Below here is a US State Summary of Core Pretax Earnings in 2010 and 2009 of the 40 US States and DC with Big Corps.
Big Corps are defined here as those with Core Pretax Income or Core Pretax Loss of more than roughly $200 mil in either of the most recent two years: 2010 and 2009. Core Pretax Income here excludes large Asset Impairment Charges, large Acquired In Process R&D Charges, large Gains and Losses on Debt Extinguishment, and large clearly non-recurring Credits and Charges.
Yeah, the overall 2010 Earnings increase for these 768 Big US Corps is an amazing 72%. There are some large Utility companies included in these 768 Big Corps. If these Utility Corps were excluded, the 72% increase would be somewhat higher.
This 72% earnings increase in 2010 tells you why the Stock Market has gone up so much in the past couple of years. The stock market is driven by earnings....both current and projected future earnings. In addition, the risk in attaining future earnings projections is also factored into stock market valuation.
The country owes a great deal of gratitude to the Obama Administration's Very Broadly-Defined Economic Team. Not only did they help create the economic environment for US Big Corps to prosper, and thus markedly increase their previously-depressed earnings, but also they instituted very wise initiatives that substantially lowered the risk of companies attaining future earnings projections.
And then, of course, Ben Bernanke also played a key role here.
And so did many members of the US Congress, who are so often vilified by citizens. To their credit, many of them, on both sides of the aisle, played key roles in resurrecting the US economy from what was in late 2008 and early 2009 a very likely future near-term Depression, to a thriving US economy, granted with still some bumps, like Too High Unemployment, Too High Underemployment, Too Low Median Wages, the continuing Housing Crisis, the continuing Extremely High Energy Costs, Too High US Debt, the continuing State Budget Crisis, and the continuing economic pressure on many small businesses.
But there clearly has been substantial economic progress made and the US Stock Market is signaling that, with its massive increase in the past couple of years. The US Stock Market was also signaling two years ago just how awful the US economy was back then, with little likelihood of improvement anticipated. Things have clearly changed for the better.
...........................# of......2010..........2009
............................Big.......Core...........Core....Increase(Decrease)
.......State...........Corps.....PTI(L)......PTI(L).....Amount.....%
...........................................(millions of dollars)....
Texas*................107.....238,996....167,362.....71,634....43%
New York.............82.....222,026....135,809.....86,217....63%
California.............85.....209,728....144,432.....65,296....45%
Illinois.................38.......56,829......43,151......13,678....32%
New Jersey..........30.......50,821......42,979.......7,842....18%
Minnesota............26.......44,257......36,126.......8,131.....23%
Washington State..12.......38,201......26,273.....11,928....45%
Connecticut..........19.......33,223......22,230.....10,993....49%
Ohio.....................30.......32,986......19,500.....13,486....69%
Pennsylvania........32.......32,888......16,899.....15,989....95%
Georgia.................22.......28,887......16,229.....12,658....78%
North Carolina......17.......28,026......18,708.......9,318....50%
Arkansas................6........27,249......24,023......3,226....13%
Nebraska................7.......26,308......17,174.......9,134....53%
Michigan...............16.......25,243.....(31,410)....56,653...180%
Massachusetts......24.......25,062......19,889........5,173....26%
Arizona.................13.......17,448......11,179........6,269....56%
Indiana.................15.......17,114......12,596........4,518....36%
Florida..................30......17,004......11,491........5,513....48%
Colorado...............16.......15,604......10,575.......5,029....48%
Virginia.................24.......14,523......(2,798).....17,321...619%
Missouri................17.......14,391......12,143........2,248....19%
Tennessee.............15.......13,020.......8,700.......4,320....50%
Oklahoma..............11.......10,918.......7,019........3,899....56%
Maryland..............12.........8,161........6,431........1,730....27%
Rhode Island..........4.........7,311.......7,757.........(446)...(6)%
Wisconsin.............13.........7,089.........292........6,797..2328%
Kentucky................6.........4,924.......4,359..........565.....13%
Oregon...................4.........4,868.......4,424..........444.....10%
Delaware................2.........3,043.......2,144..........899.....42%
Louisiana...............3.........2,144.......1,338...........806.....60%
Iowa......................3.........1,871.......1,706...........165.....10%
Idaho.....................1.........1,483......(1,852).......3,335...180%
North Dakota..........1...........367.........401............(34)....(8)%
South Carolina........1...........304.........214.............90.....42%
Nevada..................7...........284........(716).......1,000...140%
Mississippi.............1...........207.........128.............79.....62%
Alabama................4...........166........(261)...........427...164%
Utah......................3...........102......(1,645).......1,747...106%
Kansas...................6.......(2,767)....(3,830)......1,063.....28%
Washington DC......3......(11,525)...(71,369)....59,844.....84%
Totals 40 States
.....and DC.........768...1,268,784..739,800...528,984....72%
* Texas numbers include both Royal Dutch Shell and BP, which have heavy operations in Houston.
As you can see from the above numbers, more than half of the earnings come from Big Corps based in the Big 3 States: Texas, New York, and California.
The above research, where I found 768 US Big Corps, was performed through the end of March 2011. Since then, in April and May 2011, I extended this research, and I found 134 additional US Big Corps. These 134 US Big Corp Late Additions had Total Core Pretax Income growth in 2010 of a blistering 4039%, more than 50 times the torrid 72% earnings growth of the 768 US Big Corps I researched earlier. These late additions step up the Total Core Pretax Income growth in 2010 for these 902 US Big Corps to a superlative 77%.
Below here are these 134 additional US Big Corps, sorted by State.
..........................................2010.......2009.........Increase
...........................................Core........Core........(Decrease)
.......State..........................PTI(L)......PTI(L).....Amount.....%
..............................................(millions of dollars)....
Late Big Corp Additions
New York (22)
AXA Equitable Life Insur...3,015.......(3,079)......6,094....198%
New York Life Insurance...2,519.........1,759..........760.....43%
HSBC USA.........................2,300..........(299).......2,599....869%
TIAA.................................1,381..........(452)........1,833....406%
Assured Guaranty Ltd..........636............133...........503....378%
Apollo Global Management..635............(67)..........702..1048%
Chimera Investment............534............324...........210.....65%
AllianceBernstein LP...........466............624..........(158)...(25)%
Newcastle Investment.........356...........(425)..........781....184%
Guardian Life Insurance.......328............191...........137.....72%
Alleghany............................277............395..........(118)...(30)%
Veeco Instruments..............271.............(12)..........283.....NM
MFA Financial.....................270.............268..............2........1%
Primus Guaranty, Ltd...........247..........1,467......(1,220)..(83)%
Lazard Ltd...........................244............(182)..........426....234%
Atlas Air WW.......................233.............124...........109.....88%
Sothebys.............................226...............16...........210.....NM
Phillips Van Heusen.............217.............212..............5........2%
First Niagara Fincl...............212.............120.............92......77%
Towers Watson....................209.............202..............7........3%
AXA Financial....................(119)........(4,582).......4,463.....97%
Fortress Investment Grp...(727)...........(914)..........187......20%
California (18)
Toyota Motor Credit Corp..2,618......1,009........1,609....159%
Pacific Life Insurance...........580.........464...........116......25%
Flextronics..........................528........(340).........868....255%
First Republic Bank..............470.........606.........(136)...(22)%
Life Technologies.................442.........195...........247....127%
HCP (REIT)...........................389........277...........112......40%
Herbalife Ltd........................380.........291............89......31%
Hansen Natural Corp............349.........336............13........4%
Edwards Lifesciences...........268.........217.............51......24%
ResMed................................261.........202.............59......29%
East West Bancorp................256........(366)..........622....170%
Copart..................................239.........228.............11........5%
Synopsys..............................199.........233............(34)...(15)%
SVB Financial........................198...........46...........152....330%
VCA Antech..........................192.........220...........(28)...(13)%
DreamWorks Animation........176........202...........(26)...(13)%
Tutor Perini..........................159.........205...........(46)...(22)%
PMI Group..........................(799)....(1,061)..........262.....25%
Illinois (13)
Molex...................................364.........(80)..........444....555%
Stericycle.............................332.........278.............54......19%
Career Education..................319.........230.............89......39%
Corn Products Intl................275.........239.............36......15%
LKQ Corp..............................270.........205.............65......32%
Unitrin..................................261.........230.............31......13%
IDEX Corp.............................232.........169.............63......37%
Ventas..................................228..........194.............34......18%
Alberto Culver......................218..........186.............32......17%
Anixter Intl...........................211..........117.............94......80%
Jones Lang LaSalle................203.............3............200.....NM
CNA Surety...........................197..........169.............28......17%
HSBC Finance Corp...........(2,906).....(7,466).......4,560.....61%
Pennsylvania (12)
Cephalon..............................719............517..........202......39%
Urban Outfitters...................417............344............73......21%
Vishay Intertechnology.......406............(40)..........446.....NM
Dentysply............................358............363.............(5).....(1)%
Dick's Sporting Goods...........298............223............75......34%
Education Management........297...........166...........131......79%
American Eagle Outftrs........295............304.............(9)......(3)%
InterDigital..........................238............113...........125.....111%
Gardner Denver...................232............124...........108......87%
Penn Natl Gaming.................230...........204............26......13%
Ansys...................................216............174............42......24%
Radian Group...................(1,580).........(242).....(1,338)..(553)%
Massachusetts (7)
Teradyne............................395...........(142)..........537...378%
Affiliated Managers.............379............246...........133.....54%
Boston Properties...............280............274.............6........2%
Varian Semiconductor........248................5...........243.....NM
Skyworks Solutions.............231..............86...........145....169%
Sun Life Assurance (US)......205..........1,212......(1,007)..(83)%
Interactive Data Corp...........35.............210..........(175)..(83)%
Texas (6)
Alcon...............................2,527.........2,313............214......9%
LyondellBasell NV............1,512........(1,322)........2,834...214%
Energy Transfer Prtnrs LP...686............804..........(118)..(15)%
Fossil Inc............................384............220...........164.....75%
Chicago Bridge & Iron.........292............295............(3)......(1)%
Kirby..................................190............206...........(16).....(8)%
Wisconsin (6)
Northwestern Life Insur......720...........517...........203.....39%
American Family Insur.......661............291...........370....127%
Bucyrus Intl........................461............447.............14.......3%
Bemis..................................327............240............87.....36%
Snap-On..............................277............205............72.....35%
Regal Beloit.........................221.............138............83.....60%
New Jersey (5)
American Water Works........449.............338...........111....33%
Verisk Analytics..................407.............265..........142....54%
Warner Chilcott plc.............307.............166...........141....85%
John Wiley & Sons...............200.............164............36.....22%
Avaya................................(853)...........(520).......(333)..(64)%
Ohio (5)
Kroger..............................1,734.........1,702............32.......2%
Big Lots...............................355............323............32.....10%
Mettler Toledo....................308............225............83.....37%
TransDigm...........................251............251.............0.......0%
Nordson..............................231............116...........115.....99%
Florida (3)
Citrix Systems.....................334............194...........140.....72%
BankUnited.........................313.............199...........114.....57%
Rayonier.............................233.............154............79.....51%
Louisiana (3)
Shaw Group.........................280............231.............49......21%
Amedisys............................186.............222...........(36)....(16)%
McMoRan Exploration.......(117)..........(207)...........90......43%
Maryland (3)
American Capital Agency.....289............119...........170....143%
American Capital Ltd...........204............135.............69......51%
CapitalSource.....................(161)..........(775).........614......79%
Michigan (3)
Credit Acceptance...............253.............229............24.....10%
Gentex................................203...............96...........107....111%
Chrysler.............................(513)........(8,325).......7,812.....94%
North Carolina (3)
Babcock & Wilcox................236.............232.............4........2%
Cree....................................205...............40...........165....413%
Triad Guaranty...................102.............(612)..........714....117%
Connecticut (2)
ING Life Insur&Annuity.....578..............404...........174.....43%
FactSet Research................222..............212.............10.......5%
Kansas (2)
Waddell & Reed...................246.............162............84.....52%
Compass Minerals...............195.............237...........(42)...(18)%
Missouri (2)
Cerner.................................362.............293............69.....24%
Commerce Bancshares.........318.............242............76.....31%
New Hampshire (2)
GT Solar...............................244............105...........139....132%
White Mountain Insur..........151............764..........(613)...(80)%
States with (1) Each
Proassurance.......AL..........333.............319.............14........4%
QEP Resources.....CO..........453.............333...........120......36%
Intelsat................DC.........(256)..........(272)............16........6%
Delphi Financial...DE..........226..............119...........107.....90%
Primerica.............GA..........399.............760..........(361)..(48)%
Bank of Hawaii......HI..........260.............222.............38.......17%
Sauer-Danfoss.......IA..........195............(220)..........415.....189%
Springleaf FinanceIN.........(253)...........(888)..........635......72%
Tempur Pedic.......KY..........231.............128............103.....80%
IDEXX Labs..........ME.........202.............175.............27.......15%
Land O'Lakes........MN..........189.............232...........(43)....(19)%
Buckle..................NE..........215..............204............11.........5%
AVX......................SC..........312..............113...........199....176%
Strayer Education VA.........217..............174............43......25%
Green Mntn Coffee VT.........191..............100............91......91%
Symetra Financial WA.........289..............181...........108.....60%
Cloud Peak EnergyWY.........166..............249...........(83)...(33)%
Total 134 Late Additions..44,117.........1,066......43,051...4039%
Earlier Research 768
..Big Corps in 40 States
..plus DC.....................1,268,784.......739,800...528,984....72%
Adjusted Total 902
..Big Corps in 45 States
..plus DC.....................1,312,901.......740,866....572,035...77%
If you wish to see the detailed Big Corps Earnings Results for any State, all you have to do is to click on that State's Blog Archived Article Post included on the right side of the computer screen. The 28 larger US States have separate posts. The Big Corp earnings details of the following 17 US Smaller States, as well as DC, are all included in the Blog Post entitled "Big Corps in Smaller States Post Superlative Earnings Growth in 2010":
...Utah
...Idaho
...Kansas
...Iowa
...North Dakota
...Kentucky
...Alabama
...Louisiana
...South Carolina
...Mississippi
...Rhode Island
...Delaware
...Hawaii
...Maine
...New Hampshire
...Vermont
...Wyoming
