I found 52 Non-Financial Big Corps in New York. I am defining these Big Corps as ones that had more than $200 mil in Core Pretax Earnings in either of the most recent two years: 2010 and 2009.
Six of these 52 Big Corps are truly Giants, with Core Pretax Earnings greater than $5 bil in both 2010 and 2009. This Six-Pack of Giant Corps are so strong that they drove through the Great Recession, as if it didn't even happen. Thus, their earnings held up very well in each of the most recent five years. Therefore, it is not surprising to me that the Total Core Pretax Earnings of this Six-Pack increased by only 9% in 2010 over 2009.
The remaining 46 of these Non-Financial Big Corps had their Total Core Pretax Earnings increase by a very strong 36%, or 4 times the percentage increase of the Giant Six Pack. And 43 of these 46 Big Corps had earnings increases in 2010.
Below here are the individual current earnings for these New York 52 largest publicly-held Non-Financial Corps, 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.
New York's 52 Largest Publicly-Held Non-Financial Corps Most Recent Annual Pretax Earnings (PTI)
....................................................................................Increase
.........................................FYE......PTI(L)....PTI(L)....(Decrease)...
New York Non-Financial...2010.....2010......2009.....Amount....%.
..................................................(millions of dollars)..........
Non-Fincl(NY 52 Big Corps)
…Giant Non-Fincl NY Corps
IBM.................................Dec…....19,723....18,138.....1,585.....9%
Verizon(1).......................Dec…....14,522....14,007.......515.....4%
Pfizer(2)..........................Dec…....12,522....10,827.....1,695....16%
Phillip Morris Intl............Dec…....10,324.....9,243.....1,081....12%
PepsiCo...........................Dec…......8,232......8,019.......213.....3%
Bristol Myers Squibb(3)...Dec…......6,299.....5,602.......697....12%
Total 6 Giant Non-Fincl NY Corps.71,622...65,836.....5,786.....9%
…Non-Giant Non-Fincl Big Corps
NewsCorp(4)...................Jun…......4,449.....2,977....1,472....49%
Time Warner...................Dec…......3,919.....3,237.......682....21%
Corning...........................Dec…......3,845.....1,934.....1,911....99%
Colgate Palmolive(5).......Dec…......3,701.....3,538.......163.....5%
Viacom(6)......................Dec…......2,772.....2,417.......355....15%
Hess(7)...........................Dec…......2,635.....1,522.....1,113....73%
Time Warner Cable..........Dec…......2,196.....1,912.......284....15%
L-3 Communications.......Dec…......1,484.....1,386........98.....7%
Consolidated Edison........Dec…......1,399.....1,196.......203....17%
Omnicom Group..............Dec…......1,350.....1,274........76.....6%
McGraw-Hill....................Dec…......1,339.....1,179.......160....14%
Coach(8).........................Jun…......1,286.....1,000.......286....29%
Forest Labs(9).................Mar…......1,246.....1,153.........93.....8%
CBS(10)...........................Dec…......1,222.......653........569....87%
CA(11).............................Mar…......1,152.....1,110.........42.....4%
Avon Products................Dec….........945.......914..........31.....3%
Dover..............................Dec….........925.......492.......433....88%
Estee Lauder(12).............Jun….........892.......596.......296....50%
Polo Ralph Lauren...........Mar….........881.......561.......320....57%
ITT..................................Dec….........818.......810...........8.....1%
Icahn Enterprises LP(13)..Dec…........753.....1,180......(427).(36)%
Paychex(14)....................May…........752.......758.........(6)...(1)%
Vornado Realty Trust(15).Dec…........751.......109........642...589%
Pepsi Bottling(16).............Dec…........749.......746...........3.....0%
Arrow Electronics............Dec…........679.......189........490...259%
Bunge, Ltd(17).................Dec…........610.......145........465...321%
Cablevision Systems.........Dec…........591.......456........135....30%
Henry Schein...................Dec…........502.......453.........49....11%
Tiffany(18).......................Jan…........490.......243........247...102%
Constellation Brands(19)..Dec…........477.......219........258...118%
Interpublic Group............Dec…........451.......232........219....94%
AOL(20)...........................Dec…........445.......460........(15)..(3)%
Aeropostale...................Jan 11.........387.......383...........4......1%
Leucadia National............Dec…........369......(241).......610...253%
Intl Flavors & Fragrs........Dec…........360.......277.........83....30%
National Fuel Gas(21).......Sep…........356.......339..........17.....5%
Starwood Hotel&Resorts...Dec…........335......(296).......631...213%
Pall Corp...........................Jul….........328.......271.........57....21%
Weight Watchers Intl.........Dec…........313.......290.........23.....8%
Jarden(22)........................Dec…........301.......239.........62....26%
Universal American..........Dec…........274.......215.........59....27%
Footlocker......................Jan 11.........257........73........184...252%
MSC Industrial Direct........Aug…........241.......202.........39....19%
Warnaco Group.................Dec…........230.......169.........61....36%
Eastman Kodak(23)...........Dec….........65.......(217)......282...130%
Liz Claiborne.....................Dec….......(213).....(387)......174....45%
All 46 Non-Giant Non-Fincl Cos....49,309...36,368...12,941..36%
Total 52 NY Non-Fincl Big Corps.120,931..102,204..18,727..18%
(1) Verizon 2010 PTI excludes large Pension and Other Post-retirement Benefit Remeasurement Losses and Curtailment Charges. Verizon 2009 PTI excludes large Pension and Other Post-retirement Benefit Remeasurement Gains and Curtailment Charges.
(2) Pfizer 2010 PTI excludes large Asbestos Litigation Charges and large Acquired Intangible Asset Impairment Charge.
(3) Bristol Myers Squibb 2010 PTI excludes Impairment Charges.
(4) NewsCorp numbers are for the 12 months ended December in both years. NewsCorp's 2010 PTI excludes large Impairment and Restructuring Charges. Its 2009 PTI excludes large Gain of Asset Sale, large Litigation Charge, and large Impairment and Restructuring Charges.
(5) Colgate Palmolive 2010 PTI excludes large Venezuela Hyperinflation Charge.
(6) Viacom numbers are for the 12 months ended December in both years.
(7) Hess 2010 PTI excludes large Gain on Asset Sale and large Asset Impairment Charges.
(8) Coach numbers are for the 12 months ended December in both years.
(9) Forest Labs numbers are for the 12 months ended December in both years. Its 2010 PTI excludes a large Drug License Acquisition Charge.
(10) CBS 2009 PTI excludes a large Asset Impairment Charge.
(11) CA numbers are for the 12 months ended December in both years.
(12) Estee Lauder numbers are for the 12 months ended December in both years.
(13) Icahn Enterprises is a Partnership.
(14) Paychex numbers are for the 12 months ended December in both years.
(15) Vornado Realty Trust is an REIT.
(16) Pepsi Bottling 2009 PTI excludes a large Asset Impairment Charge.
(17) Bunge, Ltd 2010 PTI excludes a huge Gain on Sale of Assets.
(18) Tiffany numbers are for the 12 months ended December in both years.
(19) Constellation Brands numbers are for the 12 months ended November in both years. Also, both years exclude Intangible Asset Impairment Charges.
(20) AOL 2010 PTI excludes a huge Goodwill Impairment Charge.
(21) National Fuel Gas 2009 PTI excludes large Asset Impairment Charge.
(22) Jarden 2010 PTI excludes a Venezuela Hyperinflation Charge.
(23) Eastman Kokak 2010 PTI excludes a large Goodwill Impairment Charge. Its 2009 PTI excludes a Gain on Sale of Assets.
And then when I combine the most recent annual earnings performance of the above 52 Non-Financial New York Big Corps with the 30 Financial Big Corps, here are the results.
..................................................PTI.........PTI........Increase...
New York Big Corps..................2010.......2009.....Amount....%.
..................................................(millions of dollars)..........
52 Non-Financial Big Corps....120,931..102,204...18,727...18%
30 Financial Big Corps...........101,095....33,605...67,490.201%
Total 82 NY Big Corps...........222,026...135,809...86,217...63%
As you can clearly see from the above chart, New York Big Financial Corps drove this superb 63% earnings growth in 2010 for all New York Big Corps.
When you review the above very robust earnings numbers of New York Big Corps, and compare it to how New York Citizens are doing economically, I think you have to conclude that New York Citizens aren't getting a fair shake in the current plans of how the State of New York Budget should be balanced.
The above research, where I found 82 New York Big Corps, which had 2010 total earnings growth of a torrid 63%, was performed through the end of March 2011. Since then, in April and May 2011, I extended this research, and I found 22 additional New York Big Corps, whose 2010 earnings growth in total was a blistering 429%, more than six times that 63% earnings growth, and are shown here below.
..........................................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 Insur(1)......2,519.........1,759..........760......43%
HSBC USA..........................2,300.........(299).......2,599....869%
TIAA(1A)...........................1,381..........(452).......1,833....406%
Assured Guaranty Ltd(2)......636............133...........503....378%
Apollo Global Management..635............(67)..........702..1048%
Chimera Investment(3)........534............324...........210.....65%
AllianceBernstein LP...........466............624..........(158)...(25)%
Newcastle Investment(4).....356...........(425)..........781....184%
Guardian Life Insurance(5)..328.............191...........137.....72%
Alleghany............................277............395..........(118)...(30)%
Veeco Instruments..............271.............(12)..........283.....NM
MFA Financial.....................270.............268.............2........1%
Primus Guaranty, Ltd(5A)...247...........1,467......(1,220)..(83)%
Lazard Ltd(6).......................244...........(182)..........426....234%
Atlas Air WW.......................233............124............109....88%
Sothebys.............................226..............16............210....NM
Phillips Van Heusen(7)........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%
Total 22 NY Late Additions.13,730.....(4,177)....17,907....429%
(1) New York Life Insurance is a Mutual Company.
(1A) Teachers Insurance and Annuity Association of America (TIAA) above earnings numbers are after-tax Net Income.
(2) Assured Guaranty Limited is a Bermuda Corp, but with an external New York CPA firm.
(3) Chimera Investment is an REIT.
(4) Newcastle Investment is an REIT. Its above earnings numbers exclude gains on debt extinguishment.
(5) Guardian Life Insurance is a Mutual Company. Its earnings shown is PTI before net realized capital losses.
(5A) Primus Guaranty, Ltd is a Bermuda Company, but with a NY SEC Location Code and a NY external CPA firm.
6) Lazard Limited is a Bermuda Corp, but with an external New York CPA firm.
(7) Phillips Van Heusen 2010 PTI excludes Loss on Derivatives related to its Tommy Hilfiger acquisition.
