With the jobless recovery, North Carolina State financial coffers are suffering severely, as are many State citizens.
However, I think it would be wise to get an update of how North Carolina Big Corps have fared very recently, so we can better assess where North Carolina Big Corps stand now financially, as compared with the present financial status of North Carolina 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 North Carolina Big Corps and North Carolina citizens. And frankly, Big Corps outside of North Carolina, including foreign-owned Big Corps, that do business in North Carolina, should also be included in this mix of a fair sharing of this very expensive financial burden to balance North Carolina’s State Budget.
Let me show you below just how North Carolina’s 17 largest Corps did as was disclosed in either their most recent annual Fiscal Year Ended (FYE) 2010 earnings releases or in their SEC annual report filings:
North Carolina 17 Largest Publicly-Held Corps Most Recent Annual Pretax Earnings (PTI)
....................................................................................Increase.....
.........................................FYE......PTI........PTI(L).....(Decrease)...
North Carolina Big Corp...2010....2010......2009.......Amount...%..
.......................................................(millions of dollars)......
Bank of America(1)...........Dec....11,077.....4,360......6,717..154%
Lowe's............................Jan 11....3,228......2,825........403....14%
Duke Energy(2)................Dec......2,936......2,251.........685....30%
Reynolds American(3).....Dec......2,192......2,101...........91......4%
Lorillard..........................Dec......1,635......1,519..........116......8%
Progress Energy...............Dec......1,406......1,237.........169....14%
BB&T................................Dec........969......1,036.........(67)....(6)%
VF Corp(4).......................Dec........952........777.........175....23%
Lab Corp of America.........Dec........916........885...........31.......4%
Goodrich..........................Dec........805........784...........21.......3%
Family Dollar Stores.........Aug........564........451.........113.....25%
Nucor...............................Dec........267.......(414)........681..164%
SPX(5)..............................Dec........245........291.........(46)....(16)%
Hanesbrands....................Dec........234..........58.........176...303%
Piedmont Natural Gas......Oct.........234........205..........29......14%
Carlisle.............................Dec........188........203.........(15).....(7)%
Ruddick............................Sep........178........139..........39.....28%
Total of 17 NC Big Corps............28,026...18,708.....9,318....50%
(1) Bank of America 2010 PTI excludes large Goodwill Impairment Charge.
(2) Duke Energy PTI in both years exclude large Intangible Asset Impairment Charges.
(3) Reynolds America 2009 PTI excludes large Intangible Asset Impairment Charge.
(4) VF Corp PTI in both years exclude large Intangible Asset Impairment Charges.
(5) SPX PTI in 2009 excludes large Intangible Asset Impairment Charge.
Yeah, that's correct....these 17 Largest Publicly-Held North Carolina Corps had their Total Pretax Earnings for their most recent fiscal year 2010 increase sharply by $9.3 bil over 2009, or up a very robust 50%.
And about half of the country still thinks that the Obama Administration is not helping the US economy. These strong 2010 North Carolina earnings numbers are telling the same story that the stock market is telling….that the Obama Administration has really helped the US economy.
I think it's high time for Big Corps to start giving back to the country and hiring employees, and for State Governors and State legislators across the country to start working on real job creating stimulative initiatives, rather than continually going off target by working on issues not nearly as important.
The above research, where I found 17 North Carolina Big Corps, was performed through the end of March 2011. Since then, in April and May 2011, I extended this research, and I found 3 additional North Carolina Big Corps, which are shown here below.
..........................................2010.......2009.........Increase
...........................................Core........Core........(Decrease)
.......State..........................PTI(L)......PTI(L).....Amount.....%
..............................................(millions of dollars)....
Late Big Corp Additions
North Carolina (3)
Babcock & Wilcox................236.............232.............4........2%
Cree....................................205...............40...........165....413%
Triad Guaranty...................102.............(612)..........714....117%
