In the past five weeks, I have made separate postings of Core Pretax Earnings in 2010 and 2009 for Big Corps based in 28 large US States. The Big Corps in these 28 States had substantial operations.
I have defined Big Corps as ones which made either Core Pretax Income or Core Pretax Losses of more than roughly $200 mil in either of the most recent two years.
I have defined Core Pretax Income as excluding certain items. Most companies exclude many more items than I do in deriving Core Pretax Income, or a similar term.
The items I exclude are large Asset Impairments, Acquired In Process R&D, Gains and Losses on Debt Extinguishment, and clearly one-time, clearly unusual Charges or Credits.
I don't think it makes any sense to exclude Restructuring Charges because these frequently end up being recurring items.
I also don't think it makes any sense to exclude Amortization of Purchased Intangible Assets, since this is a continuing cost of making acquisitions.
I further think it's crazy to exclude items such as Amortization of Inventory Acquired in an acquisition. Many companies do, particularly drug companies. It's like saying a company they bought had Inventory on its books at $10, but when they bought the company, they paid $14 for the inventory. Now assume the inventory is later sold for $16. These companies are very aggressively saying that their true profit on this inventory is $6, not the $2 recorded under GAAP. Pure aggressive make believe, in my book!
Anyway, in this post, I am summarizing the Non-Utility Big Corps in all the other smaller US States, and also in DC, that weren't already included in the 28 larger States I have already covered. And again, I am defining Big Corps as ones with Core Pretax Income or Core Pretax Loss of more than roughly $200 mil in either of the most recent two years.
I found 12 additional US States plus DC that had Non-Utility Big Corps. Altogether, I found 38 additional Big Corps, including DC-based Fannie Mae.
These 37 Big Corps, other than Fannie Mae, in these 12 smaller States and in DC, generated Total Core Pretax Income of $21.7 bil in 2010, up a monstrous 80% from 2009. And when I add in Fannie Mae, these 38 Big Corps increased their Total Core Pretax Earnings by a gargantuan $68.5 bil in 2010, or by 113%.
Below here are the individual current earnings for these 38 largest publicly-held Corps in these 12 smaller US States and in DC, 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.
Smaller US States 38 Largest Publicly-Held Corps Most Recent Annual Core Pretax Earnings (PTI)
.................................................................................Increase
.......................................FYE......PTI(L)..PTI(L)......(Decrease)...
......................................2010......2010...2009......Amount.....%.
...................................................(millions of dollars)....
West
.Utah 3 Big Corps
..Questar........................Dec….......302.......285...........17........6%
..Huntsman(1)................Dec….......203.....(266)........469.....176%
..Zions Bancorp(2).........Dec…......(403)...(1,664)....1,261......76%
..Total Utah 3 Big Corps.................102....(1,645)....1,747....106%
.Idaho 1 Big Corp
..Micron Technology(3).Aug….....1,483....(1,852)...3,335....180%
Heartland and Midwest
.Kansas 6 Big Corps
..Garmin, Ltd................Dec…........577........809.......(232)...(29)%
..Seaboard....................Dec…........364..........89.........275....309%
..Spirit Aerosystems.....Dec…........298........273...........25........9%
..Hawker Beechcraft(4).Dec….......(303)......(416)........113......27%
..YRC Worldwide(5)......Dec….......(404)....(1,091).......687.....63%
..Sprint Nextel..............Dec…....(3,299)...(3,494)........195.......6%
..Total Kansas 6 Big Corps.........(2,767)...(3,830).....1,063....28%
.Iowa 3 Big Corps
..Principal Financial.....Dec…........841.........746...........95.....13%
..Rockwell Collins(6)....Sep(6).......814.........826..........(12)....(1)%
..Meredith(7)..............Jun(7).......216.........134...........82.....61%
..Total Iowa 3 Big Corps.............1,871.....1,706..........165.....10%
.North Dakota 1 Big Corp
..MDU Resources(8).....Dec…........367........401..........(34)....(8)%
Southeast
.Kentucky 6 Big Corps
..Humana....................Dec…......1,750.....1,602.........148.......9%
..Yum Brands..............Dec…......1,594......1,396.........198.....14%
..Brown Forman(9).....Apr(9).......726........684...........42.......6%
..Lexmark...................Dec….........422........187.........235....126%
..Ashland....................Sep….........392........158.........234....148%
..Omnicare(10)...........Dec…...........40........332........(292)..(88)%
..Total Kentucky 6 Big Corps......4,924.....4,359.........565.....13%
.Alabama 4 Big Corps
..Energen...................Dec…..........458.......400...........58.....15%
..Protective Life.........Dec…..........389.......417..........(28)....(7)%
..Healthsouth.............Dec…..........204.......124...........80.....65%
..Regions Financial.....Dec…........(885)...(1,202).......317.....26%
..Total Alabama 4 Big Corps..........166......(261)........427....164%
.Louisiana 3 Big Corps
..CenturyLink.............Dec…......1,532........815.........717.....88%
..Albemarle................Dec…........430........183.........247....135%
..Tidewater(11)..........Mar(11)......182........340.......(158)....(46)%
..Total Louisiana 3 Big Corps.....2,144.....1,338.........806.....60%
.South Carolina 1 Big Corp
..Sonoco(12)..............Dec….........304........214...........90.....42%
.Mississippi 1 Big Corp
..Sanderson Farms.....Oct….........207........128...........79......62%
Northeast
.Rhode Island 4 Big Corps
..CVS Caremark..........Dec….......5,629.....5,913.......(284).....(5)%
..FM Global(13)..........Dec…..........978.....1,259.......(281)...(22)%
..Hasbro.....................Dec…..........508........530........(22).....(4)%
..Textron(14).............Dec…..........196..........55.........141....256%
.Total Rhode Island 4 Big Corps..7,311....7,757......(446).....(6)%
.Delaware 2 Big Corps
..Dupont.....................Dec….......3,711.....2,184.....1,527.....70%
..Wilmington Trust......Dec….......(668).......(40).....(628).....NM
..Total Delaware 2 Big Corps.......3,043.....2,144.......899.....42%
.Washington DC 3 Big Corps
..Without Fannie Mae
...Danaher(15)............Dec….......2,052.....1,425.......627.....44%
...Washington Post.....Dec…...........523........213.......310....146%
..Total 2 DC W/O Fannie Mae......2,575.....1,638.......937.....57%
..Fannie Mae(16)........Dec…...(14,100).(73,007).58,907...81%
..Total DC 3 Big Corps.............(11,525).(71,369)..59,844...84%
Total 37 Big Corps
.....W/O Fannie Mae.................21,730...12,097....9,633....80%
Total 38 Big Corps
.....With Fannie Mae.................7,630..(60,910)..68,540...113%
(1) Utah-based Huntsman 2010 PTI excludes Loss on Debt Extinguishment. Its 2009 PTL excludes large Terminated Merger Income.
(2) Utah-based Zions Bancorp 2009 PTL excludes large Goodwill Impairment Charge, large Gain on Debt Modification, and Acquisition Gain.
(3) Idaho-based Micron Technology 2010 PTI excludes large Acquisition Gain.
(4) Kansas-based Hawker Beechcraft 2009 PTL excludes Intangible Asset Impairment Charge and Gain of Debt Extinguishment.
(5) Kansas-based YRC Worldwide 2009 PTL excludes Gain on Debt Redemption.
(6) Iowa-based Rockwell Collins PTI in both years is for the 12 months ended December.
(7) Iowa-based Meredith PTI in both years is for the 12 months ended December. Its 2009 PTI excludes large Intangible Asset Impairment Charge.
(8) North Dakota-based MDU Resources 2009 PTI excludes large Ceiling Test Asset Impairment Charge.
(9) Kentucky-based Brown Forman PTI in both years is for the 12 months ended January 2011 and 2010.
(10) Kentucky-based Omnicare 2010 PTI excludes Asset Impairment Charges.
(11) Louisiana-based Tidewater PTI in both years is for the 12 months ended December.
(12) South Carolina-based Sonoco 2010 PTI excludes Loss on Debt Extinguishment.
(13) Rhode Island-based FM Global is a Mutual company.
(14) Rhode Island-based Textron 2010 PTI excludes both Asset Impairment Charge and Exchange Loss Reclassification. Its 2009 PTI excludes both Asset Impairment Charge and Gain of Sale.
(15) Washington DC-based Danaher 2010 PTI excludes Gain on Contribution of Businesses to a Joint Venture.
(16) Washington DC-based Fannie Mae 2009 PTL includes an extremely large Provision for Guarantee Losses.
The above research, 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. Below here are the 17 additional US Big Corps in these smaller states, sorted by State.
.............................................2010.........2009.........Increase
..............................................Core..........Core........(Decrease)
.......State.............................PTI(L)........PTI(L).....Amount.....%
..............................................(millions of dollars)....
Late Big Corp Additions
Louisiana (3)
Shaw Group.........................280............231.............49......21%
Amedisys............................186.............222...........(36)....(16)%
McMoRan Exploration.......(117)..........(207)...........90......43%
Kansas (2)
Waddell & Reed...................246.............162............84.....52%
Compass Minerals...............195.............237...........(42)...(18)%
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%
Intelsat................DC.........(256)..........(272)............16........6%
Delphi Financial...DE..........226..............119...........107.....90%
Bank of Hawaii......HI..........260.............222.............38.......17%
Sauer-Danfoss.......IA..........195............(220)..........415.....189%
Tempur Pedic.......KY..........231.............128............103.....80%
IDEXX Labs..........ME.........202.............175.............27.......15%
AVX......................SC..........312..............113...........199....176%
Green Mntn Coffee VT.........191..............100............91......91%
Cloud Peak EnergyWY.........166..............249...........(83)...(33)%
(1) Louisiana-based Shaw Group excludes Foreign Currency Translation Losses in both years.
(2) New Hampshire-based GT Solar has a March fiscal year end. The above earnings numbers are for the 12 months ended December.
(3) White Mountain Insurance is a Bermuda Corp, but with an SEC location code in New Hampshire.
(4) Intelsat SA is a Luxembourg Company, but with a DC area external CPA firm. Its earnings numbers above exclude Asset Impairment charges in both years. Its 2010 PTL also excludes both Derivative Losses and Losses on Debt Retirement.
(5) Iowa-based Sauer-Danfoss 2009 PTI excludes Asset Impairment charge.
(6) South Carolina-based AVX PTI numbers are for the 12 months ended December.
(7) Green Mountain Coffee Roasters PTI numbers are for the 12 months ended March 2011 and 2010.
(8) Wyoming-based Cloud Peak Energy 2010 PTI excludes Tax Agreement Expense.
