With the jobless recovery, Minnesota financial coffers are suffering, as are some of its State citizens.
However, I think it would be wise to get an update of how Minnesota Big Corps have fared very recently, so we can better assess where Minnesota Big Corps stand now financially, as compared with the present financial status of Minnesota citizens. By doing this, I think we can get a better insight on what should constitute a fair sharing of the financial burden to balance the State Budget between Minnesota Big Corps and Minnesota citizens. And frankly, Big Corps outside of Minnesota, including foreign-owned Big Corps, that do business in Minnesota, should also be included in this mix of a fair sharing of this very expensive financial burden to balance Minnesota's State Budget.
Let me show you below just how Minnesota’s 26 largest Corps did as was disclosed in either their most recent annual Fiscal Year Ended (FYE) 2010 earnings releases or in their most recent SEC annual report filings:
Minnesota 26 Largest Publicly-Held Corps Most Recent Annual Pretax Earnings (PTI)
....................................................................................Increase.....
.........................................FYE......PTI...........PTI.......(Decrease)..
Minnesota Big Corp..........2010....2010......2009.......Amount...%..
.......................................................(millions of dollars)......
UnitedHealth Group....Dec….7,383.....5,808......1,575...27%
3M………………….................Dec…..5,755......4,632.......1,123....24%
Target……………................Jan 11…4,495......3,872.........623....16%
Travelers…………................Dec…..4,306......4,711.......(405)...(9)%
US Bancorp………...............Dec…..4,200......2,632......1,568...60%
Medtronic(1)………............Apr…..3,969.......3,061........908....30%
General Mills……...............May….2,205.......1,942.........263....14%
Best Buy………….................Feb…..2,195.......1,700........495....29%
St. Jude Medical….............Dec…..1,209.......1,057.........152....14%
Xcel Energy…….................Dec…..1,189.......1,057.........132....12%
Mosaic(2)………...............Nov(2)..1,026.........304.........722..238%
Ecolab…………….................Dec…....748.........620..........128...164%
Supervalu(3)……................Feb…....632.........745........(113)..(15)%
Hormel Foods….................Oct…....625.........528...........97....18%
CH Robinson WW...............Dec…....624.........587...........37.....6%
CHS………………...................Aug…....584........504...........80....16%
Alliant Techsystems(4)......Mar…....435........407...........28.....7%
Fastenal…………..................Dec…....431........297..........134....45%
Ameriprise Financial*.......Dec…....365........331............34.....10%
Patterson………..................Apr…....339........320............19......6%
Valspar…………...................Oct…....319........238............81.....34%
Pentair…………....................Dec…...300........173..........127....73%
TCF Financial…..................Dec…....238........133..........105.....79%
Deluxe…………....................Dec…....236........155............81.....52%
Donaldson……….................Jul….....230........161............69.....43%
Polaris Industries..............Dec…....219.........151............68.....45%
Total of 26 MN Big Corps...........44,257...36,126........8,131....23%
(1) Medtronic 2009 PTI excludes large In Process R&D Charge.
(2) Mosaic numbers are just for the 6 Months ended November 2010. Also, it's 2010 PTI excludes large Gain of Sale of Equity Investment.
(3) Supervalu 2009 PTI excludes large Intangible Asset Impairment Charge.
(4) Alliant Techsystems 2009 PTI excludes Intangible Asset Impairment Charge.
When I review the above chart, what comes to my top of mind is Minnesota Big Corp incredibly consistent earnings growth. Minnesota should be very proud of the high quality of its Big Corps.
The above research, where I found 26 Minnesota Big Corps, was performed through the end of March 2011. Since then, in April and May 2011, I extended this research, and I found 1 additional Minnesota Big Corp, which is shown here below.
..........................................2010.......2009.........Increase
...........................................Core........Core........(Decrease)
......................................PTI(L)......PTI(L).....Amount.....%
..............................................(millions of dollars)....
Late Big Corp Addition
Land O'Lakes..................189.............232...........(43)....(19)%
Land O'Lakes is a farm co-operative.
===================================
Very late change
* Ameriprise Financial above PTI numbers are incorrect. Here are the corrected PTI numbers:
................................................2010.......2009.........Increase
.................................................Core........Core........(Decrease)
................................................PTI(L)......PTI(L).....Amount.....%
.................................................(millions of dollars)....
Ameriprise Financial.....Dec….1,594........920...........674.....73%
