With the horrible jobless recovery, Pennsylvania State financial coffers are severely suffering, as are many State citizens in Pennsylvania.
However, I think it would be wise to get an update on how Pennsylvania Big Corps have fared very recently, so we can better assess where Pennsylvania Big Corps stand now financially, as compared with the present financial status of Pennsylvania citizens.
With this update, 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 Pennsylvania Big Corps and Pennsylvania citizens. And frankly, Big Corps outside of Pennsylvania, including foreign-owned Big Corps, that do business in Pennsylvania, should also be included in this mix of a fair sharing of this very expensive financial burden to balance Pennsylvania's State Budget.
Let me show you below just how Pennsylvania’s 32 largest publicly-held 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:
Pennsylvania 32 Largest Publicly-Held Corps Most Recent Annual Pretax Earnings (PTI)
...................................................................................Increase....
.........................................FYE......PTI(L).....PTI(L)...(Decrease)...
Pennsylvania Big Corp....2010.....2010........2009...Amount....%..
.......................................................(millions of dollars)......
Comcast……………………......Dec…....6,104......5,106.......998.....20%
PNC Fincl Svcs(1)………......Dec…....4,061......2,149.....1,912.....89%
ACE, Ltd……………………......Dec…....3,667.....3,077.......590.....19%
Cigna………………………........Dec…....1,870......1,898.......(28)....(1)%
Tyco Electronics, Ltd(2)....Sep…....1,558.......(123)....1,681.1367%
Air Products&Chems……...Sep…....1,394.........837........557....67%
PPG Industries……………....Dec…....1,295.........617........678...110%
HJ Heinz…………………........Apr…....1,290......1,320.......(30)....(2)%
PPL………………………..........Dec…....1,239.........538........701..130%
Lincoln National(3)………..Dec…....1,234.........209.....1,025..490%
AmerisourceBergen……....Sep…....1,028.........824........204.....25%
Erie Indemnity…………......Dec…......999..........524........475.....91%
Hershey…………………........Dec…......809..........671........138.....21%
Santander Hldgs USA(4)...Dec…......653.........(982)....1,635...166%
Allegheny Energy………....Dec…......628..........636...........(8)....(1)%
Crown Holdings…………....Sep…......614...........459.........155....34%
Sunoco……………………......Dec…......586.........(617).....1,203..195%
Alcoa………………………......Dec…......548......(1,498).....2,046..137%
UGI Corp…………………......Sep…......523..........541..........(18)...(3)%
CONSOL Energy……….......Dec…......468..........788......(320)..(41)%
Universal Health Svcs…...Dec…......428..........475........(47)..(10)%
Endo Pharmaceuticals…..Dec…......421..........360............61....17%
Ametek…………………….....Dec…......406..........295...........111....38%
SEI Investments…………...Dec…......370..........362.............8.....2%
Mylan Labs……………….....Dec…......356..........227..........129....57%
EQT………………………........Dec…......355..........254...........101...40%
FMC Corp……………….......Dec…......351..........310.............41....13%
Airgas………………….........Mar…......314..........429........(115).(27)%
Federated Investors……..Dec…......301..........327..........(26)...(8)%
Toll Brothers…………….....Oct........(117).........(496)........379...76%
United States Steel……....Dec…......(385)......(1,845).....1,460...79%
Rite Aid(5)……………….....Feb….....(480)........(773)........293....38%
Total of 32 PA Big Corps............32,888......16,899...15,989...95%
(1) PNC Financial Services 2009 PTI excludes Gain on Sale of BlackRock shares.
(2) Tyco Electronics, Ltd 2009 PTI excludes huge Goodwill Impairment Charge.
(3) Lincoln National 2009 PTI excludes large Intangible Asset Impairment Charge.
(4) Santander Holdings USA numbers are for the 9 months ended September.
(5) Rite Aid 2009 PTI excludes large Goodwill Impairment Charge.
Yeah, Pennsylvania's 32 largest Corps generated $32.9 bil of Total Pretax Earnings in 2010, which increased by $16.0 bil, or by a very robust 95%, over 2009.
And yet about half of the country still thinks that the Obama Administration is not helping the US economy. These incredibly strong most recent Pennsylvania 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.
The above research, where I found 32 Pennsylvania Big Corps, was performed through the end of March 2011. Since then, in April and May 2011, I extended this research, and I found 12 additional Pennsylvania 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
Pennsylvania (12)
Cephalon(1)..........................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(2)...297............166...........131......79%
American Eagle Outftrs........295............304.............(9)......(3)%
InterDigital..........................238............113...........125.....111%
Gardner Denver(3)...............232............124...........108......87%
Penn Natl Gaming(4).............230...........204............26......13%
Ansys...................................216............174............42......24%
Radian Group...................(1,580).........(242).....(1,338)..(553)%
(1) Cephalon excludes Acquired In Process R&D Charges and also Asset Impairment Charges.
(2) Education Management 2010 PTI excludes Loss on Debt Retirement.
(3) Gardner Denver 2009 PTI excludes Asset Impairment charge.
(4) Penn National Gaming PTI in both years exclude Asset Impairment charges.
