For Some Companies, Tax-Cut Gains Are Smaller Than They Once Appeared

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For Some Companies, Tax-Cut Gains Are Smaller Than They Once Appeared

With earnings season in full swing, investors are starting to learn which companies were overly optimistic about their tax cuts.

Casino chain Las Vegas Sands Corp. has already taken a $727 million hit to its fourth-quarter profit, after a corporate tax regulation proposed in November made the 2017 tax overhaul less favorable Than the company expected. International Business Machines Corp. said the same provision reduced its profit by $1.9 billion in the fourth quarter.

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