Here's how Virginia's 24 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:
Virginia 24 Largest Publicly-Held Corps Most Recent Annual Pretax Earnings (PTI)
...................................................................................Increase....
.........................................FYE......PTI(L).....PTI(L)...(Decrease)...
Virginia Big Corp..............2010.....2010........2009...Amount....%..
.......................................................(millions of dollars)......
All 23 VA Big Corps But Freddie Mac:
Altria Group…………...........Dec…...5,723.......4,877......846.....17%
Capital One Financial.........Dec…...4,330.......1,336..2,994..224%
General Dynamics……........Dec…...3,790.......3,513......277......8%
Dominion Resources(1).....Dec…...2,570.......1,874......696.....37%
Norfolk Southern………......Dec…...2,367.......1,622......745.....46%
AES(2)…………………...........Dec…...2,286.......2,019......267.....13%
SLM(3)…………………..........Dec…...1,433..........272.....1,161..427%
Computer Sciences…........Mar…...1,038.........957..........81.......8%
Gannett………………….........Dec…......846.........570.......276......48%
SAIC……………………..........Jan….......799.........703.........96......14%
Dollar Tree…………….......Jan 11.......630.........508........122......24%
NII Holdings………….........Dec…......598..........586..........12.......2%
Advance Auto Parts…......Dec…......557.........432.........125.....29%
Carmax………………...........Feb…......452...........97.........355...366%
Amerigroup……………......Dec…......437.........201..........236...117%
NVR……………………..........Dec…......322.........298...........24.......8%
MeadWestvaco(4)……......Dec…......316...........17.........299..1759%
Smithfield Foods(5)…......Apr…......314.......(216).........530...245%
Markel Corp………….........Dec…......296.........199............97.....49%
Universal Corp………........Mar….....257.........197...........60.....30%
Mantech Intl……………......Dec….....202.........179...........23......13%
Genworth Financial….......Dec…......76........(792)........868...110%
Massey Energy……...........Dec…....(234)........137.......(371).(271)%
Total 23 VA Big Corps...............29,405....19,586......9,819....50%
Freddie Mac………….....Dec….(14,882)..(22,384)....7,502....34%
Total of 24 VA Big Corps...........14,523.....(2,798)...17,321..619%
(1) Dominion Resources 2010 PTI excludes huge Gain on Asset Sale
(2) AES 2010 PTI excludes large Asset Impairment Charge and 2009 PTI excludes both Tax Credit Settlement and Gain on Liability Extinguishment.
(3) SLM 2010 PTI excludes Intangible Asset Impairment Charge and both years exclude Gain on Debt Repurchases.
(4) MeadWestvaco 2009 PTI excludes large Alternative Fuel Tax Credit.
(5) Smithfield Foods numbers are for the 6 Months Ended October.
It seems almost unbelievable, but yeah, Virginia's 24 Big Corps Total Pretax Earnings in 2010 increased by a massive $17.3 bil, or by 619%, over 2009. Excluding Freddie Mac, the 23 other Virginia Big Corps had Total Pretax Earnings in 2010 increase by $9.8 bil, or by 50%, over 2009.
And just look how consistent those earnings increases were in 2010. Every company had earnings increases, and many very robust earnings increases, except for Massey Energy.
And yet about half of the country still thinks that the Obama Administration is not helping the US economy. These incredibly strong most recent Virginia earnings numbers in 2010 are telling the same story that the stock market has been saying for the past two years….that the Obama Administration has really helped the US economy.
Earnings drive stock prices. And when you combine these extremely strong most recent Virginia Big Corp earnings, with the superb earnings increases for 2010 that I discovered in all the US States I have studied so far...in Wisconsin, in Indiana, in Ohio, in Michigan, in North Carolina, in Minnesota, and in Florida..., I think it tells you that even though the stock market has almost doubled in the past two years, it is going much higher, assuming the US government can effectively and fairly deal with Big Oil windfall profits.
Pundits are very quick to criticize how the Obama Administration has handled Freddie Mac and Fannie Mae. But when you review the objective GAAP Pretax Losses, there has been just incredible paring of these massive losses, since the Obama Administration took over and was handed this just horrible housing and financial crisis.
Here's McLean, VA-based Freddie Mac's GAAP Pretax Losses for the most recent three years:
.....2008.....$44.6 bil
.....2009.....$22.4 bil
.....2010.....$14.9 bil
And here's Washington DC-based Fannie Mae's GAAP Pretax Losses for the most recent two years:
.....2009.....$73.0 bil
.....2010.....$14.1 bil
The one negative with all of the exceptionally strong Virginia Big Corp earnings numbers in 2010 is that it just shows that all of the Boats haven't risen yet. The Beltway-based Virginia Big Boats have clearly risen, as have the Big Oil Yachts. However, there are still many Canoes still way under water, all over the country.
The above research, where I found 24 Virginia 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 Virginia Big Corp, which is shown here below.
..........................................2010.......2009.........Increase
...........................................Core........Core........(Decrease)
.......State..........................PTI(L)......PTI(L).....Amount.....%
..............................................(millions of dollars)....
Late Big Corp Addition
Strayer Education VA.......217............174............43......25%
