If the company has a website, then there will probably be a section titled
Investor Relations or
Investors, where call schedules and archived past calls will typically be posted. Many companies are tracked by financial analysts that publish estimates of earnings per share (EPS). The company may also provide
financial guidance as to what EPS are likely to be. If management knows that its results are going to be significantly different from its guidance or from analyst expectations, it may choose to make a
preannouncement of differing results. See also
Earnings management. ==United States==