51 An analyst gathers the following information about a company:

• Profit before tax: $2.0 billion

• Non-recurring expenses:

  • Acquisition and divesture expenses: $0.6 billion

  • Restructuring expenses: $0.4 billion

• Recurring expenses:

  • Total operating expenses: $2.5 billion

  • Total non-operating expenses: $0.5 billion

The company's recurring or core pretax earnings is: