Given that all 6 Republicans on the US Deficit Reduction Super-Committee have adamantly refused to eliminate the massive Tax Subsidies granted to Big Oil, I think that all the 99%, including small businesses, can do is to take it in their own hands, and boycott at the gas pump, as best they can, the 4 Big Oil That Rule: Exxon Mobil, Chevron, Royal Dutch Shell, and BP.
And since high energy prices are causing such a severe global economic problem, I think 99%ers around the world should boycott at the gas pump these 4 Big Oil Giants.
US Big Oil is devastating the 99%ers, including small businesses, with their sky high pricing. And this steep pricing is occurring despite the Big Oil Corps generating back to back years of monstrous Pretax Earnings growth, and despite the fact that they are receiving all of these massive Tax Subsidies to boot.
It's not right.....and it's not even close to being right.
Let me show the magnitude of Big Oil profits. I am including Shell and BP, because even though they are both foreign-owned, they have substantial operations in the US.
Below here are the 24 US Big Corps with Pretax Income(PTI) of at least $9 bil for either the first 9 months 2011 or the first 9 months 2010.
..............................................PTI...........PTI...........Increase
.............................................First.........First.........(Decrease)
............................................9 Mos.......9 Mos.........................
.............................................2011........2010.......Amount......%
.................................................(millions of dollars)
4 Big Oil That Rule
Exxon Mobil...................56,216......37,632......18,584....49%
Royal Dutch Shell.........43,855......24,083......19,772....82%
Chevron.........................37,669......23,289.......14,380....62%
BP(1)................................27,352......26,511............841.......3%
Total 4 Big Oil That Rule...165,092....111,515......53,577....48%
Next 20 Largest Corps
Apple..............................26,242......13,782......12,460....90%
JPMorgan Chase...............22,002......17,847........4,155.....23%
Microsoft..........................19,650......18,595........1,055.......6%
Wells Fargo.......................17,599......13,836........3,763.....27%
Conoco Phillips.............17,168......15,458........1,710......11%
Walmart(2).......................16,526......16,066...........460.......3%
ATT..................................16,406......16,691..........(285).....(2)%
GE....................................15,622......10,545........5,077.....48%
IBM..................................13,729......12,767..........962.......8%
Citigroup..........................13,535......12,124.........1,411.....12%
Intel.................................13,194......11,882.........1,312.....11%
Verizon............................12,285........6,684........5,601.....84%
JNJ..................................12,043......14,719.......(2,676)...(18)%
Procter & Gamble.............10,941......10,661...........280.......3%
Berkshire Hathaway.........10,862......12,570.......(1,708)...(14)%
Pfizer...............................10,469........8,489........1,980.....23%
Phillips Morris Intl............9,783........7,797........1,986.....25%
Oracle(3)...........................9,440........6,452........2,988.....46%
Coca Cola..........................9,228........8,002........1,226.....15%
Goldman Sachs..................4,922........9,418.......(4,496)...(48)%
Total Next 20................281,646....244,385.......37,261.....15%
Total all 24....................446,738....355,900.......90,838.....26%
(1) BP 2010 PTI above excludes the huge Gulf of Mexico Oil Spill Charges.
(2) Walmart PTI amounts are for the 9 months ended October 31st.
(3) Oracle PTI amounts are for the 9 months ended August 31st.
Yeah, that's right, the 4 Oil Corps that dominate all have higher Pretax Income in the first 9 months of 2011 than any other US Corp, with the widely revered Apple in the #5 spot, but still more than $1 bil below the bottom of the 4 Big Oil Giants.
And the Total Pretax Income for the first 9 months 2011 of these 4 Big Oil Corps comprised 37% of the Total Pretax Income of the 24 Largest US Corps.
Further, when you also include ConocoPhillips, which is #9 on the above list of the 24 largest US Corps, the 5 largest Oil Corps comprised 41% of the Total Pretax Income of the 24 Largest US Corps.
And these 4 Giant Oil Corps generated total Pretax Income of $165.1 bil in the first 9 months of 2011, which was a gigantic increase of 48% over that of the first 9 months of 2010. In comparison, the next 20 largest US Corps generated a Total Pretax Income increase of a dramatically lower 15% in the first 9 months of 2011.
And the 48% Pretax Earnings growth of these 4 Giant Big Oil Corps in the first 9 months of 2011 are on top of an even higher earnings growth of 57% in annual 2010 over 2009, as you can see below.
...............................................................................Increase
................................................PTI...........PTI........(Decrease)
..............................................Annual.....Annual..................
...............................................2010.......2009......Amount.....%
.................................................(millions of dollars)
4 Big Oil That Rule
Exxon Mobil.....................52,959....34,777.....18,182....52%
BP(1)...................................36,110.....25,124.....10,986....44%
Royal Dutch Shell............35,344....21,020.....14,324....68%
Chevron............................32,055....18,528.....13,527....73%
Total 4 Big Oil That Rule......156,468....99,449.....57,019....57%
Next 20 Largest Corps
Microsoft(2)........................25,013.....19,821........5,192.....26%
JPMorgan Chase..................24,859.....16,067.......8,792.....55%
Walmart(3)..........................23,538.....22,118........1,420.......6%
ConocoPhillips....................19,750.......9,582......10,168....106%
IBM.....................................19,723.....18,138........1,585.......9%
Berkshire Hathaway.............19,051.....11,552.......7,499.....65%
Wells Fargo..........................19,001.....17,998.......1,003.......6%
Apple(4)..............................18,540.....12,066.......6,474.....54%
ATT.....................................18,238.....18,518.........(280).....(2)%
JNJ.....................................16,947.....15,755........1,192.......8%
Intel...................................16,045.......5,704......10,341....181%
Procter & Gamble(2)...........15,047.....14,413...........634.......4%
Coca Cola............................14,243.......8,946........5,297.....59%
GE.......................................14,208.......9,995........4,213.....42%
Citigroup............................13,184......(7,799).....20,983....269%
Goldman Sachs...................12,892.....19,829........(6,937)...(35)%
Verizon..............................12,684.....13,520..........(836).....(6)%
Phillips Morris Intl.............10,324.......9,243.........1,081.....12%
Pfizer...................................9,422.....10,827........(1,405)....(13)%
Oracle(5).............................8,243.......7,834...........409.......5%
Total Next 20..................330,952....254,127......76,825.....30%
Total all 24.....................487,420....353,576.....133,844.....38%
(1) BP 2010 PTI above excludes the huge Gulf of Mexico Oil Spill Charges.
(2) Microsoft and Procter & Gamble PTI amounts are for the fiscal years ended June 30, 2010 and 2009.
(3) Walmart PTI amounts are for the fiscal years ended January 31, 2011 and 2010.
(4) Apple PTI amounts are for the fiscal years ended September 30, 2010 and 2009.
(5) Oracle PTI amounts are for the fiscal years ended May 31, 2010 and 2009.
How many 99%ers, including small businesses, had their earnings in both 2011 and 2010 increase annually in the range of 48% to 57% per year, like the 4 Giant Oil Corps did? My guess is substantially less than 1% of them.
But it's not just a most recent two year thing. The earnings of these 4 Big Oil Corps grew dramatically during the four-year period from 2002 to 2006, in the heart of the very Big-Oil-friendly, laissez faire, pretty much regulation free Bush/Cheney Presidency, as you can see from the following Pretax Income(PTI)chart.
.................................................Royal...................
................Exxon.......................Dutch.......................Total
................Mobil.....Chevron......Shell.........BP............All 4
.................PTI...........PTI...........PTI..........PTI...........PTI
……………..........(millions of US dollars)...............................
2002.....17,510........4,100.....17,447.....11,189......50,246
2003.....31,966......12,676.....21,772.....17,731......84,145
2004.....41,241......20,551.....31,659......24,966....118,417
2005.....59,432.....25,197.....44,567......31,421....160,617
2006....67,402......31,976.....44,628......35,142....179,148
Yeah, that's right, the Total Pretax Income of these 4 Big Oil Giants was $179.1 bil in 2006, or 3.6 times the Total Pretax Income of only 4 years earlier in 2002 of $50.2 bil. In comparison, Average Annual Domestic Crude Oil Prices in 2006 were $58.30 ber barrel, which was a lower 2.6 times such Crude Oil Prices in 2002 of $22.81. That's what I call Big Oil greedily, unconscionably, and unnecessarily piling on the profits on the backs of the 99%ers, including those engaged in all Non-Oil and Gas Businesses.
How many 99%ers, including small businesses, had their earnings in 2006 that were at least 3.6 times that earned in 2002, only 4 years earlier? My guess is much less than 1% of them.
Just what were Oil Prices during the entire Bush/Cheney Presidential Years? Well, the Average Annual Domestic Crude Oil Prices in the last year of their Presidency, or in 2008, was $91.48 ber barrel, an amazingly high 4.0 times such Crude Oil Prices in the first year of their Presidency, or in 2001, of $23.00 per barrel.
How have Oil Prices fared in the Obama Administration? Well, the Average Annual Domestic Crude Oil Prices are actually down some from $91.48 per barrel in 2008 to $86.84 so far in 2011. Clearly, Big Oil will do anything it can to remove President Obama from office. All of the Republican Presidential Candidates are strong supporters of Big Oil, despite their devastation to the US economy and to the 99%ers.
And below here is the Pretax Income for the first 9 months of 2011, in comparison to the first 9 months of 2010, of all 29 US Big Oil Corps with Pretax Income or Pretax Loss of at least $1 bil in either of these two periods.
..............................................PTI...........PTI..........Increase
.............................................First........First.........(Decrease)
.............................................9 Mos......9 Mos..................
..............................................2011.......2010.....Amount......%
.................................................(millions of dollars)
4 Big Oil That Rule
Exxon Mobil..................56,216.....37,632......18,584.....49%
Royal Dutch Shell.........43,855.....24,083.....19,772.....82%
Chevron.........................37,669.....23,289......14,380.....62%
BP....................................27,352.....26,511...........841.......3%
Total 4 Big Oil That Rule...165,092....111,515......53,577.....48%
Next 25 Largest Big Oil
ConocoPhillips..............17,168.....15,458........1,710.....11%
Oxy Petroleum................8,251.......5,812........2,439.....42%
Apache................................6,152.......3,938........2,214.....56%
Schlumberger......................4,453.......3,822...........631.....17%
Marathon Petroleum............3,899.........662........3,237....489%
Devon Energy......................3,496......2,900...........596.....21%
Valero Energy.....................3,229.......1,164........2,065....177%
Marathon Oil.......................3,209.......3,216.............(7)......0%
Halliburton.........................3,095.......1,745........1,350.....77%
Hess....................................2,659.......2,954.........(295)....(10)%
Chesapeake Energy.............2,081.......2,520.........(439)....(17)%
Natl Oilwell Varco...............2,079......1,774...........305.....17%
Baker Hughes......................1,870.........762.........1,108....145%
EOG Resources....................1,668.........268.........1,400....522%
Murphy Oil..........................1,451......1,102............349.....32%
Enterprise Products LP.......1,389.......1,115............274.....25%
Spectra Energy...................1,319.......1,013............306.....30%
HollyFrontier.....................1,290.........163..........1,127....691%
Williams Companies...........1,233......(1,284)........2,517....196%
Noble Energy.....................1,185..........962............223.....23%
Tesoro...............................1,096..........(38).........1,134....2984%
Anadarko Petroleum(1)......1,064.......1,352..........(288)....(21)%
Diamond Offshore.................976.......1,026............(50).....(5)%
Transocean Ltd.....................536.......2,126........(1,590)...(75)%
El Paso Corp.........................109........1,131........(1,022)...(90)%
Total all 25 Next Largest.74,957.....55,663........19,294.....35%
(1) Anadarko Petroleum 2011 PTI excludes large Deepwater Horizon Settlement and Related Costs.
Look at the incredibly wide gap between the Pretax Income of the lowest of the Big 4 Oil Giants BP, which has Pretax Income which is more than $10 bil higher than #5 ConocoPhillips.
And then look also at the incredibly wide gap of nearly $9 bil between #5 Big Oil ConocoPhillips and #6 Big Oil Occidental Petroleum.
A very positive development in Big Oil Land is that ConocoPhillips has decided to break itself up and that Marathon has already done so. But not the Ruling Big 4 Oil Corps. They just want to see their total profits keep rocketing skyward, despite the devastating economic harm to the 99%ers.
Given how the 4 Big Oil Corps dominate in the US, while earning these absolutely obscene profits for so many years, I think it would be wise for the 99%ers to boycott, as best they can, just the Big 4 Oil Giants: Exxon Mobil, Chevron, Shell, and BP.
Big Oil controls all of the Republicans in the US Congress, and even some of the Democrats. But it has to frustrate them that they cannot control the Occupy Movement.
Given that the Republicans in the US Congress continue to stop all of the wise Obama Administration attempts to strengthen the economic status of the 99%ers, I can think of no more effective initiative than for concerned 99%ers to boycott at the gas pump, starting during the upcoming Thanksgiving Holiday period, and continuing to build from there, these 4 Big Oil Giants, who are greedily destroying the fabric of the US Democracy.
It might be a little inconvenient at times to find another gas station, but it is the right thing to do for the sake of the entire country's economic future.
Monday, November 21, 2011
Sunday, November 20, 2011
105 US Big Corp Late Additions in Many Sectors: 3Q 2011 Earnings Generally on Fire
I previously made numerous posts on the 3Q 2011 Earnings of US Big Corps in all of the Non-Utility Sectors.
In this final post on 3Q 2011 Earnings, I am addressing my late Big Corp 3Q 2011 Additions, and even later ones, which I discovered from a much more exhaustive review of SEC filings.
There were 105 US Big Corp Late, and even Later, Additions spread across many Sectors, with Pretax Income or Loss of just short of $100 mil or higher in either the 3Q 2011 or the 3Q 2010.
Given the depth of the industries and that these 105 Corps are located all across the US, their earnings growth should give a good perspective on how US Big Corps did financially in the most recent 3Q 2011.
So, how did they do? Frankly, fantastic.
The Total Pretax Earnings growth of these 105 Big Corps was an exceptionally robust 34% in the most recent 3Q 2011.
The CEOs, Board of Directors, employees, and stockholders of a clear majority of these 105 Big Corps have to be very pleased with how the Obama Administration has created an excellent economic environment for these Big Corps to flourish.
What is needed now is to create the same proper economic environment, along with wise directly-targeted US Government initiatives, that will permit the 99%ers also to flourish and find decent full-time jobs, at a fair wage. This is a key objective of the courageous, driven, very perceptive Occupy Movement.
Below here are these 105 US Big Corps, first sorted by 3Q 2011 Pretax Earnings size. Later below, I'll also show these 105 Big Corps, sorted by Sector.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Late Additions
HollyFrontier 836 91 745 819%
Covidien Ltd 573 380 193 51%
Tyco Intl 442 335 107 32%
Royal Caribbean 399 350 49 14%
Mattel 386 347 39 11%
Hertz 308 168 140 83%
Wyndham WW 271 235 36 15%
American Capital Agency 252 60 192 320%
Joy Global 230 168 62 37%
Hasbro 221 219 2 1%
Avis Budget Group(1) 202 144 58 40%
CVR Energy 189 36 153 425%
Helmerich&Payne 188 131 57 44%
HCP REIT 158 94 64 68%
Manpower 147 101 46 46%
Western Refining 131 12 119 992%
Aecom Technology 125 101 24 24%
Tyson Foods 125 323 (198) -61%
Dick's Sporting Goods 122 84 38 45%
Nalco Holding 121 93 28 30%
Raymond James Fincl 119 99 20 20%
Silgan Holdings 119 100 19 19%
Unisys 117 51 66 129%
Dolby Labs 117 99 18 18%
McCormick 116 114 2 2%
Sunoco(2) 114 69 45 65%
Guess(3) 113 96 17 18%
Eaton Vance 112 72 40 56%
Fossil 112 111 1 1%
Hunt JB Transport 112 85 27 32%
EQT(4) 106 57 49 86%
Polaris Industries 104 70 34 49%
F5 Networks 103 76 27 36%
PVH Corp(5) 102 5 97 1940%
Sealed Air 100 106 (6) -6%
Spirit Aero Systems 100 72 28 39%
Health Net 99 102 (3) -3%
Green Mountain Coffee 99 40 59 148%
Chipotle 98 78 20 26%
East West Bancorp 98 74 24 32%
Wabco Holdings 96 58 38 66%
United Rentals 96 38 58 153%
Chicago Bridge&Iron 94 74 20 27%
Transdigm Group 94 76 18 24%
Valspar 94 107 (13) -12%
Autodesk 94 80 14 18%
SM Energy(6) 93 25 68 272%
Tempur Pedic 93 64 29 45%
Stericycle 92 88 4 5%
Triumph Group 91 63 28 44%
Deckers Outdoor 91 67 24 36%
Sara Lee 90 98 (8) -8%
Urban Outfitters 89 107 (18) -17%
AmeriGroup 77 135 (58) -43%
Vornado Realty REIT 70 125 (55) -44%
Huntsman(7) 66 98 (32) -33%
Chimera Investm REIT 66 117 (51) -44%
Teradyne 57 152 (95) -63%
Legg Mason 56 103 (47) -46%
Genworth 46 140 (94) -67%
McDermott Intl(8) 36 105 (69) -66%
Cincinnati Financial 11 221 (210) -95%
Navistar Intl(9) 10 148 (138) -93%
AOL(10) 7 95 (88) -93%
Freescale SemiCdtr(11) (19) (156) 137 88%
First Data (77) (365) 288 79%
Gen Growth Prop REIT(12) (92) (150) 58 39%
Monsanto (93) (281) 188 67%
Old Republic (183) (61) (122) -200%
PHH (242) (2) (240) NM
Total 70 Late Addts 8,831 6,609 2,222 34%
Late Late Additions
Toyota Motor Credit 730 434 296 68%
Estee Lauder 414 282 132 47%
General Motors Fincl 177 91 86 95%
Amerco 161 136 25 18%
American Fincl Grp 155 208 (53) -25%
Energen 137 60 77 128%
Protective Life 131 107 24 22%
Rock-Tenn 127 96 31 32%
WR Grace 122 72 50 69%
Hubbell 118 109 9 8%
Jones Financial Cos 116 97 19 20%
Penn Natl Gaming 109 83 26 31%
Global Payments 107 79 28 35%
Dollar Thrifty 106 78 28 36%
Gardner Denver 104 63 41 65%
MDU Resources 102 92 10 11%
Affiliated Managers 100 93 7 8%
Commerce Bancshrs 98 82 16 20%
Towers Watson 96 59 37 63%
Rayonier REIT 96 79 17 22%
MSC Industrial Direct 94 70 24 34%
Quanta Services 93 95 (2) -2%
Adv Micro Devices 92 69 23 33%
Donaldson 90 73 17 23%
Bemis 87 99 (12) -12%
HCC Insurance 83 132 (49) -37%
AVX 81 95 (14) -15%
SEI Investments 75 91 (16) -18%
Veeco Instruments 74 96 (22) -23%
Markel Corp 67 91 (24) -26%
Pulte Group 38 (96) 134 140%
ON Semiconductor (32) 93 (125) -134%
Zale (32) (97) 65 67%
Toys R Us (62) (96) 34 35%
Hawker Beechcraft (75) (118) 43 36%
Total 35 Late Late Addts 3,979 2,997 982 33%
Total all 105 12,568 9,414 3,154 34%
(1) Avis Budget Group 2011 PTI excludes Acquisition Related Cost Charges.
(2) Sunoco 2011 PTI excludes Asset Impairment Charges. Its 2010 PTI excludes Gain on Pipeline Equity Investment Remeasurement.
(3) Guess 2011 PTI excludes Settlement Charge.
(4) EQT 2011 PTI excludes Gains on Dispositions.
(5) PVH Corp 2010 PTI excludes Acquistion Hedging Loss.
(6) SM Energy 2011 PTI exclude both Gains on Derivatives and Asset Impairment Charges.
(7) Huntsman 2011 PTI excludes Asset Impairment Charges.
(8) McDermott Intl 2010 PTI excludes Asset Impairment Charges.
(9) Navistar Intl 2011 PTI excludes Asset Impairment Charges.
(10) AOL 2010 PTI excludes Gain on Sale of Business.
(11) Freescale SemiConductor 2011 PTI excludes Loss on Debt Extinguishment.
(12) General Growth Properties REIT 2011 PTI excludes Warrant Credit Adjustment.
And below here is the Pretax Income (PTI) for the 3Q 2011, as compared with the 3Q 2010, of these 105 US Big Corp Late, and even Later, Additions, sorted by Sector.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Late Additions
Oil&Gas
..HollyFrontier 836 91 745 819%
..CVR Energy 189 36 153 425%
..Helmerich&Payne 188 131 57 44%
..Western Refining 131 12 119 992%
..Sunoco 114 69 45 65%
..EQT 106 57 49 86%
..SM Energy 93 25 68 272%
..Total of all 7 1,657 421 1,236 294%
Chemicals
..Nalco Holding 121 93 28 30%
..Valspar 94 107 (13) -12%
..Huntsman 66 98 (32) -33%
..Monsanto (93) (281) 188 67%
..Total all 4 188 17 171 1006%
Conglomerates
..Tyco Intl 442 335 107 32%
Foods
..Tyson Foods 125 323 (198) -61%
..McCormick 116 114 2 2%
..Sara Lee 90 98 (8) -8%
..Total all 3 331 535 (204) -38%
Health Insurance
..Health Net 99 102 (3) -3%
..AmeriGroup 77 135 (58) -43%
..Total of both 176 237 (61) -26%
Home Products
..Tempur Pedic 93 64 29 45%
Insurance
..Life Insurance
….Genworth 46 140 (94) -67%
..Property Casualty Insurance
….Cincinnati Financial 11 221 (210) -95%
..Surety Insurance
….Old Republic (183) (61) (122) -200%
Leisure and Entertainment
..Royal Caribbean 399 350 49 14%
..Mattel 386 347 39 11%
..Wyndham WW 271 235 36 15%
..Hasbro 221 219 2 1%
..Polaris Industries 104 70 34 49%
..Green Mountain Coffee 99 40 59 148%
..Total all 6 1,480 1,261 219 17%
Motor Vehicles and Parts
..Wabco Holdings 96 58 38 66%
..Navistar Intl 10 148 (138) -93%
..Total of both 106 206 (100) -49%
National/Regional Banks
..East West Bancorp 98 74 24 32%
Other Financial
..Brokers and Investment Advice
….Raymond James Fincl 119 99 20 20%
….Eaton Vance 112 72 40 56%
….Legg Mason 56 103 (47) -46%
..Financial Data Services
….First Data (77) (365) 288 79%
..Diversified Financial Services
….American Capital Agency 252 60 192 320%
….PHH (242) (2) (240) NM
..Other Financial
….HCP REIT 158 94 64 68%
….Vornado Realty REIT 70 125 (55) -44%
….Gen Growth Prop REIT (92) (150) 58 -39%
..Financial REIT Investment Firms
….Chimera Investm REIT 66 117 (51) -44%
..Rental Firms
….Hertz 308 168 140 83%
….Avis Budget Group 202 144 58 40%
….United Rentals 96 38 58 153%
...Total of all 3 606 350 256 73%
Health Care
..Covidien Ltd 573 380 193 51%
Retail
..Dick's Sporting Goods 122 84 38 45%
..Guess 113 96 17 18%
..Chipotle 98 78 20 26%
..Urban Outfitters 89 107 (18) -17%
..Total all 4 422 365 57 16%
Technology
..Unisys 117 51 66 129%
..Dolby Labs 117 99 18 18%
..F5 Networks 103 76 27 36%
..Autodesk 94 80 14 18%
..AOL 7 95 (88) -93%
..Freescale SemiCdtr (19) (156) 137 88%
..Total all 6 419 245 174 71%
Transportation
..Hunt JB Transport 112 85 27 32%
Other Sectors
..Aircraft Parts and Equipment
….Spirit Aero Systems 100 72 28 39%
….Transdigm Group 94 76 18 24%
….Triumph Group 91 63 28 44%
..Apparel and Footwear
….PVH Corp 102 5 97 1940%
….Deckers Outdoor 91 67 24 36%
..Employment
….Manpower 147 101 46 46%
..Engineering and Construction
….Aecom Technology 125 101 24 24%
….Chicago Bridge&Iron 94 74 20 27%
..Industrial Instruments
….Teradyne 57 152 (95) -63%
..Industrial Machinery
….McDermott Intl 36 105 (69) -66%
..Mining Equipment
….Joy Global 230 168 62 37%
..Packaging and Containers
….Silgan Holdings 119 100 19 19%
..Paper and Paperboard
….Sealed Air 100 106 (6) -6%
..Waste Management
….Stericycle 92 88 4 5%
..Watches and Clocks
….Fossil 112 111 1 1%
Total all 70 8,831 6,609 2,222 34%
Late Late Additions
Chemicals
..WR Grace 122 72 50 69%
Home Products
..Estee Lauder 414 282 132 47%
Insurance
..Life Insurance
….Protective Life 131 107 24 22%
..Property Casualty Insurance
….American Fincl Grp 155 208 (53) -25%
….HCC Insurance 83 132 (49) -37%
….Markel Corp 67 91 (24) -26%
Leisure and Entertainment
..Penn Natl Gaming 109 83 26 31%
Mining
..MDU Resources 102 92 10 11%
National/Regional Banks
..Commerce Bancshrs 98 82 16 20%
Oil&Gas
..Energen 137 60 77 128%
Other Financial
..Brokers and Investment Advice
….Jones Financial Cos 116 97 19 20%
….Affiliated Managers 100 93 7 8%
….SEI Investments 75 91 (16) -18%
..Diversified Financial Services
….Toyota Motor Credit 730 434 296 68%
….General Motors Fincl 177 91 86 95%
..Financial Data Services
….Global Payments 107 79 28 35%
..Rental
….Amerco 161 136 25 18%
….Dollar Thrifty 106 78 28 36%
Retail
..Zale (32) (97) 65 67%
..Toys R Us (62) (96) 34 35%
Technology
..Adv Micro Devices 92 69 23 33%
..ON Semiconductor (32) 93 (125) -134%
Other
..Aircraft Parts and Equipment
….Hawker Beechcraft (75) (118) 43 36%
..Electrical Equipment
….Hubbell 118 109 9 8%
….AVX 81 95 (14) -15%
..Engineering and Construction
….Quanta Services 93 95 (2) -2%
..Forest and Forest Products
….Rayonier REIT 96 79 17 22%
..Homebuilding
….Pulte Group 38 (96) 134 140%
..Industrial Machinery
….Gardner Denver 104 63 41 65%
….Donaldson 90 73 17 23%
….Veeco Instruments 74 96 (22) -23%
..Management Consulting
….Towers Watson 96 59 37 63%
..Packaging and Containers
….Rock-Tenn 127 96 31 32%
..Paper and Paperboard
….Bemis 87 99 (12) -12%
..Wholesale Diversified
….MSC Industrial Direct 94 70 24 34%
Total 35 Late Late Addts 3,979 2,997 982 33%
Total all 105 12,568 9,414 3,154 34%
In this final post on 3Q 2011 Earnings, I am addressing my late Big Corp 3Q 2011 Additions, and even later ones, which I discovered from a much more exhaustive review of SEC filings.
There were 105 US Big Corp Late, and even Later, Additions spread across many Sectors, with Pretax Income or Loss of just short of $100 mil or higher in either the 3Q 2011 or the 3Q 2010.
Given the depth of the industries and that these 105 Corps are located all across the US, their earnings growth should give a good perspective on how US Big Corps did financially in the most recent 3Q 2011.
So, how did they do? Frankly, fantastic.
The Total Pretax Earnings growth of these 105 Big Corps was an exceptionally robust 34% in the most recent 3Q 2011.
The CEOs, Board of Directors, employees, and stockholders of a clear majority of these 105 Big Corps have to be very pleased with how the Obama Administration has created an excellent economic environment for these Big Corps to flourish.
What is needed now is to create the same proper economic environment, along with wise directly-targeted US Government initiatives, that will permit the 99%ers also to flourish and find decent full-time jobs, at a fair wage. This is a key objective of the courageous, driven, very perceptive Occupy Movement.
Below here are these 105 US Big Corps, first sorted by 3Q 2011 Pretax Earnings size. Later below, I'll also show these 105 Big Corps, sorted by Sector.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Late Additions
HollyFrontier 836 91 745 819%
Covidien Ltd 573 380 193 51%
Tyco Intl 442 335 107 32%
Royal Caribbean 399 350 49 14%
Mattel 386 347 39 11%
Hertz 308 168 140 83%
Wyndham WW 271 235 36 15%
American Capital Agency 252 60 192 320%
Joy Global 230 168 62 37%
Hasbro 221 219 2 1%
Avis Budget Group(1) 202 144 58 40%
CVR Energy 189 36 153 425%
Helmerich&Payne 188 131 57 44%
HCP REIT 158 94 64 68%
Manpower 147 101 46 46%
Western Refining 131 12 119 992%
Aecom Technology 125 101 24 24%
Tyson Foods 125 323 (198) -61%
Dick's Sporting Goods 122 84 38 45%
Nalco Holding 121 93 28 30%
Raymond James Fincl 119 99 20 20%
Silgan Holdings 119 100 19 19%
Unisys 117 51 66 129%
Dolby Labs 117 99 18 18%
McCormick 116 114 2 2%
Sunoco(2) 114 69 45 65%
Guess(3) 113 96 17 18%
Eaton Vance 112 72 40 56%
Fossil 112 111 1 1%
Hunt JB Transport 112 85 27 32%
EQT(4) 106 57 49 86%
Polaris Industries 104 70 34 49%
F5 Networks 103 76 27 36%
PVH Corp(5) 102 5 97 1940%
Sealed Air 100 106 (6) -6%
Spirit Aero Systems 100 72 28 39%
Health Net 99 102 (3) -3%
Green Mountain Coffee 99 40 59 148%
Chipotle 98 78 20 26%
East West Bancorp 98 74 24 32%
Wabco Holdings 96 58 38 66%
United Rentals 96 38 58 153%
Chicago Bridge&Iron 94 74 20 27%
Transdigm Group 94 76 18 24%
Valspar 94 107 (13) -12%
Autodesk 94 80 14 18%
SM Energy(6) 93 25 68 272%
Tempur Pedic 93 64 29 45%
Stericycle 92 88 4 5%
Triumph Group 91 63 28 44%
Deckers Outdoor 91 67 24 36%
Sara Lee 90 98 (8) -8%
Urban Outfitters 89 107 (18) -17%
AmeriGroup 77 135 (58) -43%
Vornado Realty REIT 70 125 (55) -44%
Huntsman(7) 66 98 (32) -33%
Chimera Investm REIT 66 117 (51) -44%
Teradyne 57 152 (95) -63%
Legg Mason 56 103 (47) -46%
Genworth 46 140 (94) -67%
McDermott Intl(8) 36 105 (69) -66%
Cincinnati Financial 11 221 (210) -95%
Navistar Intl(9) 10 148 (138) -93%
AOL(10) 7 95 (88) -93%
Freescale SemiCdtr(11) (19) (156) 137 88%
First Data (77) (365) 288 79%
Gen Growth Prop REIT(12) (92) (150) 58 39%
Monsanto (93) (281) 188 67%
Old Republic (183) (61) (122) -200%
PHH (242) (2) (240) NM
Total 70 Late Addts 8,831 6,609 2,222 34%
Late Late Additions
Toyota Motor Credit 730 434 296 68%
Estee Lauder 414 282 132 47%
General Motors Fincl 177 91 86 95%
Amerco 161 136 25 18%
American Fincl Grp 155 208 (53) -25%
Energen 137 60 77 128%
Protective Life 131 107 24 22%
Rock-Tenn 127 96 31 32%
WR Grace 122 72 50 69%
Hubbell 118 109 9 8%
Jones Financial Cos 116 97 19 20%
Penn Natl Gaming 109 83 26 31%
Global Payments 107 79 28 35%
Dollar Thrifty 106 78 28 36%
Gardner Denver 104 63 41 65%
MDU Resources 102 92 10 11%
Affiliated Managers 100 93 7 8%
Commerce Bancshrs 98 82 16 20%
Towers Watson 96 59 37 63%
Rayonier REIT 96 79 17 22%
MSC Industrial Direct 94 70 24 34%
Quanta Services 93 95 (2) -2%
Adv Micro Devices 92 69 23 33%
Donaldson 90 73 17 23%
Bemis 87 99 (12) -12%
HCC Insurance 83 132 (49) -37%
AVX 81 95 (14) -15%
SEI Investments 75 91 (16) -18%
Veeco Instruments 74 96 (22) -23%
Markel Corp 67 91 (24) -26%
Pulte Group 38 (96) 134 140%
ON Semiconductor (32) 93 (125) -134%
Zale (32) (97) 65 67%
Toys R Us (62) (96) 34 35%
Hawker Beechcraft (75) (118) 43 36%
Total 35 Late Late Addts 3,979 2,997 982 33%
Total all 105 12,568 9,414 3,154 34%
(1) Avis Budget Group 2011 PTI excludes Acquisition Related Cost Charges.
(2) Sunoco 2011 PTI excludes Asset Impairment Charges. Its 2010 PTI excludes Gain on Pipeline Equity Investment Remeasurement.
(3) Guess 2011 PTI excludes Settlement Charge.
(4) EQT 2011 PTI excludes Gains on Dispositions.
(5) PVH Corp 2010 PTI excludes Acquistion Hedging Loss.
(6) SM Energy 2011 PTI exclude both Gains on Derivatives and Asset Impairment Charges.
(7) Huntsman 2011 PTI excludes Asset Impairment Charges.
(8) McDermott Intl 2010 PTI excludes Asset Impairment Charges.
(9) Navistar Intl 2011 PTI excludes Asset Impairment Charges.
(10) AOL 2010 PTI excludes Gain on Sale of Business.
(11) Freescale SemiConductor 2011 PTI excludes Loss on Debt Extinguishment.
(12) General Growth Properties REIT 2011 PTI excludes Warrant Credit Adjustment.
And below here is the Pretax Income (PTI) for the 3Q 2011, as compared with the 3Q 2010, of these 105 US Big Corp Late, and even Later, Additions, sorted by Sector.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Late Additions
Oil&Gas
..HollyFrontier 836 91 745 819%
..CVR Energy 189 36 153 425%
..Helmerich&Payne 188 131 57 44%
..Western Refining 131 12 119 992%
..Sunoco 114 69 45 65%
..EQT 106 57 49 86%
..SM Energy 93 25 68 272%
..Total of all 7 1,657 421 1,236 294%
Chemicals
..Nalco Holding 121 93 28 30%
..Valspar 94 107 (13) -12%
..Huntsman 66 98 (32) -33%
..Monsanto (93) (281) 188 67%
..Total all 4 188 17 171 1006%
Conglomerates
..Tyco Intl 442 335 107 32%
Foods
..Tyson Foods 125 323 (198) -61%
..McCormick 116 114 2 2%
..Sara Lee 90 98 (8) -8%
..Total all 3 331 535 (204) -38%
Health Insurance
..Health Net 99 102 (3) -3%
..AmeriGroup 77 135 (58) -43%
..Total of both 176 237 (61) -26%
Home Products
..Tempur Pedic 93 64 29 45%
Insurance
..Life Insurance
….Genworth 46 140 (94) -67%
..Property Casualty Insurance
….Cincinnati Financial 11 221 (210) -95%
..Surety Insurance
….Old Republic (183) (61) (122) -200%
Leisure and Entertainment
..Royal Caribbean 399 350 49 14%
..Mattel 386 347 39 11%
..Wyndham WW 271 235 36 15%
..Hasbro 221 219 2 1%
..Polaris Industries 104 70 34 49%
..Green Mountain Coffee 99 40 59 148%
..Total all 6 1,480 1,261 219 17%
Motor Vehicles and Parts
..Wabco Holdings 96 58 38 66%
..Navistar Intl 10 148 (138) -93%
..Total of both 106 206 (100) -49%
National/Regional Banks
..East West Bancorp 98 74 24 32%
Other Financial
..Brokers and Investment Advice
….Raymond James Fincl 119 99 20 20%
….Eaton Vance 112 72 40 56%
….Legg Mason 56 103 (47) -46%
..Financial Data Services
….First Data (77) (365) 288 79%
..Diversified Financial Services
….American Capital Agency 252 60 192 320%
….PHH (242) (2) (240) NM
..Other Financial
….HCP REIT 158 94 64 68%
….Vornado Realty REIT 70 125 (55) -44%
….Gen Growth Prop REIT (92) (150) 58 -39%
..Financial REIT Investment Firms
….Chimera Investm REIT 66 117 (51) -44%
..Rental Firms
….Hertz 308 168 140 83%
….Avis Budget Group 202 144 58 40%
….United Rentals 96 38 58 153%
...Total of all 3 606 350 256 73%
Health Care
..Covidien Ltd 573 380 193 51%
Retail
..Dick's Sporting Goods 122 84 38 45%
..Guess 113 96 17 18%
..Chipotle 98 78 20 26%
..Urban Outfitters 89 107 (18) -17%
..Total all 4 422 365 57 16%
Technology
..Unisys 117 51 66 129%
..Dolby Labs 117 99 18 18%
..F5 Networks 103 76 27 36%
..Autodesk 94 80 14 18%
..AOL 7 95 (88) -93%
..Freescale SemiCdtr (19) (156) 137 88%
..Total all 6 419 245 174 71%
Transportation
..Hunt JB Transport 112 85 27 32%
Other Sectors
..Aircraft Parts and Equipment
….Spirit Aero Systems 100 72 28 39%
….Transdigm Group 94 76 18 24%
….Triumph Group 91 63 28 44%
..Apparel and Footwear
….PVH Corp 102 5 97 1940%
….Deckers Outdoor 91 67 24 36%
..Employment
….Manpower 147 101 46 46%
..Engineering and Construction
….Aecom Technology 125 101 24 24%
….Chicago Bridge&Iron 94 74 20 27%
..Industrial Instruments
….Teradyne 57 152 (95) -63%
..Industrial Machinery
….McDermott Intl 36 105 (69) -66%
..Mining Equipment
….Joy Global 230 168 62 37%
..Packaging and Containers
….Silgan Holdings 119 100 19 19%
..Paper and Paperboard
….Sealed Air 100 106 (6) -6%
..Waste Management
….Stericycle 92 88 4 5%
..Watches and Clocks
….Fossil 112 111 1 1%
Total all 70 8,831 6,609 2,222 34%
Late Late Additions
Chemicals
..WR Grace 122 72 50 69%
Home Products
..Estee Lauder 414 282 132 47%
Insurance
..Life Insurance
….Protective Life 131 107 24 22%
..Property Casualty Insurance
….American Fincl Grp 155 208 (53) -25%
….HCC Insurance 83 132 (49) -37%
….Markel Corp 67 91 (24) -26%
Leisure and Entertainment
..Penn Natl Gaming 109 83 26 31%
Mining
..MDU Resources 102 92 10 11%
National/Regional Banks
..Commerce Bancshrs 98 82 16 20%
Oil&Gas
..Energen 137 60 77 128%
Other Financial
..Brokers and Investment Advice
….Jones Financial Cos 116 97 19 20%
….Affiliated Managers 100 93 7 8%
….SEI Investments 75 91 (16) -18%
..Diversified Financial Services
….Toyota Motor Credit 730 434 296 68%
….General Motors Fincl 177 91 86 95%
..Financial Data Services
….Global Payments 107 79 28 35%
..Rental
….Amerco 161 136 25 18%
….Dollar Thrifty 106 78 28 36%
Retail
..Zale (32) (97) 65 67%
..Toys R Us (62) (96) 34 35%
Technology
..Adv Micro Devices 92 69 23 33%
..ON Semiconductor (32) 93 (125) -134%
Other
..Aircraft Parts and Equipment
….Hawker Beechcraft (75) (118) 43 36%
..Electrical Equipment
….Hubbell 118 109 9 8%
….AVX 81 95 (14) -15%
..Engineering and Construction
….Quanta Services 93 95 (2) -2%
..Forest and Forest Products
….Rayonier REIT 96 79 17 22%
..Homebuilding
….Pulte Group 38 (96) 134 140%
..Industrial Machinery
….Gardner Denver 104 63 41 65%
….Donaldson 90 73 17 23%
….Veeco Instruments 74 96 (22) -23%
..Management Consulting
….Towers Watson 96 59 37 63%
..Packaging and Containers
….Rock-Tenn 127 96 31 32%
..Paper and Paperboard
….Bemis 87 99 (12) -12%
..Wholesale Diversified
….MSC Industrial Direct 94 70 24 34%
Total 35 Late Late Addts 3,979 2,997 982 33%
Total all 105 12,568 9,414 3,154 34%
Wednesday, November 16, 2011
59 US Big Corps in Other 15 Sectors 3Q 2011 Earnings Generally on Fire
I made numerous posts on the 3Q 2011 Earnings of US Big Corps in many large Sectors.
In this second to the final post on 3Q 2011 Earnings, I am addressing the remaining 15 Sectors, excluding Utilities, which I don't cover.
There were 59 US Big Corps spread across 15 Other Sectors, with Pretax Income or Loss of just short of $100 mil or higher in either the 3Q 2011 or the 3Q 2010.
Given the depth of the industries and that these 59 Corps are located all across the US, their earnings growth should give a good perspective on how US Big Corps did financially in the most recent 3Q 2011.
So, how did they do? Frankly, generally fantastic.
The Total Pretax Earnings growth of these 59 Big Corps was a very impressive 21% in the most recent 3Q 2011.
The CEOs, Board of Directors, and employees of a clear majority of these 59 Big Corps have to be very pleased with how the Obama Administration has created an excellent economic environment for these Big Corps to flourish.
What is needed now is to create the same proper economic environment, along with wise directly-targeted US Government initiatives, that will permit the 99%ers also to flourish and find decent full-time jobs, at a fair wage. This is a key objective of the brave, very perceptive Occupy Movement.
Below here are these 59 US Big Corps, first sorted by 3Q 2011 Pretax Earnings size. Later below, I'll also show these 59 Big Corps, sorted by Sector.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Emerson Electric 1,093 838 255 30%
Nike 852 755 97 13%
Illinois Tool Works 690 577 113 20%
McGraw-Hill 589 611 (22) -4%
Danaher(12) 581 524 57 11%
Sysco 480 477 3 1%
International Paper(11) 463 547 (84) -15%
Eaton 432 305 127 42%
Waste Management 421 411 10 2%
Parker Hannifin 412 336 76 23%
VF 404 335 69 21%
Ingersoll-Rand(1) 396 349 47 13%
Polo Ralph Lauren 348 306 42 14%
Omnicom Group 342 284 58 20%
AES(13) 320 262 58 22%
Dover 307 257 50 19%
WW Grainger 300 250 50 20%
Republic Services 296 230 66 29%
Nucor 284 58 226 390%
Alcoa 280 60 220 367%
Rockwell Automation 256 158 98 62%
Genuine Parts 247 212 35 17%
Crown Holdings 245 208 37 18%
CHS 237 171 66 39%
Fluor 231 25 206 824%
Apollo Group(9) 229 317 (88) -28%
Avnet(5) 196 174 22 13%
Amphenol(3) 191 180 11 6%
Cooper Industries 189 179 10 6%
Arrow Electronics 186 167 19 11%
Ball Corp 186 197 (11) -6%
Timken 182 111 71 64%
URS(8) 173 153 20 13%
Meadwestvaco 170 112 58 52%
Gannett 157 169 (12) -7%
Interpublic Group(10) 155 69 86 125%
Owens Corning 149 41 108 263%
Owens-Illinois 148 188 (40) -21%
US Steel(6) 147 (195) 342 175%
Jacobs Engineering 145 120 25 21%
Flowserve 140 140 0 0%
Ametek 139 109 30 28%
KBR 137 160 (23) -14%
Airgas 124 107 17 16%
Molex 119 111 8 7%
Reliance Steel&Alum 119 73 46 63%
Hanesbrands 114 77 37 48%
Cintas 112 89 23 26%
ITT Educational 110 152 (42) -28%
Pall Corp(2) 109 110 (1) -1%
Snap-On 98 71 27 38%
Kennametal 96 50 46 92%
Allegheny Technologies 95 10 85 850%
RR Donnelley 94 92 2 2%
Devry 80 112 (32) -29%
Whirlpool(4) 58 169 (111) -66%
Washington Post 13 145 (132) -91%
AK Steel (7) (100) 93 93%
Aleris Intl(7) (140) (43) (97) -226%
Total all 59 in 15 Sectors 14,719 12,162 2,557 21%
Below here are the 3Q 2011 Pretax Income (PTI) for these 59 US Big Corps, sorted by Sector.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Big Industrial Machinery Corps
Illinois Tool Works 690 577 113 20%
Eaton 432 305 127 42%
Parker Hannifin 412 336 76 23%
Ingersoll-Rand(1) 396 349 47 13%
Dover 307 257 50 19%
Timken 182 111 71 64%
Flowserve 140 140 0 0%
Ametek 139 109 30 28%
Pall Corp(2) 109 110 (1) -1%
Snap-On 98 71 27 38%
Kennametal 96 50 46 92%
Total all 11 3,001 2,415 586 24%
Electronics Electrical Equipment
Emerson Electric 1,093 838 255 30%
Rockwell Automation 256 158 98 62%
Amphenol(3) 191 180 11 6%
Cooper Industries 189 179 10 6%
Molex 119 111 8 7%
Whirlpool(4) 58 169 (111) -66%
Total all 6 1,906 1,635 271 17%
Big Wholesaler Corps
Wholesale Food & Grocery
Sysco 480 477 3 1%
CHS 237 171 66 39%
Total of 2 Food&Grocery 717 648 69 11%
Wholesale Diversified
WW Grainger 300 250 50 20%
Genuine Parts 247 212 35 17%
Airgas 124 107 17 16%
Reliance Steel&Alum 119 73 46 63%
Total of 4 Diversified 790 642 148 23%
Wholesale Electronics
Avnet(5) 196 174 22 13%
Arrow Electronics 186 167 19 11%
Total of 2 Electronics 382 341 41 12%
Total of all 8 Wholesalers 1,889 1,631 258 16%
Apparel and Footwear
Nike 852 755 97 13%
VF 404 335 69 21%
Polo Ralph Lauren 348 306 42 14%
Hanesbrands 114 77 37 48%
Cintas 112 89 23 26%
Total all 5 1,830 1,562 268 17%
Metal Corps
Nucor 284 58 226 390%
Alcoa 280 60 220 367%
US Steel(6) 147 (195) 342 175%
Allegheny Technologies 95 10 85 850%
AK Steel (7) (100) 93 93%
Aleris Intl(7) (140) (43) (97) -226%
Total all 6 659 (210) 869 414%
Engineering and Construction
Fluor 231 25 206 824%
URS(8) 173 153 20 13%
Jacobs Engineering 145 120 25 21%
KBR 137 160 (23) -14%
Total all 4 686 458 228 50%
Waste Management
Waste Management 421 411 10 2%
Republic Services 296 230 66 29%
Total of 2 717 641 76 12%
Publishing and Printing
McGraw-Hill 589 611 (22) -4%
Gannett 157 169 (12) -7%
RR Donnelley 94 92 2 2%
Total all 3 840 872 (32) -4%
Education and Training
Apollo Group(9) 229 317 (88) -28%
ITT Educational 110 152 (42) -28%
Devry 80 112 (32) -29%
Washington Post 13 145 (132) -91%
Total all 4 432 726 (294) -40%
Advertising Agencies
Omnicom Group 342 284 58 20%
Interpublic Group(10) 155 69 86 125%
Total of 2 497 353 144 41%
Forest and Paper Products
International Paper(11) 463 547 (84) -15%
Meadwestvaco 170 112 58 52%
Total of 2 633 659 (26) -4%
Packaging and Containers
Crown Holdings 245 208 37 18%
Ball Corp 186 197 (11) -6%
Owens-Illinois 148 188 (40) -21%
Total of all 3 579 593 (14) -2%
Industrial Instruments
Danaher(12) 581 524 57 11%
Cogeneration Power Producer
AES(13) 320 262 58 22%
Building Materials
Owens Corning 149 41 108 263%
Total 59 all in 15 Sectors 14,719 12,162 2,557 21%
(1) Ingersoll-Rand 2011 PTI excludes Loss on Asset Sales and Impairments.
(2) Pall Corp 2010 PTI excludes Loss on Debt Extinguishment.
(3) Amphenol 2011 PTI excludes Flood Casualty Loss Charge.
(4) Whirlpool 2010 PTI excludes Antitrust Settlement Charge.
(5) Avnet 2010 PTI excludes Gain on Bargain Purchase.
(6) US Steel PTI and PTL excludes in both years Foreign Exchange Gains and Losses.
(7) Aleris International 2011 PTI excludes Loss on Derivatives.
(8) URS 2011 PTI excludes Goodwill Impairment Charge.
(9) Apollo Group 2010 PTI excludes Intangible Asset Impairment Charge.
(10) Interpublic Group 2011 PTI excludes Gain from Sale of Facebook Investment.
(11) International Paper 2011 PTI exclude Loss on Sale of Business and Asset Impairment Charge.
(12) Danaher 2010 PTI excludes Gain on Contribution to Joint Venture.
(13) AES PTI in both years excludes in both years Foreign Exchange Gains and Losses.
In this second to the final post on 3Q 2011 Earnings, I am addressing the remaining 15 Sectors, excluding Utilities, which I don't cover.
There were 59 US Big Corps spread across 15 Other Sectors, with Pretax Income or Loss of just short of $100 mil or higher in either the 3Q 2011 or the 3Q 2010.
Given the depth of the industries and that these 59 Corps are located all across the US, their earnings growth should give a good perspective on how US Big Corps did financially in the most recent 3Q 2011.
So, how did they do? Frankly, generally fantastic.
The Total Pretax Earnings growth of these 59 Big Corps was a very impressive 21% in the most recent 3Q 2011.
The CEOs, Board of Directors, and employees of a clear majority of these 59 Big Corps have to be very pleased with how the Obama Administration has created an excellent economic environment for these Big Corps to flourish.
What is needed now is to create the same proper economic environment, along with wise directly-targeted US Government initiatives, that will permit the 99%ers also to flourish and find decent full-time jobs, at a fair wage. This is a key objective of the brave, very perceptive Occupy Movement.
Below here are these 59 US Big Corps, first sorted by 3Q 2011 Pretax Earnings size. Later below, I'll also show these 59 Big Corps, sorted by Sector.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Emerson Electric 1,093 838 255 30%
Nike 852 755 97 13%
Illinois Tool Works 690 577 113 20%
McGraw-Hill 589 611 (22) -4%
Danaher(12) 581 524 57 11%
Sysco 480 477 3 1%
International Paper(11) 463 547 (84) -15%
Eaton 432 305 127 42%
Waste Management 421 411 10 2%
Parker Hannifin 412 336 76 23%
VF 404 335 69 21%
Ingersoll-Rand(1) 396 349 47 13%
Polo Ralph Lauren 348 306 42 14%
Omnicom Group 342 284 58 20%
AES(13) 320 262 58 22%
Dover 307 257 50 19%
WW Grainger 300 250 50 20%
Republic Services 296 230 66 29%
Nucor 284 58 226 390%
Alcoa 280 60 220 367%
Rockwell Automation 256 158 98 62%
Genuine Parts 247 212 35 17%
Crown Holdings 245 208 37 18%
CHS 237 171 66 39%
Fluor 231 25 206 824%
Apollo Group(9) 229 317 (88) -28%
Avnet(5) 196 174 22 13%
Amphenol(3) 191 180 11 6%
Cooper Industries 189 179 10 6%
Arrow Electronics 186 167 19 11%
Ball Corp 186 197 (11) -6%
Timken 182 111 71 64%
URS(8) 173 153 20 13%
Meadwestvaco 170 112 58 52%
Gannett 157 169 (12) -7%
Interpublic Group(10) 155 69 86 125%
Owens Corning 149 41 108 263%
Owens-Illinois 148 188 (40) -21%
US Steel(6) 147 (195) 342 175%
Jacobs Engineering 145 120 25 21%
Flowserve 140 140 0 0%
Ametek 139 109 30 28%
KBR 137 160 (23) -14%
Airgas 124 107 17 16%
Molex 119 111 8 7%
Reliance Steel&Alum 119 73 46 63%
Hanesbrands 114 77 37 48%
Cintas 112 89 23 26%
ITT Educational 110 152 (42) -28%
Pall Corp(2) 109 110 (1) -1%
Snap-On 98 71 27 38%
Kennametal 96 50 46 92%
Allegheny Technologies 95 10 85 850%
RR Donnelley 94 92 2 2%
Devry 80 112 (32) -29%
Whirlpool(4) 58 169 (111) -66%
Washington Post 13 145 (132) -91%
AK Steel (7) (100) 93 93%
Aleris Intl(7) (140) (43) (97) -226%
Total all 59 in 15 Sectors 14,719 12,162 2,557 21%
Below here are the 3Q 2011 Pretax Income (PTI) for these 59 US Big Corps, sorted by Sector.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Big Industrial Machinery Corps
Illinois Tool Works 690 577 113 20%
Eaton 432 305 127 42%
Parker Hannifin 412 336 76 23%
Ingersoll-Rand(1) 396 349 47 13%
Dover 307 257 50 19%
Timken 182 111 71 64%
Flowserve 140 140 0 0%
Ametek 139 109 30 28%
Pall Corp(2) 109 110 (1) -1%
Snap-On 98 71 27 38%
Kennametal 96 50 46 92%
Total all 11 3,001 2,415 586 24%
Electronics Electrical Equipment
Emerson Electric 1,093 838 255 30%
Rockwell Automation 256 158 98 62%
Amphenol(3) 191 180 11 6%
Cooper Industries 189 179 10 6%
Molex 119 111 8 7%
Whirlpool(4) 58 169 (111) -66%
Total all 6 1,906 1,635 271 17%
Big Wholesaler Corps
Wholesale Food & Grocery
Sysco 480 477 3 1%
CHS 237 171 66 39%
Total of 2 Food&Grocery 717 648 69 11%
Wholesale Diversified
WW Grainger 300 250 50 20%
Genuine Parts 247 212 35 17%
Airgas 124 107 17 16%
Reliance Steel&Alum 119 73 46 63%
Total of 4 Diversified 790 642 148 23%
Wholesale Electronics
Avnet(5) 196 174 22 13%
Arrow Electronics 186 167 19 11%
Total of 2 Electronics 382 341 41 12%
Total of all 8 Wholesalers 1,889 1,631 258 16%
Apparel and Footwear
Nike 852 755 97 13%
VF 404 335 69 21%
Polo Ralph Lauren 348 306 42 14%
Hanesbrands 114 77 37 48%
Cintas 112 89 23 26%
Total all 5 1,830 1,562 268 17%
Metal Corps
Nucor 284 58 226 390%
Alcoa 280 60 220 367%
US Steel(6) 147 (195) 342 175%
Allegheny Technologies 95 10 85 850%
AK Steel (7) (100) 93 93%
Aleris Intl(7) (140) (43) (97) -226%
Total all 6 659 (210) 869 414%
Engineering and Construction
Fluor 231 25 206 824%
URS(8) 173 153 20 13%
Jacobs Engineering 145 120 25 21%
KBR 137 160 (23) -14%
Total all 4 686 458 228 50%
Waste Management
Waste Management 421 411 10 2%
Republic Services 296 230 66 29%
Total of 2 717 641 76 12%
Publishing and Printing
McGraw-Hill 589 611 (22) -4%
Gannett 157 169 (12) -7%
RR Donnelley 94 92 2 2%
Total all 3 840 872 (32) -4%
Education and Training
Apollo Group(9) 229 317 (88) -28%
ITT Educational 110 152 (42) -28%
Devry 80 112 (32) -29%
Washington Post 13 145 (132) -91%
Total all 4 432 726 (294) -40%
Advertising Agencies
Omnicom Group 342 284 58 20%
Interpublic Group(10) 155 69 86 125%
Total of 2 497 353 144 41%
Forest and Paper Products
International Paper(11) 463 547 (84) -15%
Meadwestvaco 170 112 58 52%
Total of 2 633 659 (26) -4%
Packaging and Containers
Crown Holdings 245 208 37 18%
Ball Corp 186 197 (11) -6%
Owens-Illinois 148 188 (40) -21%
Total of all 3 579 593 (14) -2%
Industrial Instruments
Danaher(12) 581 524 57 11%
Cogeneration Power Producer
AES(13) 320 262 58 22%
Building Materials
Owens Corning 149 41 108 263%
Total 59 all in 15 Sectors 14,719 12,162 2,557 21%
(1) Ingersoll-Rand 2011 PTI excludes Loss on Asset Sales and Impairments.
(2) Pall Corp 2010 PTI excludes Loss on Debt Extinguishment.
(3) Amphenol 2011 PTI excludes Flood Casualty Loss Charge.
(4) Whirlpool 2010 PTI excludes Antitrust Settlement Charge.
(5) Avnet 2010 PTI excludes Gain on Bargain Purchase.
(6) US Steel PTI and PTL excludes in both years Foreign Exchange Gains and Losses.
(7) Aleris International 2011 PTI excludes Loss on Derivatives.
(8) URS 2011 PTI excludes Goodwill Impairment Charge.
(9) Apollo Group 2010 PTI excludes Intangible Asset Impairment Charge.
(10) Interpublic Group 2011 PTI excludes Gain from Sale of Facebook Investment.
(11) International Paper 2011 PTI exclude Loss on Sale of Business and Asset Impairment Charge.
(12) Danaher 2010 PTI excludes Gain on Contribution to Joint Venture.
(13) AES PTI in both years excludes in both years Foreign Exchange Gains and Losses.
US Big Other Financial Corps 3Q 2011 Earnings Crushed by US Congress Inaction
I have already made separate posts related to the 3Q 2011 Earnings of both Freddie Mac and Fannie Mae, as well as of Big Financial Corps in the following US Big Financial Corp Sub-Sectors:
.....US Big Six Financial Corps
.....US Big National/Regional Banks
.....US Big Credit Card Corps
.....US Big Insurance Corps
In this post, I am addressing all of the remaining US Big Financial Corps, with Pretax Earnings of at least $100 mil, in either the 3Q 2011 or the 3Q 2010, which have released their 3Q 2011 earnings by today, November 16, 2011 .
Below here are 3Q 2011 Pretax Earnings, along with the prior year 3Q 2010 amounts, of these 39 US Big Financial Corps, broken down by Financial Sub-Sector.
...........................................................................Increase
...............................................PTI(L).......PTI(L)......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Security Brokers and Investment Advice
Regular Investment Corps
BlackRock 665 785 (120) -15%
Franklin Resources 561 552 9 2%
CME Group 546 416 130 31%
Charles Schwab(1) 360 331 29 9%
T Rowe Price Group 297 271 26 10%
TD Ameritrade 264 186 78 42%
Ameriprise Financial 247 446 (199) -45%
NYSE Euronext 227 128 99 77%
Interactive Brokers 218 162 56 35%
IntercontlExchange 196 147 49 33%
Nasdaq OMX Group 170 143 27 19%
Invesco Ltd 143 82 61 74%
Total all 12 3,894 3,649 245 7%
Partnerships, REIT & Hedge Investment Firms
Fortress Investment Grp (385) (276) (109) -39%
Annaly Captl Mgt REIT(2) (906) (4) (902) NM
Blackstone Group LP (994) 143 (1,137) -795%
Apollo Global Mgt(3) (1,764) 163 (1,927) -1182%
KKR LP(4) (3,185) 1,371 (4,556) -332%
Total all 5 (7,234) 1,397 (8,631) -618%
Financial Data Services
Western Union 314 309 5 2%
Fidelity Natl Info Svcs(5) 215 288 (73) -25%
Fiserv(6) 198 202 (4) -2%
Moodys 185 181 4 2%
Alliance Data Systems 153 86 67 78%
Equifax 109 97 12 12%
Fidelity Natl Financial 97 117 (20) -17%
Lender Processing Svcs 67 128 (61) -48%
First Data (77) (365) 288 79%
Total all 10 1,261 1,043 218 21%
Diversified Fincl Services
CIT Group 14 236 (222) -94%
Springleaf Finance (57) (112) 55 49%
SLM(7) (116) 50 (166) -332%
Ally Financial(8) (123) 325 (448) -138%
HSBC Finance Corp US(9) (2,018) (1,351) (667) -49%
Total all 5 (2,300) (852) (1,448) -170%
Late Reporting Foreign-Owned Banks
Santander Holdings USA 311 308 3 1%
HSBC USA 296 429 (133) -31%
Total of both 607 737 (130) -18%
Other Financial
Simon Prop Grp REIT(10) 255 169 86 51%
Public Storage REIT(11) 203 178 25 14%
CBRE Group 107 86 21 24%
H&R Block(12) (193) (207) 14 7%
Total all 5 372 226 146 65%
Total all 39 (3,400) 6,200 (9,600) -155%
Total 35 except Partnership
…REIT & Hedge
…Investment Firms 3,834 4,803 (969) -20%
(1) Charles Schwab 2010 PTI excludes Money Market Mutual Fund Charge.
(2) Annaly Capital Management, an REIT, PTI(L) in both years includes huge Gains and Losses from Interest Rate Swaps.
(3) Apollo Global Management 2011 PTI includes huge Carried Interest Loss.
(4) KKR LP, a Partnership, PTI(L) in both years includes huge Gains and Losses from Investment Activities.
(5) Fidelity National Information Services 2010 PTI excludes Asset Impairment Charge.
(6) Fiserv 2011 PTI excludes Loss on Debt Extinguishment.
(7) SLM 2010 PTI includes large Intangible Asset Impairment Charge.
(8) Ally Financial 2011 PTL includes large Loss on Market Servicing Rights Valuation Reduction.
(9) HSBC Finance Corp US 2011 PTL includes much higher Loan Loss Provision than that recorded in 2010.
(10) Simon Property Group, an REIT, PTI in both years is Operating Income less Interest Expense.
(11) Public Storage, an REIT, PTI in both years is before Foreign Currency Exchange, Gains and Losses on Asset Sales, Gains and Losses on Debt Retirement, and Asset Impairment Charges.
(12) H&R Block 2011 PTI excludes Goodwill Impairment Charge.
As you can see from the above chart, these 39 US Big Financial Corps recorded a Total Pretax Loss of $3.4 bil in the 3Q 2011, which was down an incredible $9.6 bil from the 3Q 2010.
However, if you back away the 5 Huge Partnerships, REIT & Hedge Investment Firms, then this massive $9.6 bil Total Pretax Income Reduction in 3Q 2011 earnings, as compared with that of a year ago, is pared down by a huge $8.6 bil, to $1.0 bil.
These 5 Huge Partnerships, REIT & Hedge Investment Firms had their 3Q 2011 Earnings just crushed by the substantial US Stock Market Decline in the latter part of the 3Q 2011, which itself was driven mainly by US Congressional Republicans breaking off the Grand Bargain Debt Ceiling talks with the Obama Administration, as well as by US Congressional Republicans refusing to work with the Obama Administration in its clearly US job-creating American Jobs Act.
============================================
Late Addition Big Partnerships, REIT & Hedge Investment Firms
Not Included in the Above Charts
....................................................PTI(L)....PTI(L)...Increase.......
.......................................................3Q.......3Q.....(Decrease)....
.....................................................2011...2010..Amount..%..
.......................................................(millions of dollars)
Newcastle Investment REIT...........30.....163.....(133).....(82)%
Icahn Enterprises LP....................(39)....772.....(811)....(105)%
Primus Guaranty Ltd..................(283)....225.....(508)....(226)%
American Capital Ltd.................(529)......90.....(619)....(688)%
Total of all 4.............................(821)..1,250...(2,071)....(166)%
.....US Big Six Financial Corps
.....US Big National/Regional Banks
.....US Big Credit Card Corps
.....US Big Insurance Corps
In this post, I am addressing all of the remaining US Big Financial Corps, with Pretax Earnings of at least $100 mil, in either the 3Q 2011 or the 3Q 2010, which have released their 3Q 2011 earnings by today, November 16, 2011 .
Below here are 3Q 2011 Pretax Earnings, along with the prior year 3Q 2010 amounts, of these 39 US Big Financial Corps, broken down by Financial Sub-Sector.
...........................................................................Increase
...............................................PTI(L).......PTI(L)......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Security Brokers and Investment Advice
Regular Investment Corps
BlackRock 665 785 (120) -15%
Franklin Resources 561 552 9 2%
CME Group 546 416 130 31%
Charles Schwab(1) 360 331 29 9%
T Rowe Price Group 297 271 26 10%
TD Ameritrade 264 186 78 42%
Ameriprise Financial 247 446 (199) -45%
NYSE Euronext 227 128 99 77%
Interactive Brokers 218 162 56 35%
IntercontlExchange 196 147 49 33%
Nasdaq OMX Group 170 143 27 19%
Invesco Ltd 143 82 61 74%
Total all 12 3,894 3,649 245 7%
Partnerships, REIT & Hedge Investment Firms
Fortress Investment Grp (385) (276) (109) -39%
Annaly Captl Mgt REIT(2) (906) (4) (902) NM
Blackstone Group LP (994) 143 (1,137) -795%
Apollo Global Mgt(3) (1,764) 163 (1,927) -1182%
KKR LP(4) (3,185) 1,371 (4,556) -332%
Total all 5 (7,234) 1,397 (8,631) -618%
Financial Data Services
Western Union 314 309 5 2%
Fidelity Natl Info Svcs(5) 215 288 (73) -25%
Fiserv(6) 198 202 (4) -2%
Moodys 185 181 4 2%
Alliance Data Systems 153 86 67 78%
Equifax 109 97 12 12%
Fidelity Natl Financial 97 117 (20) -17%
Lender Processing Svcs 67 128 (61) -48%
First Data (77) (365) 288 79%
Total all 10 1,261 1,043 218 21%
Diversified Fincl Services
CIT Group 14 236 (222) -94%
Springleaf Finance (57) (112) 55 49%
SLM(7) (116) 50 (166) -332%
Ally Financial(8) (123) 325 (448) -138%
HSBC Finance Corp US(9) (2,018) (1,351) (667) -49%
Total all 5 (2,300) (852) (1,448) -170%
Late Reporting Foreign-Owned Banks
Santander Holdings USA 311 308 3 1%
HSBC USA 296 429 (133) -31%
Total of both 607 737 (130) -18%
Other Financial
Simon Prop Grp REIT(10) 255 169 86 51%
Public Storage REIT(11) 203 178 25 14%
CBRE Group 107 86 21 24%
H&R Block(12) (193) (207) 14 7%
Total all 5 372 226 146 65%
Total all 39 (3,400) 6,200 (9,600) -155%
Total 35 except Partnership
…REIT & Hedge
…Investment Firms 3,834 4,803 (969) -20%
(1) Charles Schwab 2010 PTI excludes Money Market Mutual Fund Charge.
(2) Annaly Capital Management, an REIT, PTI(L) in both years includes huge Gains and Losses from Interest Rate Swaps.
(3) Apollo Global Management 2011 PTI includes huge Carried Interest Loss.
(4) KKR LP, a Partnership, PTI(L) in both years includes huge Gains and Losses from Investment Activities.
(5) Fidelity National Information Services 2010 PTI excludes Asset Impairment Charge.
(6) Fiserv 2011 PTI excludes Loss on Debt Extinguishment.
(7) SLM 2010 PTI includes large Intangible Asset Impairment Charge.
(8) Ally Financial 2011 PTL includes large Loss on Market Servicing Rights Valuation Reduction.
(9) HSBC Finance Corp US 2011 PTL includes much higher Loan Loss Provision than that recorded in 2010.
(10) Simon Property Group, an REIT, PTI in both years is Operating Income less Interest Expense.
(11) Public Storage, an REIT, PTI in both years is before Foreign Currency Exchange, Gains and Losses on Asset Sales, Gains and Losses on Debt Retirement, and Asset Impairment Charges.
(12) H&R Block 2011 PTI excludes Goodwill Impairment Charge.
As you can see from the above chart, these 39 US Big Financial Corps recorded a Total Pretax Loss of $3.4 bil in the 3Q 2011, which was down an incredible $9.6 bil from the 3Q 2010.
However, if you back away the 5 Huge Partnerships, REIT & Hedge Investment Firms, then this massive $9.6 bil Total Pretax Income Reduction in 3Q 2011 earnings, as compared with that of a year ago, is pared down by a huge $8.6 bil, to $1.0 bil.
These 5 Huge Partnerships, REIT & Hedge Investment Firms had their 3Q 2011 Earnings just crushed by the substantial US Stock Market Decline in the latter part of the 3Q 2011, which itself was driven mainly by US Congressional Republicans breaking off the Grand Bargain Debt Ceiling talks with the Obama Administration, as well as by US Congressional Republicans refusing to work with the Obama Administration in its clearly US job-creating American Jobs Act.
============================================
Late Addition Big Partnerships, REIT & Hedge Investment Firms
Not Included in the Above Charts
....................................................PTI(L)....PTI(L)...Increase.......
.......................................................3Q.......3Q.....(Decrease)....
.....................................................2011...2010..Amount..%..
.......................................................(millions of dollars)
Newcastle Investment REIT...........30.....163.....(133).....(82)%
Icahn Enterprises LP....................(39)....772.....(811)....(105)%
Primus Guaranty Ltd..................(283)....225.....(508)....(226)%
American Capital Ltd.................(529)......90.....(619)....(688)%
Total of all 4.............................(821)..1,250...(2,071)....(166)%
Tuesday, November 15, 2011
US Big Insurance Corps 3Q 2011 Earnings: Highly Volatile
I found 32 US Big Insurance Corps, with Pretax Earnings or Losses of more than $100 mil in either the 3Q 2011 or the 3Q 2010.
These 32 US Big Insurance Corps registered a Reported US Generally Accepted Accounting Principles (GAAP) Total Pretax Earnings in the 3Q 2011 of $16.7 bil, or up $4.0 bil, or 31% over the 3Q 2010.
But don't conclude that this is really good news. More on that later.
Below here are these 3Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
...............................................PTI(L).......PTI(L)......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
MetLife 5,306 385 4,921 1278%
AXA Financial 3,763 (609) 4,372 718%
AXA Equitable Life Ins 3,447 2,516 931 37%
Prudential Fincl 2,334 1,750 584 33%
AFLAC 1,105 1,055 50 5%
Assured Guaranty Ltd 1,056 152 904 595%
MBIA 745 (356) 1,101 309%
Sun Life Assurance US 470 (95) 565 595%
Chubb 366 784 (418) -53%
Travelers 332 1,371 (1,039) -76%
Unum Group 293 327 (34) -10%
AON 292 208 84 40%
Progressive 209 387 (178) -46%
Allstate 203 490 (287) -59%
Torchmark 199 208 (9) -4%
Marsh&McLennan 198 183 15 8%
Radian Group 190 165 25 15%
Reinsurance Group 172 197 (25) -13%
Arch Capital Grp Ltd 167 151 16 11%
Lincoln National 139 303 (164) -54%
Principal Financial 138 164 (26) -16%
ACE Ltd 134 835 (701) -84%
Cna Financial 124 (167) 291 174%
Transatlantic Hldgs 103 164 (61) -37%
WR Berkley 97 121 (24) -20%
XL Capital Group 66 126 (60) -48%
Everest Re Group Ltd 9 204 (195) -96%
ING Life Insurance (26) 127 (153) -120%
Hartford Fincl Svcs (104) 917 (1,021) -111%
MGIC Investment (191) (78) (113) -145%
Erie Indemnity (305) 405 (710) -175%
AIG (4,358) 306 (4,664) -1524%
Total all 32 16,673 12,696 3,977 31%
To make even a little bit of sense out of the above numbers, it is necessary to first break down these Insurance Corps by Insurance Sub-Sector.
Below here does this Insurance Sub-Sector breakdown for these 32 US Big Insurance Corps, and shows their 3Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
...............................................PTI(L).......PTI(L)......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Life Insurance
MetLife 5,306 385 4,921 1278%
AXA Financial 3,763 (609) 4,372 718%
AXA Equitable Life Ins 3,447 2,516 931 37%
Prudential Fincl 2,334 1,750 584 33%
Sun Life Assurance US 470 (95) 565 595%
Torchmark 199 208 (9) -4%
Lincoln National 139 303 (164) -54%
ING Life Insurance (26) 127 (153) -120%
Total 8 15,632 4,585 11,047 241%
Fire&Casualty Insurance
Chubb 366 784 (418) -53%
Travelers 332 1,371 (1,039) -76%
Progressive 209 387 (178) -46%
Allstate 203 490 (287) -59%
Arch Capital Grp Ltd 167 151 16 11%
ACE Ltd 134 835 (701) -84%
Cna Financial 124 (167) 291 174%
Transatlantic Hldgs 103 164 (61) -37%
WR Berkley 97 121 (24) -20%
XL Capital Group 66 126 (60) -48%
Everest Re Group Ltd 9 204 (195) -96%
Hartford Fincl Svcs (104) 917 (1,021) -111%
Total 12 1,706 5,383 (3,677) -68%
Accident& Health Insurance
AFLAC 1,105 1,055 50 5%
Unum Group 293 327 (34) -10%
Reinsurance Group 172 197 (25) -13%
Principal Financial 138 164 (26) -16%
Total 4 1,708 1,743 (35) -2%
Surety Insurance
Assured Guaranty Ltd 1,056 152 904 595%
MBIA 745 (356) 1,101 309%
Radian Group 190 165 25 15%
MGIC Investment (191) (78) (113) -145%
Total 4 1,800 (117) 1,917 145%
Insurance Agents&Brokers
AON 292 208 84 40%
Marsh&McLennan 198 183 15 8%
Total 2 490 391 99 25%
Insurance Conglomerate
AIG (4,358) 306 (4,664) -1524%
Insurance Other
Erie Indemnity (305) 405 (710) -175%
Total all 32 16,673 12,696 3,977 31%
From the above chart, you can see that the 8 Life Insurance Corps registered a 3Q 2011 Reported GAAP Pretax Earnings increase of an off-the-charts $11.0 bil, which is nearly triple the $4.0 bil earnings increase for all 32 Big Insurance Corps combined.
Obviously, there is something very misleading here. Thus, you need to analyze the reasons certain large Insurance Corps had such incredible earnings volatility.
Well, it takes you back again to Derivatives, which are playing such havoc on the US economy, as well as on job creation.
Here are the Derivative Gains (Losses), included in reported earnings, in just the 3Q 2011 for the 4 of these 8 Life Insurance Corps, which had large ones:
AXA Financial US.......................$6.6 bil Gain
MetLife......................................$4.2 bil Gain
AXA Eqitable Life Insurance US..$2.9 bil Gain
Sun Life Assurance US................$(.6) bil Loss
=Total Derivative Gain..............$13.1 bil Gain
Oh, that $11.0 bil Total Earnings Increase for the 8 Life Insurance Corps in the 3Q 2011 doesn't look so hot any more.
Also, Prudential Financial, another Life Insurance Corp, had a $2.5 bil Realized Investment Gain in the 3Q 2011.
And then 4 of the 8 Life Insurance Corps also fine-tuned dramatically in the current 3Q 2011 their Amortization of Deferred Policy Acquisition Costs Accounting, which is a separate line item in their Income Statements. I find the amounts of this accounting fine-tuning here just mind-boggling.
Regarding the above 12 Fire and Casualty Insurance Corps, many had their earnings hammered in the 3Q 2011 by both Hurricane Irene and Tropical Storm Lee.
Also in the Fire and Casualty Insurance Sub-Sector in the 3Q 2011, ACE Ltd had $.8 bil realized Investment Loss, Hartford Financial Services a $.6 bil realized Investment Gain, and Allstate a $.5 bil realized Investment Gain.
Further, Hartford Financial Services had $1.9 bil in Equity Securities Trading Losses in the 3Q 2011, along with some substantial fine-tuning of its Amortization of Deferred Policy Acquisition Costs.
In the troubled Surety Insurance Sub-sector, Assured Guaranty Ltd had a $1.2 bil Derivative Gain, and MBIA also had a $.7 bil Derivative Gain, both in just the 3Q 2011. Thus, the quality of Reported GAAP Total Pretax Earnings increase of $1.9 bil in the 3Q 2011 over the 3Q 2010 in the Surety Insurance Sub-sector is highly tarnished.
Also, Erie Indemnity recorded a $.4 bil realized Investment Loss in the 3Q 2011.
Now on to the really complex, troubled Insurance Conglomerate AIG. Well this one needs a lot more study, which I will do on a longer term, historical basis, when I get some more time. As a brief note for now, suffice it to say that there were 3 huge Asset Impairments recognized by AIG in the 3Q 2011, which totaled a massive $4.7 bil. You can't just keep Impairing Assets by substantial amounts, and expect the investment community to just ignore them, as one offs.
A key point with all of the above is that there is no way that more than a handful of these Big Insurance Corps should be recording such gigantic Derivative Gains and Losses, mostly Derivative Gains, in just one quarter's earnings. It's bad for the US economy, with the resultant loss in confidence in the entire Big Financial Industry, a key element to the Occupy Wall Street Movement. And just what kind of confidence does this give to the insurance policyholder?
There is either something wrong with US Generally Accepted Accounting Principles here, or with these Insurance Corps Derivative Policies and with their Amortization of Deferred Policy Acquisition Cost Policies.
The last thing we need now is a financial crisis in the Insurance Industry. I think it would be wise for the SEC, but also the US Congress, to take a closer look at just what went on here with both the huge Derivative Gain accounting and with all of these massive amounts of fine-tuning of Amortization of Deferred Policy Acquisition Costs by some of these Insurance Giants.
And since just 5 of the above Insurance Corps registered Total Derivative Gains of $15.6 bil in just the most recent 3Q 2011, the Feds should ask the question of just who suffered Derivative Losses of roughly the same amount in the 3Q 2011? Just what is with this wild speculation in Derivatives going on here? Let's at least hope that Fannie and Freddie weren't on the other losing side of this Derivative Russian Roulette.
Something clearly doesn't smell right here.
These 32 US Big Insurance Corps registered a Reported US Generally Accepted Accounting Principles (GAAP) Total Pretax Earnings in the 3Q 2011 of $16.7 bil, or up $4.0 bil, or 31% over the 3Q 2010.
But don't conclude that this is really good news. More on that later.
Below here are these 3Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
...............................................PTI(L).......PTI(L)......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
MetLife 5,306 385 4,921 1278%
AXA Financial 3,763 (609) 4,372 718%
AXA Equitable Life Ins 3,447 2,516 931 37%
Prudential Fincl 2,334 1,750 584 33%
AFLAC 1,105 1,055 50 5%
Assured Guaranty Ltd 1,056 152 904 595%
MBIA 745 (356) 1,101 309%
Sun Life Assurance US 470 (95) 565 595%
Chubb 366 784 (418) -53%
Travelers 332 1,371 (1,039) -76%
Unum Group 293 327 (34) -10%
AON 292 208 84 40%
Progressive 209 387 (178) -46%
Allstate 203 490 (287) -59%
Torchmark 199 208 (9) -4%
Marsh&McLennan 198 183 15 8%
Radian Group 190 165 25 15%
Reinsurance Group 172 197 (25) -13%
Arch Capital Grp Ltd 167 151 16 11%
Lincoln National 139 303 (164) -54%
Principal Financial 138 164 (26) -16%
ACE Ltd 134 835 (701) -84%
Cna Financial 124 (167) 291 174%
Transatlantic Hldgs 103 164 (61) -37%
WR Berkley 97 121 (24) -20%
XL Capital Group 66 126 (60) -48%
Everest Re Group Ltd 9 204 (195) -96%
ING Life Insurance (26) 127 (153) -120%
Hartford Fincl Svcs (104) 917 (1,021) -111%
MGIC Investment (191) (78) (113) -145%
Erie Indemnity (305) 405 (710) -175%
AIG (4,358) 306 (4,664) -1524%
Total all 32 16,673 12,696 3,977 31%
To make even a little bit of sense out of the above numbers, it is necessary to first break down these Insurance Corps by Insurance Sub-Sector.
Below here does this Insurance Sub-Sector breakdown for these 32 US Big Insurance Corps, and shows their 3Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
...............................................PTI(L).......PTI(L)......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Life Insurance
MetLife 5,306 385 4,921 1278%
AXA Financial 3,763 (609) 4,372 718%
AXA Equitable Life Ins 3,447 2,516 931 37%
Prudential Fincl 2,334 1,750 584 33%
Sun Life Assurance US 470 (95) 565 595%
Torchmark 199 208 (9) -4%
Lincoln National 139 303 (164) -54%
ING Life Insurance (26) 127 (153) -120%
Total 8 15,632 4,585 11,047 241%
Fire&Casualty Insurance
Chubb 366 784 (418) -53%
Travelers 332 1,371 (1,039) -76%
Progressive 209 387 (178) -46%
Allstate 203 490 (287) -59%
Arch Capital Grp Ltd 167 151 16 11%
ACE Ltd 134 835 (701) -84%
Cna Financial 124 (167) 291 174%
Transatlantic Hldgs 103 164 (61) -37%
WR Berkley 97 121 (24) -20%
XL Capital Group 66 126 (60) -48%
Everest Re Group Ltd 9 204 (195) -96%
Hartford Fincl Svcs (104) 917 (1,021) -111%
Total 12 1,706 5,383 (3,677) -68%
Accident& Health Insurance
AFLAC 1,105 1,055 50 5%
Unum Group 293 327 (34) -10%
Reinsurance Group 172 197 (25) -13%
Principal Financial 138 164 (26) -16%
Total 4 1,708 1,743 (35) -2%
Surety Insurance
Assured Guaranty Ltd 1,056 152 904 595%
MBIA 745 (356) 1,101 309%
Radian Group 190 165 25 15%
MGIC Investment (191) (78) (113) -145%
Total 4 1,800 (117) 1,917 145%
Insurance Agents&Brokers
AON 292 208 84 40%
Marsh&McLennan 198 183 15 8%
Total 2 490 391 99 25%
Insurance Conglomerate
AIG (4,358) 306 (4,664) -1524%
Insurance Other
Erie Indemnity (305) 405 (710) -175%
Total all 32 16,673 12,696 3,977 31%
From the above chart, you can see that the 8 Life Insurance Corps registered a 3Q 2011 Reported GAAP Pretax Earnings increase of an off-the-charts $11.0 bil, which is nearly triple the $4.0 bil earnings increase for all 32 Big Insurance Corps combined.
Obviously, there is something very misleading here. Thus, you need to analyze the reasons certain large Insurance Corps had such incredible earnings volatility.
Well, it takes you back again to Derivatives, which are playing such havoc on the US economy, as well as on job creation.
Here are the Derivative Gains (Losses), included in reported earnings, in just the 3Q 2011 for the 4 of these 8 Life Insurance Corps, which had large ones:
AXA Financial US.......................$6.6 bil Gain
MetLife......................................$4.2 bil Gain
AXA Eqitable Life Insurance US..$2.9 bil Gain
Sun Life Assurance US................$(.6) bil Loss
=Total Derivative Gain..............$13.1 bil Gain
Oh, that $11.0 bil Total Earnings Increase for the 8 Life Insurance Corps in the 3Q 2011 doesn't look so hot any more.
Also, Prudential Financial, another Life Insurance Corp, had a $2.5 bil Realized Investment Gain in the 3Q 2011.
And then 4 of the 8 Life Insurance Corps also fine-tuned dramatically in the current 3Q 2011 their Amortization of Deferred Policy Acquisition Costs Accounting, which is a separate line item in their Income Statements. I find the amounts of this accounting fine-tuning here just mind-boggling.
Regarding the above 12 Fire and Casualty Insurance Corps, many had their earnings hammered in the 3Q 2011 by both Hurricane Irene and Tropical Storm Lee.
Also in the Fire and Casualty Insurance Sub-Sector in the 3Q 2011, ACE Ltd had $.8 bil realized Investment Loss, Hartford Financial Services a $.6 bil realized Investment Gain, and Allstate a $.5 bil realized Investment Gain.
Further, Hartford Financial Services had $1.9 bil in Equity Securities Trading Losses in the 3Q 2011, along with some substantial fine-tuning of its Amortization of Deferred Policy Acquisition Costs.
In the troubled Surety Insurance Sub-sector, Assured Guaranty Ltd had a $1.2 bil Derivative Gain, and MBIA also had a $.7 bil Derivative Gain, both in just the 3Q 2011. Thus, the quality of Reported GAAP Total Pretax Earnings increase of $1.9 bil in the 3Q 2011 over the 3Q 2010 in the Surety Insurance Sub-sector is highly tarnished.
Also, Erie Indemnity recorded a $.4 bil realized Investment Loss in the 3Q 2011.
Now on to the really complex, troubled Insurance Conglomerate AIG. Well this one needs a lot more study, which I will do on a longer term, historical basis, when I get some more time. As a brief note for now, suffice it to say that there were 3 huge Asset Impairments recognized by AIG in the 3Q 2011, which totaled a massive $4.7 bil. You can't just keep Impairing Assets by substantial amounts, and expect the investment community to just ignore them, as one offs.
A key point with all of the above is that there is no way that more than a handful of these Big Insurance Corps should be recording such gigantic Derivative Gains and Losses, mostly Derivative Gains, in just one quarter's earnings. It's bad for the US economy, with the resultant loss in confidence in the entire Big Financial Industry, a key element to the Occupy Wall Street Movement. And just what kind of confidence does this give to the insurance policyholder?
There is either something wrong with US Generally Accepted Accounting Principles here, or with these Insurance Corps Derivative Policies and with their Amortization of Deferred Policy Acquisition Cost Policies.
The last thing we need now is a financial crisis in the Insurance Industry. I think it would be wise for the SEC, but also the US Congress, to take a closer look at just what went on here with both the huge Derivative Gain accounting and with all of these massive amounts of fine-tuning of Amortization of Deferred Policy Acquisition Costs by some of these Insurance Giants.
And since just 5 of the above Insurance Corps registered Total Derivative Gains of $15.6 bil in just the most recent 3Q 2011, the Feds should ask the question of just who suffered Derivative Losses of roughly the same amount in the 3Q 2011? Just what is with this wild speculation in Derivatives going on here? Let's at least hope that Fannie and Freddie weren't on the other losing side of this Derivative Russian Roulette.
Something clearly doesn't smell right here.
Late Addition US Big High Tech 3Q 2011: Substantial Earnings Growth Deceleration
In an earlier post I made, through October 28th, 2011, 61 US Big High Tech Corps, with Pretax Profits of at least $100 mil in any of the most recent three quarters, had reported their September 2011 Calendar 3Q Earnings.
The Total Pretax Income of these 61 US Big High Tech Corps was $49.4 bil, an increase of 13% over the 3Q 2010.
In this post, I am adding in the 14 US Big High Tech Corps, with Pretax Profits of at least $100 mil in any of the most recent three quarters, which reported their September 2011 Calendar 3Q Earnings after October 28th, 2011 and through today, November 15, 2011.
These 14 US Big High Tech Corp Late Additions generated 3Q 2011 Total Pretax Earnings Growth of 12%, very consistent with the 13% earnings growth of the 61 early earnings reporters.
Below here is the Pretax Income (PTI) of these 14 US Big High Tech Corp Late Additions in the 3Q 2011, and as compared with such one-year earlier earnings:
...............................................3Q............3Q............Increase
.............................................2011.........2010........(Decrease)
.............................................PTI..........PTI.......Amount......%
.............................................(in millions of dollars)......
Qualcomm 1,326 1,172 154 13%
Priceline 612 319 293 92%
TE Connectivity, Ltd 442 400 42 11%
Cognizant Technology 288 243 45 19%
Garmin 175 211 (36) -17%
Activision Blizzard 165 69 96 139%
Pitney Bowes(1) 146 143 3 2%
Teradata 121 106 15 14%
Verisk Analytics 117 105 12 11%
Atmel(2) 107 83 24 29%
CSC(3) 100 245 (145) -59%
Amdocs 99 105 (6) -6%
Microchip Technology 90 121 (31) -26%
Vishay Intertechnology 72 124 (52) -42%
Total 14 3,860 3,446 414 12%
(1) Pitney Bowes 2011 PTI excludes Goodwill Impairment Charge.
(2) Atmel 2011 PTI excludes Gain on Sale of Assets.
(3) CSC 2011 PTI excludes huge Goodwill Impairment Charge and US Government Claims Charge.
When I combine these 14 Late Addition US High Techs with the 61 US High Techs early earnings reporters, here is how the total earnings growth of these 75 High Tech Corps stacks up with what happened to the largest 6 Big Oil Corps?:
......................................................75................6........Negative
................................................High Tech......Big Oil......Spread
Annual 2010 over Annual 2009..+50%.........+57%..........(7)%
1Q 2011 over 1Q 2010.................+26%.........+47%.........(21)%
2Q 2011 over 2Q 2010.................+20%.........+44%.........(24)%
3Q 2011 over 3Q 2010.................+13%.........+57%.........(44)%
Clearly, this is a devastatingly negative trend for the entire US economy and US job creation.
Just the opposite should be happening where the true US job creators, like the US Technology Sector, and all US small and US medium-sized businesses, should be generating the robust earnings growth, and the "Pseudo Job Creators", like the 1% Big Oil Industry, should be returning some of its windfall profits earned over the past decade to the 99%ers.
One of the main reasons for this massive Earnings Growth Deceleration in the US High Technology Sector, as well as in many other sectors, is due to the uncertainty caused by inappropriate actions by Republicans in both the US House and the US Senate. In their consistently recalcitrant, uncompromising political strategy, they stopped cold their critical Debt Ceiling Negotiations with the Obama Administration.
And they also declared dead-on-arrival the American Jobs Act, which contains many very strong job creating initiatives.
Standard & Poors had it correct when it downgraded the US Government Debt, due mainly to an uncompromising US Congress that is clearly broken, and not willing to work in the best interests of the country.
And since the most recent approval rating of the US Congress is 9%, then my hunch is that such approval rating of the US Republicans in the US Congress must be only about 5%, since they are the main drivers of this US Congressional Action to prevent desperately needed US job creation.
As one step, the US Congressional Super-Committee should right this incredible wrong by killing the tax incentives for the Pseudo Job Creators, like Big Oil Corps, US Big Financial Corps, and US Multinational Corps overdosing on shipping jobs overseas, and properly grant job-creating tax and other incentives to the true Job Creators, like all of the small and medium-sized US businesses and like the portion of the US Technology Sector that is properly reshoring jobs back to the US.
And here's how these 75 US Big High Tech Corps total earnings growth of 13% in the 3Q 2011 stacks up with that of the 13 largest US Big Oil Corps and US Big Financial.
3Q 2011 Pretax Earnings Growth over 3Q 2010:
....75 US Big High Tech Corps................................13%
......4 US Largest Credit Card Corps.......................23%
......7 US Largest Financial Corps..........................25%
.....21 US Next Largest National/Regional Banks...38%
......6 US Largest Oil Corps....................................57%
......7 US Next Largest Oil Corps..........................107%
I don't think it is good for the US economy for its best-of-breed, envy-of-the-world US Big High Technology Sector's 3Q 2011 earnings growth to trail the earnings growth of both the US Big Oil sector and the US Big Financial sector by such a wide gap. I think this gives a good insight into why there is such a huge wealth gap between the 1%ers and the 99% rest of the country, the Occupy Movement's major beef.
The overall US economy and US job creation won't improve dramatically until this earnings growth gap between both US Big Oil and US Big Financial vs. the rest of the US business sectors, including all of small business, is substantially closed.
The Occupy Movement is spot on in their goal to rid the country of its major economic injustices, since the US Congress has repeatedly refused to act on this. The majority of the US Congress are bought and paid for by the US Big Corp Aristocracy. They should be removed from office for their devastatingly detrimental impact to the US economy, and to US job creation.
The Occupy Protesters are the true US Patriots.
The bulk of the US Big Corporations are the farthest thing from being true US Patriots. Their complete loyalty is only to their financial bottom line and to their stockholders, and they will remove any barrier in the way, despite the disastrous consequences to the country. Employees are viewed simply and coldly as a report line expense item, driving down their all-important profits on their Income Statements. It is a thoroughly disgusting, selfish, near-sighted strategy that history will look back upon with much disdain.
The Total Pretax Income of these 61 US Big High Tech Corps was $49.4 bil, an increase of 13% over the 3Q 2010.
In this post, I am adding in the 14 US Big High Tech Corps, with Pretax Profits of at least $100 mil in any of the most recent three quarters, which reported their September 2011 Calendar 3Q Earnings after October 28th, 2011 and through today, November 15, 2011.
These 14 US Big High Tech Corp Late Additions generated 3Q 2011 Total Pretax Earnings Growth of 12%, very consistent with the 13% earnings growth of the 61 early earnings reporters.
Below here is the Pretax Income (PTI) of these 14 US Big High Tech Corp Late Additions in the 3Q 2011, and as compared with such one-year earlier earnings:
...............................................3Q............3Q............Increase
.............................................2011.........2010........(Decrease)
.............................................PTI..........PTI.......Amount......%
.............................................(in millions of dollars)......
Qualcomm 1,326 1,172 154 13%
Priceline 612 319 293 92%
TE Connectivity, Ltd 442 400 42 11%
Cognizant Technology 288 243 45 19%
Garmin 175 211 (36) -17%
Activision Blizzard 165 69 96 139%
Pitney Bowes(1) 146 143 3 2%
Teradata 121 106 15 14%
Verisk Analytics 117 105 12 11%
Atmel(2) 107 83 24 29%
CSC(3) 100 245 (145) -59%
Amdocs 99 105 (6) -6%
Microchip Technology 90 121 (31) -26%
Vishay Intertechnology 72 124 (52) -42%
Total 14 3,860 3,446 414 12%
(1) Pitney Bowes 2011 PTI excludes Goodwill Impairment Charge.
(2) Atmel 2011 PTI excludes Gain on Sale of Assets.
(3) CSC 2011 PTI excludes huge Goodwill Impairment Charge and US Government Claims Charge.
When I combine these 14 Late Addition US High Techs with the 61 US High Techs early earnings reporters, here is how the total earnings growth of these 75 High Tech Corps stacks up with what happened to the largest 6 Big Oil Corps?:
......................................................75................6........Negative
................................................High Tech......Big Oil......Spread
Annual 2010 over Annual 2009..+50%.........+57%..........(7)%
1Q 2011 over 1Q 2010.................+26%.........+47%.........(21)%
2Q 2011 over 2Q 2010.................+20%.........+44%.........(24)%
3Q 2011 over 3Q 2010.................+13%.........+57%.........(44)%
Clearly, this is a devastatingly negative trend for the entire US economy and US job creation.
Just the opposite should be happening where the true US job creators, like the US Technology Sector, and all US small and US medium-sized businesses, should be generating the robust earnings growth, and the "Pseudo Job Creators", like the 1% Big Oil Industry, should be returning some of its windfall profits earned over the past decade to the 99%ers.
One of the main reasons for this massive Earnings Growth Deceleration in the US High Technology Sector, as well as in many other sectors, is due to the uncertainty caused by inappropriate actions by Republicans in both the US House and the US Senate. In their consistently recalcitrant, uncompromising political strategy, they stopped cold their critical Debt Ceiling Negotiations with the Obama Administration.
And they also declared dead-on-arrival the American Jobs Act, which contains many very strong job creating initiatives.
Standard & Poors had it correct when it downgraded the US Government Debt, due mainly to an uncompromising US Congress that is clearly broken, and not willing to work in the best interests of the country.
And since the most recent approval rating of the US Congress is 9%, then my hunch is that such approval rating of the US Republicans in the US Congress must be only about 5%, since they are the main drivers of this US Congressional Action to prevent desperately needed US job creation.
As one step, the US Congressional Super-Committee should right this incredible wrong by killing the tax incentives for the Pseudo Job Creators, like Big Oil Corps, US Big Financial Corps, and US Multinational Corps overdosing on shipping jobs overseas, and properly grant job-creating tax and other incentives to the true Job Creators, like all of the small and medium-sized US businesses and like the portion of the US Technology Sector that is properly reshoring jobs back to the US.
And here's how these 75 US Big High Tech Corps total earnings growth of 13% in the 3Q 2011 stacks up with that of the 13 largest US Big Oil Corps and US Big Financial.
3Q 2011 Pretax Earnings Growth over 3Q 2010:
....75 US Big High Tech Corps................................13%
......4 US Largest Credit Card Corps.......................23%
......7 US Largest Financial Corps..........................25%
.....21 US Next Largest National/Regional Banks...38%
......6 US Largest Oil Corps....................................57%
......7 US Next Largest Oil Corps..........................107%
I don't think it is good for the US economy for its best-of-breed, envy-of-the-world US Big High Technology Sector's 3Q 2011 earnings growth to trail the earnings growth of both the US Big Oil sector and the US Big Financial sector by such a wide gap. I think this gives a good insight into why there is such a huge wealth gap between the 1%ers and the 99% rest of the country, the Occupy Movement's major beef.
The overall US economy and US job creation won't improve dramatically until this earnings growth gap between both US Big Oil and US Big Financial vs. the rest of the US business sectors, including all of small business, is substantially closed.
The Occupy Movement is spot on in their goal to rid the country of its major economic injustices, since the US Congress has repeatedly refused to act on this. The majority of the US Congress are bought and paid for by the US Big Corp Aristocracy. They should be removed from office for their devastatingly detrimental impact to the US economy, and to US job creation.
The Occupy Protesters are the true US Patriots.
The bulk of the US Big Corporations are the farthest thing from being true US Patriots. Their complete loyalty is only to their financial bottom line and to their stockholders, and they will remove any barrier in the way, despite the disastrous consequences to the country. Employees are viewed simply and coldly as a report line expense item, driving down their all-important profits on their Income Statements. It is a thoroughly disgusting, selfish, near-sighted strategy that history will look back upon with much disdain.
Monday, November 14, 2011
US Big Conglomerate Corps 3Q 2011 Solid Earnings Growth
I found 9 Big Conglomerate Corps with Pretax Income of at least $100 mil in the most recent quarter.
Tyco, International hasn't released its September 2011 Quarterly Earnings yet, and thus wasn't included below. That leaves 8.
These 8 US Big Conglomerate Corps generated Total Pretax Income growth of 13% in the 3Q 2011, which was up from the 7% earnings growth in the 2Q 2011, but down substantially from both the 1Q 2011 earnings growth of 24% and the Annual 2010 earnings growth of a very robust 45%.
A main driver of this 13% earnings growth increase in the 3Q 2011, as compared with the 7% earnings growth in the 2Q 2011, was the very well-run Berkshire Hathaway.
Here's how the US Big Conglomerate Sector total earnings growth of 13% in the 3Q 2011 stacks up with that of US Big Oil and US Big Financial.
3Q 2011 Pretax Earnings Growth over 3Q 2010:
......8 US Big Conglomerate Corps..........................13%
......4 US Largest Credit Card Corps.......................23%
......7 US Largest Financial Corps..........................25%
.....21 US Next Largest National/Regional Banks...38%
......6 US Largest Oil Corps....................................57%
......7 US Next Largest Oil Corps..........................107%
I don't think it is good for the US economy for its very high-quality Big Conglomerate Sector's 3Q 2011 earnings growth to trail the earnings growth of both the US Big Oil sector and the US Big Financial sector by such a wide gap. I think this gives a good insight into why there is such a huge wealth gap between the 1%ers and the 99% rest of the country, the Occupy Movement's major beef.
The overall US economy and US job creation won't improve dramatically until this earnings growth gap between both US Big Oil and US Big Financial vs. the rest of the US business sectors, including all of small business, is substantially closed.
Below here are these 3Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Berkshire Hathaway(1) 5,706 4,207 1,499 36%
GE(2) 3,699 3,583 116 3%
United Technologies 2,064 1,767 297 17%
3M 1,543 1,536 7 0%
Honeywell 893 822 71 9%
Johnson Controls 669 551 118 21%
Loews(3) 439 787 (348) -44%
ITT(4) 321 293 28 10%
Total of all 8 15,334 13,546 1,788 13%
(1) Berkshire Hathaway PTI in both years exclude Derivative Losses and Investment Gains.
(2) GE 2011 PTI benefited from a $617 mil lower Provision for Losses on Financial Receivables than the amount provided in 2010.
(3) Loews 2010 PTI excludes huge Loss on Portfolio Transfer.
(4) ITT PTI in both years exclude Asbestos Charges. Its 2011 PTI also excludes Transformation Charges from planned Spin-Off.
Tyco, International hasn't released its September 2011 Quarterly Earnings yet, and thus wasn't included below. That leaves 8.
These 8 US Big Conglomerate Corps generated Total Pretax Income growth of 13% in the 3Q 2011, which was up from the 7% earnings growth in the 2Q 2011, but down substantially from both the 1Q 2011 earnings growth of 24% and the Annual 2010 earnings growth of a very robust 45%.
A main driver of this 13% earnings growth increase in the 3Q 2011, as compared with the 7% earnings growth in the 2Q 2011, was the very well-run Berkshire Hathaway.
Here's how the US Big Conglomerate Sector total earnings growth of 13% in the 3Q 2011 stacks up with that of US Big Oil and US Big Financial.
3Q 2011 Pretax Earnings Growth over 3Q 2010:
......8 US Big Conglomerate Corps..........................13%
......4 US Largest Credit Card Corps.......................23%
......7 US Largest Financial Corps..........................25%
.....21 US Next Largest National/Regional Banks...38%
......6 US Largest Oil Corps....................................57%
......7 US Next Largest Oil Corps..........................107%
I don't think it is good for the US economy for its very high-quality Big Conglomerate Sector's 3Q 2011 earnings growth to trail the earnings growth of both the US Big Oil sector and the US Big Financial sector by such a wide gap. I think this gives a good insight into why there is such a huge wealth gap between the 1%ers and the 99% rest of the country, the Occupy Movement's major beef.
The overall US economy and US job creation won't improve dramatically until this earnings growth gap between both US Big Oil and US Big Financial vs. the rest of the US business sectors, including all of small business, is substantially closed.
Below here are these 3Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Berkshire Hathaway(1) 5,706 4,207 1,499 36%
GE(2) 3,699 3,583 116 3%
United Technologies 2,064 1,767 297 17%
3M 1,543 1,536 7 0%
Honeywell 893 822 71 9%
Johnson Controls 669 551 118 21%
Loews(3) 439 787 (348) -44%
ITT(4) 321 293 28 10%
Total of all 8 15,334 13,546 1,788 13%
(1) Berkshire Hathaway PTI in both years exclude Derivative Losses and Investment Gains.
(2) GE 2011 PTI benefited from a $617 mil lower Provision for Losses on Financial Receivables than the amount provided in 2010.
(3) Loews 2010 PTI excludes huge Loss on Portfolio Transfer.
(4) ITT PTI in both years exclude Asbestos Charges. Its 2011 PTI also excludes Transformation Charges from planned Spin-Off.
US Big Leisure and Entertainment Corps 3Q 2011 Earnings Growth Still Superb, But Decelerates a Bit
I found 29 US Big Leisure and Entertainment Corps, which had Pretax Income or Loss of at least $100 mil in the most recent quarter.
My definition of Big Leisure and Entertainment Corps is probably a bit broader than that of most people.
These 29 Big Leisure and Entertainment Corps have had a superlative earnings run in the most recent 7 quarters.
These 29 Big Leisure and Entertainment Corps generated Pretax Earnings growth of a spectacular 49% in annual 2010 over 2009.
Then, this earnings growth decelerated to a still very nice 25% in the 1Q 2011.
And then in the 2Q 2011, this earnings growth goes back into the acceleration mode to a very robust 39% growth.
So, what happens in the 3Q 2011? Well, no doubt harmed by the consumer uncertainty from the bumbling of the US Congress on both the Debt Ceiling Grand Bargain talks and the American Jobs Act, the 3Q 2011 earnings growth decelerated back down to where it was in the 1Q 2010, at 25% growth.....still very nice earnings growth.
Below here are the Pretax Income (PTI) of these 29 US Big Leisure and Entertainment Corps in the 3Q 2011, along with a comparison with the prior year’s 3Q of 2010:
.....................................................3Q.........3Q............
...................................................2011......2010.....Increase...
....................................................PTI........PTI.....Amount....%
...................................................(in millions of dollars).........
Walt Disney 1,903 1,434 469 33%
Carnival(1) 1,342 1,313 29 2%
Time Warner(2) 1,253 1,036 217 21%
News Corp 1,063 1,019 44 4%
DirecTV 807 756 51 7%
Priceline.com 612 319 293 92%
CBS 574 509 65 13%
Las Vegas Sands 558 294 264 90%
Starbucks 504 413 91 22%
DISH Network(3) 498 466 32 7%
Discovery Comm 365 247 118 48%
Coach 321 285 36 13%
Expedia 271 239 32 13%
Harley Davidson 234 131 103 79%
Wynn Resorts, Ltd(4) 189 71 118 166%
Activision Blizzard 165 69 96 139%
Darden Restaurants 147 159 (12) -8%
Tiffany 131 102 29 28%
Marriott(5) 125 128 (3) -2%
Whole Foods Market 119 95 24 25%
Starwood Hotel(6) 112 62 50 81%
Intl Game Technology 99 54 45 83%
Petsmart 96 77 19 25%
Netflix 94 65 29 45%
GameStop 47 60 (13) -22%
Sothebys (58) (38) (20) -53%
MGM Resorts(7) (104) (184) 80 43%
Caesars Entertainment(8) (204) (265) 61 23%
Electronic Arts (380) (218) (162) -74%
Total all 29 10,883 8,698 2,185 25%
(1) Carnival PTI hammered by substantially higher Fuel Costs in 2011 over 2010.
(2) Time Warner 2010 PTI excludes large Loss on Debt Redemptions.
(3) DISH Network 2010 PTI excludes large Litigation Charge.
(4) Wynn Resorts, Ltd 2010 PTI excludes Loss on Debt Extinguishment.
(5) Marriott 2011 PTI excludes large Asset Impairment Charges.
(6) Starwood Hotel & Resorts PTI in both years exclude Gains and Losses on Asset Dispositions and Asset Impairments.
(7) MGM Resorts PTI in both years exclude Loss on Property Transactions.
(8) Caesars Entertainment PTI in both years exclude Asset Impairment Charges. Its 2010 PTI also excludes Gain on Debt Extinguishment.
The really curious thing is that these exceptional Big Leisure and Entertainment Corp earnings of the most recent 7 quarters has all happened mostly under the radar screen.
There is something seriously wrong with this scenario, where Big Leisure and Entertainment Corps have made out like bandits economically in the most recent 7 quarters, all on the backs of US citizen customers, most of whom are suffering economically.
It shows the dominance of Big Corps, and their lobbyists, over the common man, both working stiffs.....and those wishing to become working stiffs.
Big Corps and their lobbyists, with their awesome power, are able to convince the US Government to enact policies that are in their interests, while at the same time, they deceptively assert that these policies will trickle down and help the US economy. Pure absurdity, and also pure reckless governing by the US Government.
For instance, these Big Corps really like US Government policies such as first-year 100% tax expensing. And they even convinced the US Government that it is not necessary to put in rules that require them to hire more full-time workers in order to get this massive tax largesse, which substantially both increases their earnings and decreases their current US federal income taxes paid, but also results in a serious short-term drain to the US Treasury financial coffers.
And then these Big Corps and their lobbyists intensively push for an 85% tax free repatriation of their foreign earnings, under the disguise of saving the US economy. What pure self-serving folly.
These Big Corps say "just trust us, we know what's best for the US economy". Give me a break. The US Government, and the American people, continue to be hustled by these Big Corps and their lobbyists.
For these Big Leisure and Entertainment Corps to succeed to the maximum, they need an economic environment precisely like the present, where their employees have modest wages, where these employees are afraid to lose their jobs, and thus work extremely hard and are very loyal, and where replacement employees are readily available on the cheap.
So, under the radar screen, these Big Corps successfully convince the Republican leadership, in both the US House and the US Senate, to stop every job-creating initiative by the Obama Administration.
The Occupy Movement, and their 99% supporters, are spot on in their goal to drive economic justice. Since the US Congress has repeatedly failed to act here, it is only right for the true patriots to take to the Streets.
My definition of Big Leisure and Entertainment Corps is probably a bit broader than that of most people.
These 29 Big Leisure and Entertainment Corps have had a superlative earnings run in the most recent 7 quarters.
These 29 Big Leisure and Entertainment Corps generated Pretax Earnings growth of a spectacular 49% in annual 2010 over 2009.
Then, this earnings growth decelerated to a still very nice 25% in the 1Q 2011.
And then in the 2Q 2011, this earnings growth goes back into the acceleration mode to a very robust 39% growth.
So, what happens in the 3Q 2011? Well, no doubt harmed by the consumer uncertainty from the bumbling of the US Congress on both the Debt Ceiling Grand Bargain talks and the American Jobs Act, the 3Q 2011 earnings growth decelerated back down to where it was in the 1Q 2010, at 25% growth.....still very nice earnings growth.
Below here are the Pretax Income (PTI) of these 29 US Big Leisure and Entertainment Corps in the 3Q 2011, along with a comparison with the prior year’s 3Q of 2010:
.....................................................3Q.........3Q............
...................................................2011......2010.....Increase...
....................................................PTI........PTI.....Amount....%
...................................................(in millions of dollars).........
Walt Disney 1,903 1,434 469 33%
Carnival(1) 1,342 1,313 29 2%
Time Warner(2) 1,253 1,036 217 21%
News Corp 1,063 1,019 44 4%
DirecTV 807 756 51 7%
Priceline.com 612 319 293 92%
CBS 574 509 65 13%
Las Vegas Sands 558 294 264 90%
Starbucks 504 413 91 22%
DISH Network(3) 498 466 32 7%
Discovery Comm 365 247 118 48%
Coach 321 285 36 13%
Expedia 271 239 32 13%
Harley Davidson 234 131 103 79%
Wynn Resorts, Ltd(4) 189 71 118 166%
Activision Blizzard 165 69 96 139%
Darden Restaurants 147 159 (12) -8%
Tiffany 131 102 29 28%
Marriott(5) 125 128 (3) -2%
Whole Foods Market 119 95 24 25%
Starwood Hotel(6) 112 62 50 81%
Intl Game Technology 99 54 45 83%
Petsmart 96 77 19 25%
Netflix 94 65 29 45%
GameStop 47 60 (13) -22%
Sothebys (58) (38) (20) -53%
MGM Resorts(7) (104) (184) 80 43%
Caesars Entertainment(8) (204) (265) 61 23%
Electronic Arts (380) (218) (162) -74%
Total all 29 10,883 8,698 2,185 25%
(1) Carnival PTI hammered by substantially higher Fuel Costs in 2011 over 2010.
(2) Time Warner 2010 PTI excludes large Loss on Debt Redemptions.
(3) DISH Network 2010 PTI excludes large Litigation Charge.
(4) Wynn Resorts, Ltd 2010 PTI excludes Loss on Debt Extinguishment.
(5) Marriott 2011 PTI excludes large Asset Impairment Charges.
(6) Starwood Hotel & Resorts PTI in both years exclude Gains and Losses on Asset Dispositions and Asset Impairments.
(7) MGM Resorts PTI in both years exclude Loss on Property Transactions.
(8) Caesars Entertainment PTI in both years exclude Asset Impairment Charges. Its 2010 PTI also excludes Gain on Debt Extinguishment.
The really curious thing is that these exceptional Big Leisure and Entertainment Corp earnings of the most recent 7 quarters has all happened mostly under the radar screen.
There is something seriously wrong with this scenario, where Big Leisure and Entertainment Corps have made out like bandits economically in the most recent 7 quarters, all on the backs of US citizen customers, most of whom are suffering economically.
It shows the dominance of Big Corps, and their lobbyists, over the common man, both working stiffs.....and those wishing to become working stiffs.
Big Corps and their lobbyists, with their awesome power, are able to convince the US Government to enact policies that are in their interests, while at the same time, they deceptively assert that these policies will trickle down and help the US economy. Pure absurdity, and also pure reckless governing by the US Government.
For instance, these Big Corps really like US Government policies such as first-year 100% tax expensing. And they even convinced the US Government that it is not necessary to put in rules that require them to hire more full-time workers in order to get this massive tax largesse, which substantially both increases their earnings and decreases their current US federal income taxes paid, but also results in a serious short-term drain to the US Treasury financial coffers.
And then these Big Corps and their lobbyists intensively push for an 85% tax free repatriation of their foreign earnings, under the disguise of saving the US economy. What pure self-serving folly.
These Big Corps say "just trust us, we know what's best for the US economy". Give me a break. The US Government, and the American people, continue to be hustled by these Big Corps and their lobbyists.
For these Big Leisure and Entertainment Corps to succeed to the maximum, they need an economic environment precisely like the present, where their employees have modest wages, where these employees are afraid to lose their jobs, and thus work extremely hard and are very loyal, and where replacement employees are readily available on the cheap.
So, under the radar screen, these Big Corps successfully convince the Republican leadership, in both the US House and the US Senate, to stop every job-creating initiative by the Obama Administration.
The Occupy Movement, and their 99% supporters, are spot on in their goal to drive economic justice. Since the US Congress has repeatedly failed to act here, it is only right for the true patriots to take to the Streets.
US Big Cable, TV & Radio Corps 3Q 2011 Earnings Growth Decelerates
I found 14 US Cable, TV & Radio Corps with Pretax Income or Loss of at least $100 mil each in the most recent quarter.
These 14 US Cable, TV & Radio Corps generated Total Pretax Income growth of a very nice 17% in the most recent 3Q 2011, but a substantial deceleration from the 2Q 2011 earnings growth of a much more robust 50%.
A main driver of this earnings growth deceleration was Comcast, which had spectacular earnings growth in the 2Q 2011 of 62%.
Here's how the US Cable, TV & Radio Sector total earnings growth of 17% in the 3Q 2011 stacks up with that of US Big Oil and US Big Financial.
3Q 2011 Pretax Earnings Growth over 3Q 2010:
.....17 US Big Cable, TV & Radio Corps...................17%
......4 US Largest Credit Card Corps.......................23%
......7 US Largest Financial Corps..........................25%
.....21 US Next Largest National/Regional Banks...38%
......6 US Largest Oil Corps....................................57%
......7 US Next Largest Oil Corps..........................107%
I don't think it is good for the US economy for its very high-quality Big Cable, TV, and Radio sector's 3Q 2011 earnings growth to trail the earnings growth of both the US Big Oil sector and the US Big Financial sector by such a wide gap. I think this gives a good insight into why there is such a huge wealth gap between the 1%ers and the 99% rest of the country, the Occupy Movement's major beef.
The overall US economy and US job creation won't improve dramatically until this earnings growth gap between both US Big Oil and US Big Financial vs. the rest of the US business sectors, including all of small business, is substantially closed.
Below here are these 3Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Comcast 1,805 1,454 351 24%
News Corp 1,063 1,019 44 4%
DirecTV 807 756 51 7%
Viacom 807 724 83 11%
Time Warner Cable 597 556 41 7%
CBS 574 509 65 13%
DISH Networks(1) 498 466 32 7%
Discovery Commun 365 247 118 48%
Liberty Media(2) 172 31 141 455%
Scripps Networks Interactive 170 192 (22) -11%
Liberty Global(3) 158 103 55 53%
Sirius XM Radio 110 71 39 55%
Cablevision Systems 75 116 (41) -35%
CC Media Holdings (88) (171) 83 49%
Total all 14 7,113 6,073 1,040 17%
(1) DISH Networks 2010 PTI excludes large Litigation Charge.
(2) Liberty Media PTI in both years exclude Gains and Losses on Financial Instruments.
(3) Liberty Global PTI in both years exclude Foreign Currency Transaction Gains and Losses, Gains and Losses on Derivatives, and Gains and Losses on Changes in the Fair Market Value of its Investments and Debt.
These 14 US Cable, TV & Radio Corps generated Total Pretax Income growth of a very nice 17% in the most recent 3Q 2011, but a substantial deceleration from the 2Q 2011 earnings growth of a much more robust 50%.
A main driver of this earnings growth deceleration was Comcast, which had spectacular earnings growth in the 2Q 2011 of 62%.
Here's how the US Cable, TV & Radio Sector total earnings growth of 17% in the 3Q 2011 stacks up with that of US Big Oil and US Big Financial.
3Q 2011 Pretax Earnings Growth over 3Q 2010:
.....17 US Big Cable, TV & Radio Corps...................17%
......4 US Largest Credit Card Corps.......................23%
......7 US Largest Financial Corps..........................25%
.....21 US Next Largest National/Regional Banks...38%
......6 US Largest Oil Corps....................................57%
......7 US Next Largest Oil Corps..........................107%
I don't think it is good for the US economy for its very high-quality Big Cable, TV, and Radio sector's 3Q 2011 earnings growth to trail the earnings growth of both the US Big Oil sector and the US Big Financial sector by such a wide gap. I think this gives a good insight into why there is such a huge wealth gap between the 1%ers and the 99% rest of the country, the Occupy Movement's major beef.
The overall US economy and US job creation won't improve dramatically until this earnings growth gap between both US Big Oil and US Big Financial vs. the rest of the US business sectors, including all of small business, is substantially closed.
Below here are these 3Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Comcast 1,805 1,454 351 24%
News Corp 1,063 1,019 44 4%
DirecTV 807 756 51 7%
Viacom 807 724 83 11%
Time Warner Cable 597 556 41 7%
CBS 574 509 65 13%
DISH Networks(1) 498 466 32 7%
Discovery Commun 365 247 118 48%
Liberty Media(2) 172 31 141 455%
Scripps Networks Interactive 170 192 (22) -11%
Liberty Global(3) 158 103 55 53%
Sirius XM Radio 110 71 39 55%
Cablevision Systems 75 116 (41) -35%
CC Media Holdings (88) (171) 83 49%
Total all 14 7,113 6,073 1,040 17%
(1) DISH Networks 2010 PTI excludes large Litigation Charge.
(2) Liberty Media PTI in both years exclude Gains and Losses on Financial Instruments.
(3) Liberty Global PTI in both years exclude Foreign Currency Transaction Gains and Losses, Gains and Losses on Derivatives, and Gains and Losses on Changes in the Fair Market Value of its Investments and Debt.
US Big Telecommunication Corps 3Q 2011 Earnings Growth Accelerates Sharply
I found 11 Big Telecommunication Corps with Pretax Income of at least $100 mil in the most recent quarter.
These 11 Big Telecommunication Corps generated Total Pretax Income growth of 12% in the most recent 3Q 2011, a substantial acceleration from the 2Q 2011 earnings growth of only 1%.
A main driver of this earnings growth acceleration was AT&T. Also, Sprint Nextel losses were cut sharply in the 3Q 2011.
Below here are these 3Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
AT&T 5,585 5,043 542 11%
Verizon Comm(1) 4,427 4,064 363 9%
CenturyLink 234 372 (138) -37%
American Tower(2) 150 164 (14) -9%
Telephone&Data Systems 142 83 59 71%
Windstream(3) 131 135 (4) -3%
NII Holdings(4) 120 146 (26) -18%
US Cellular 113 70 43 61%
METROPCS 108 127 (19) -15%
Qwest Communic(5) 65 247 (182) -74%
Sprint Nextel (289) (858) 569 66%
Total all 11 10,786 9,593 1,193 12%
(1) Verizon Communications PTI in both years exclude Pension Remeasurement Losses.
(2) American Tower 2011 PTI excludes Foreign Exchange Transaction Losses.
(3) Windstream 2011 PTI excludes Loss on Debt Extinguishment.
(4) NII Holdings PTI in both years excludes Foreign Exchange Transaction Gains and Losses.
(5) Qwest Communications 2010 PTI excludes Loss on Embedded Option in Convertible Debt.
These 11 Big Telecommunication Corps generated Total Pretax Income growth of 12% in the most recent 3Q 2011, a substantial acceleration from the 2Q 2011 earnings growth of only 1%.
A main driver of this earnings growth acceleration was AT&T. Also, Sprint Nextel losses were cut sharply in the 3Q 2011.
Below here are these 3Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
AT&T 5,585 5,043 542 11%
Verizon Comm(1) 4,427 4,064 363 9%
CenturyLink 234 372 (138) -37%
American Tower(2) 150 164 (14) -9%
Telephone&Data Systems 142 83 59 71%
Windstream(3) 131 135 (4) -3%
NII Holdings(4) 120 146 (26) -18%
US Cellular 113 70 43 61%
METROPCS 108 127 (19) -15%
Qwest Communic(5) 65 247 (182) -74%
Sprint Nextel (289) (858) 569 66%
Total all 11 10,786 9,593 1,193 12%
(1) Verizon Communications PTI in both years exclude Pension Remeasurement Losses.
(2) American Tower 2011 PTI excludes Foreign Exchange Transaction Losses.
(3) Windstream 2011 PTI excludes Loss on Debt Extinguishment.
(4) NII Holdings PTI in both years excludes Foreign Exchange Transaction Gains and Losses.
(5) Qwest Communications 2010 PTI excludes Loss on Embedded Option in Convertible Debt.
US Big Auto Corps 3Q 2011 Earnings Growth: Accelerates For All But Big 2
Everyone is familiar with how the Obama Administration helped resurrect the US Auto Industry from the dead.
For the 12 Big Auto and Auto Part Corps which generated Pretax Income (PTI) of at least $100 mil each in the most recent quarter, here are their earnings results for annual 2010, and as compared with 2009.
............................................Year........Year..............
............................................2010......2009................
.............................................Core.......Core........Increase..
...........................................PTI(L)......PTI(L)......Amount....%
............................................(in millions of dollars).........
Ford Motor...................MI..8,002.....(2,115)......10,117....478%
General Motors.............MI..5,737...(25,659)......31,396....122%
Oshkosh........................WI..1,212............12.........1,200.....NM
TRW Automotive..........MI..1,041..........140............901....644%
Paccar...........................WA...660.........109.............551....506%
Borg Warner..................MI....479...........18.............461...2561%
Lear...............................MI....449........(262)............711....271%
WABCO Holdings...........NJ....223............13.............210...1615%
Visteon..........................MI....109........(256)............365....143%
Dana Holding.................OH......35........(298)............333....112%
Goodyear Tire&Rubber.OH........8........(357)............365....102%
Chrysler........................MI...(513).....(8,325)........7,812......94%
Total all 12.........................17,442....(36,980).....54,422....147%
After this near miraculous earnings recovery in 2010, the earnings base has been massively elevated. Thus, it only makes sense that 2011 earnings growth will substantially decelerate.
Thus, when these 12 Big Auto and Auto Part Corps generated Total Pretax Earnings growth of 34% in the 1Q 2011, this was really good news.
And continuing this really good news, these 12 Big Auto and Auto Part Corps generated Total Pretax Earnings growth of 32% in the 2Q 2011.
But then this earnings growth for these 12 Big Auto and Auto Part Corps decelerated to 20% in the most recent 3Q 2011.
Below here are the Pretax Income (PTI) of these 12 Big Auto and Auto Parts Corps in the 3Q 2011, along with a comparison with the prior year’s 3Q of 2010:
................................................3Q.........3Q.......Increase...
..............................................2011......2010....(Decrease)...
...............................................PTI......PTI(L)...Amount....%
..............................................(in millions of dollars).........
Ford Motor 1,846 1,887 (41) -2%
General Motors 1,822 1,847 (25) -1%
Paccar 395 177 218 123%
Goodyear Tire&Rubber 305 42 263 626%
Chrysler 259 (45) 304 676%
TRW Automotive 204 236 (32) -14%
Borg Warner 193 116 77 66%
Lear 139 104 35 34%
WABCO Holdings 96 58 38 66%
Visteon 85 (104) 189 182%
Dana Holding 75 42 33 79%
Oshkosh 57 187 (130) -70%
Total all 12 5,476 4,547 929 20%
Total all but Big 2 1,808 813 995 122%
While the Big 2, Ford Motor and GM, had slightly down earnings in the most recent 3Q 2011, look at the other 10. Their Total Pretax Earnings more than doubled, up 122%, in the 3Q 2011, an acceleration from 95% growth in the 2Q 2011, and from 44% in the 1Q 2011.
Still, there is absolutely no way it is good for the US economy, and US job creation, for the the earnings growth in the Auto Industry in the 3Q 2011 to trail by so much that of the Big Oil Industry, as you can see below:
3Q 2011 Pretax Earnings Growth over 3Q 2010:
.....12 US Big Auto and Auto Part Corps.................20%
......6 US Largest Oil Corps....................................57%
......7 US Next Largest Oil Corps..........................107%
For the 12 Big Auto and Auto Part Corps which generated Pretax Income (PTI) of at least $100 mil each in the most recent quarter, here are their earnings results for annual 2010, and as compared with 2009.
............................................Year........Year..............
............................................2010......2009................
.............................................Core.......Core........Increase..
...........................................PTI(L)......PTI(L)......Amount....%
............................................(in millions of dollars).........
Ford Motor...................MI..8,002.....(2,115)......10,117....478%
General Motors.............MI..5,737...(25,659)......31,396....122%
Oshkosh........................WI..1,212............12.........1,200.....NM
TRW Automotive..........MI..1,041..........140............901....644%
Paccar...........................WA...660.........109.............551....506%
Borg Warner..................MI....479...........18.............461...2561%
Lear...............................MI....449........(262)............711....271%
WABCO Holdings...........NJ....223............13.............210...1615%
Visteon..........................MI....109........(256)............365....143%
Dana Holding.................OH......35........(298)............333....112%
Goodyear Tire&Rubber.OH........8........(357)............365....102%
Chrysler........................MI...(513).....(8,325)........7,812......94%
Total all 12.........................17,442....(36,980).....54,422....147%
After this near miraculous earnings recovery in 2010, the earnings base has been massively elevated. Thus, it only makes sense that 2011 earnings growth will substantially decelerate.
Thus, when these 12 Big Auto and Auto Part Corps generated Total Pretax Earnings growth of 34% in the 1Q 2011, this was really good news.
And continuing this really good news, these 12 Big Auto and Auto Part Corps generated Total Pretax Earnings growth of 32% in the 2Q 2011.
But then this earnings growth for these 12 Big Auto and Auto Part Corps decelerated to 20% in the most recent 3Q 2011.
Below here are the Pretax Income (PTI) of these 12 Big Auto and Auto Parts Corps in the 3Q 2011, along with a comparison with the prior year’s 3Q of 2010:
................................................3Q.........3Q.......Increase...
..............................................2011......2010....(Decrease)...
...............................................PTI......PTI(L)...Amount....%
..............................................(in millions of dollars).........
Ford Motor 1,846 1,887 (41) -2%
General Motors 1,822 1,847 (25) -1%
Paccar 395 177 218 123%
Goodyear Tire&Rubber 305 42 263 626%
Chrysler 259 (45) 304 676%
TRW Automotive 204 236 (32) -14%
Borg Warner 193 116 77 66%
Lear 139 104 35 34%
WABCO Holdings 96 58 38 66%
Visteon 85 (104) 189 182%
Dana Holding 75 42 33 79%
Oshkosh 57 187 (130) -70%
Total all 12 5,476 4,547 929 20%
Total all but Big 2 1,808 813 995 122%
While the Big 2, Ford Motor and GM, had slightly down earnings in the most recent 3Q 2011, look at the other 10. Their Total Pretax Earnings more than doubled, up 122%, in the 3Q 2011, an acceleration from 95% growth in the 2Q 2011, and from 44% in the 1Q 2011.
Still, there is absolutely no way it is good for the US economy, and US job creation, for the the earnings growth in the Auto Industry in the 3Q 2011 to trail by so much that of the Big Oil Industry, as you can see below:
3Q 2011 Pretax Earnings Growth over 3Q 2010:
.....12 US Big Auto and Auto Part Corps.................20%
......6 US Largest Oil Corps....................................57%
......7 US Next Largest Oil Corps..........................107%
Friday, November 11, 2011
US Big Home Product Corps 3Q 2011 Sharp Earnings Growth Downturn
I found 10 Big Home Product Corps with Pretax Income of at least $100 mil in the most recent quarter.
These 10 Big Home Product Corps generated a Total Pretax Income decline of 4% in the 3Q 2011, a sharp downturn from the 15% earnings growth in the 2Q 2011.
Here's how the US Big Home Product Sector total earnings decline of 4% in the 3Q 2011 stacks up with US Big Oil and US Big Financial.
3Q 2011 Pretax Earnings Growth (Decline) over 3Q 2010:
.....10 US Big Home Product Corps........................(4)%
......4 US Largest Credit Card Corps.......................23%
......7 US Largest Financial Corps..........................25%
.....21 US Next Largest National/Regional Banks...38%
......6 US Largest Oil Corps....................................57%
......7 US Next Largest Oil Corps..........................107%
I don't think it is good for the US economy for its high-quality Big Home Product sector's 3Q 2011 earnings decline to trail the earnings growth of both the US Big Oil sector and the US Big Financial sector by such an incredibly wide gap. I think this gives a good insight into why there is such a huge wealth gap between the 1%ers and the 99% rest of the country, the Occupy Movement's major beef.
The overall US economy and US job creation won't improve dramatically until this earnings growth gap between both US Big Oil and US Big Financial vs. the rest of the US business sectors, including all of small business, is substantially closed.
Below here are these 3Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Household and Personal Products
Household and Personal Products
Procter & Gamble 4,095 4,282 (187) -4%
Colgate Palmolive(1) 818 945 (127) -13%
Kimberly Clark 597 644 (47) -7%
Avon Products 241 236 5 2%
Clorox 187 202 (15) -7%
Church & Dwight 126 106 20 19%
Total HH and PPS 6,064 6,415 (351) -5%
Home Equipment and Furnishings
Stanley Black&Decker 189 168 21 13%
Newell Rubbermaid(2) 163 148 15 10%
Beam(3) 153 127 26 20%
Jarden 141 101 40 40%
Total Home Equip&Furn 646 544 102 19%
Total all 10 6,710 6,959 (249) -4%
(1) Colgate Palmolive 2011 PTI excludes Gain on Sale of Business.
(2) Newell Rubbermaid 2011 PTI excludes Intangible Asset Impairment Charge. Its 2010 PTI excludes Loss on Debt Extinguishment.
(3) Beam 2011 PTI excludes both Business Separation Costs and Loss on Debt Extinguishment.
These 10 Big Home Product Corps generated a Total Pretax Income decline of 4% in the 3Q 2011, a sharp downturn from the 15% earnings growth in the 2Q 2011.
Here's how the US Big Home Product Sector total earnings decline of 4% in the 3Q 2011 stacks up with US Big Oil and US Big Financial.
3Q 2011 Pretax Earnings Growth (Decline) over 3Q 2010:
.....10 US Big Home Product Corps........................(4)%
......4 US Largest Credit Card Corps.......................23%
......7 US Largest Financial Corps..........................25%
.....21 US Next Largest National/Regional Banks...38%
......6 US Largest Oil Corps....................................57%
......7 US Next Largest Oil Corps..........................107%
I don't think it is good for the US economy for its high-quality Big Home Product sector's 3Q 2011 earnings decline to trail the earnings growth of both the US Big Oil sector and the US Big Financial sector by such an incredibly wide gap. I think this gives a good insight into why there is such a huge wealth gap between the 1%ers and the 99% rest of the country, the Occupy Movement's major beef.
The overall US economy and US job creation won't improve dramatically until this earnings growth gap between both US Big Oil and US Big Financial vs. the rest of the US business sectors, including all of small business, is substantially closed.
Below here are these 3Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Household and Personal Products
Household and Personal Products
Procter & Gamble 4,095 4,282 (187) -4%
Colgate Palmolive(1) 818 945 (127) -13%
Kimberly Clark 597 644 (47) -7%
Avon Products 241 236 5 2%
Clorox 187 202 (15) -7%
Church & Dwight 126 106 20 19%
Total HH and PPS 6,064 6,415 (351) -5%
Home Equipment and Furnishings
Stanley Black&Decker 189 168 21 13%
Newell Rubbermaid(2) 163 148 15 10%
Beam(3) 153 127 26 20%
Jarden 141 101 40 40%
Total Home Equip&Furn 646 544 102 19%
Total all 10 6,710 6,959 (249) -4%
(1) Colgate Palmolive 2011 PTI excludes Gain on Sale of Business.
(2) Newell Rubbermaid 2011 PTI excludes Intangible Asset Impairment Charge. Its 2010 PTI excludes Loss on Debt Extinguishment.
(3) Beam 2011 PTI excludes both Business Separation Costs and Loss on Debt Extinguishment.
US Big Tobacco Corps 3Q 2011 Earnings Growth Continues at a Smokin' Pace
I found 4 Big Tobacco Corps with Pretax Income of at least $100 mil in the most recent quarter.
These 4 Big Tobacco Corps generated Total Pretax Income growth of a very robust 17% in the 3Q 2011, driven by exceptional earnings growth overseas by Phillip Morris International (PM).
Below here are these 3Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Phillip Morris Intl 3,485 2,622 863 33%
Altria Group 1,793 1,683 110 7%
Reynolds American 581 618 (37) -6%
Lorillard 421 437 (16) -4%
Total all 4 6,280 5,360 920 17%
These 4 Big Tobacco Corps generated Total Pretax Income growth of a very robust 17% in the 3Q 2011, driven by exceptional earnings growth overseas by Phillip Morris International (PM).
Below here are these 3Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Phillip Morris Intl 3,485 2,622 863 33%
Altria Group 1,793 1,683 110 7%
Reynolds American 581 618 (37) -6%
Lorillard 421 437 (16) -4%
Total all 4 6,280 5,360 920 17%
US Big Food Corps 3Q 2011 Earnings: Sharp Earnings Growth Downturn
I found 16 Big Food Corps with Pretax Earnings (PTI) or Pretax Losses above $100 mil each in the most recent quarter, which have released their 3Q 2011 earnings so far.
These 16 Big Food Corps had a Total Pretax Earnings decline of 1% in the 3Q 2011, a sharp reversal from the very strong 25% earnings growth in the 2Q 2011.
Four of the 16 Big Food Corps bucked the trend and generated very strong earnings growth in the 3Q 2011: Kraft Foods, Archer Daniels Midland, Corn Products International, and Mead Johnson Nutrition, all with their Corporate HQs in Illinois, although the latter has its Operational HQs in Evansville, Ind.
Here's how the US Big Food Sector total earnings decline of 1% in the 3Q 2011 stacks up with US Big Oil and US Big Financial.
3Q 2011 Pretax Earnings Growth (Decline) over 3Q 2010:
.....16 US Big Food Corps......................................(1)%
......4 US Largest Credit Card Corps.......................23%
......7 US Largest Financial Corps..........................25%
.....21 US Next Largest National/Regional Banks...38%
......6 US Largest Oil Corps....................................57%
......7 US Next Largest Oil Corps..........................107%
I don't think it is good for the US economy for its high-quality Big Food sector's 3Q 2011 earnings decline to trail the earnings growth of both the US Big Oil sector and the US Big Financial sector by such an incredibly wide gap. I think this gives a good insight into why there is such a huge wealth gap between the 1%ers and the 99% rest of the country, the Occupy Movement's major beef.
The overall US economy and US job creation won't improve dramatically until this earnings growth gap between both US Big Oil and US Big Financial vs. the rest of the US business sectors, including all of small business, is substantially closed.
Below here are these 3Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Big 2 Food
PepsiCo 2,697 2,659 38 1%
Kraft Foods 1,273 1,086 187 17%
Total Big 2 Food 3,970 3,745 225 6%
Rest of Big Food
Archer Daniels Midland 660 462 198 43%
General Mills 554 670 (116) -17%
Kellogg 397 480 (83) -17%
HJ Heinz 306 333 (27) -8%
Hershey 298 277 21 8%
Bunge, Ltd(1) 258 308 (50) -16%
Mead Johnson Nutrition 189 154 35 23%
JM Smucker 167 150 17 11%
Campbell Soup 143 161 (18) -11%
Hormel Foods 141 134 7 5%
Corn Products Intl 130 58 72 124%
Smithfield Foods 124 109 15 14%
ConAgra Foods 123 204 (81) -40%
Pilgrims Pride (163) 89 (252) -283%
Rest of Big Food 3,327 3,589 (262) -7%
Total all 16 7,297 7,334 (37) -1%
(1) Bunge, Ltd both years' PTI excludes Foreign Exchange Losses and Gains. Its 2010 PTI also excludes Loss on Debt Extinguishment.
These 16 Big Food Corps had a Total Pretax Earnings decline of 1% in the 3Q 2011, a sharp reversal from the very strong 25% earnings growth in the 2Q 2011.
Four of the 16 Big Food Corps bucked the trend and generated very strong earnings growth in the 3Q 2011: Kraft Foods, Archer Daniels Midland, Corn Products International, and Mead Johnson Nutrition, all with their Corporate HQs in Illinois, although the latter has its Operational HQs in Evansville, Ind.
Here's how the US Big Food Sector total earnings decline of 1% in the 3Q 2011 stacks up with US Big Oil and US Big Financial.
3Q 2011 Pretax Earnings Growth (Decline) over 3Q 2010:
.....16 US Big Food Corps......................................(1)%
......4 US Largest Credit Card Corps.......................23%
......7 US Largest Financial Corps..........................25%
.....21 US Next Largest National/Regional Banks...38%
......6 US Largest Oil Corps....................................57%
......7 US Next Largest Oil Corps..........................107%
I don't think it is good for the US economy for its high-quality Big Food sector's 3Q 2011 earnings decline to trail the earnings growth of both the US Big Oil sector and the US Big Financial sector by such an incredibly wide gap. I think this gives a good insight into why there is such a huge wealth gap between the 1%ers and the 99% rest of the country, the Occupy Movement's major beef.
The overall US economy and US job creation won't improve dramatically until this earnings growth gap between both US Big Oil and US Big Financial vs. the rest of the US business sectors, including all of small business, is substantially closed.
Below here are these 3Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Big 2 Food
PepsiCo 2,697 2,659 38 1%
Kraft Foods 1,273 1,086 187 17%
Total Big 2 Food 3,970 3,745 225 6%
Rest of Big Food
Archer Daniels Midland 660 462 198 43%
General Mills 554 670 (116) -17%
Kellogg 397 480 (83) -17%
HJ Heinz 306 333 (27) -8%
Hershey 298 277 21 8%
Bunge, Ltd(1) 258 308 (50) -16%
Mead Johnson Nutrition 189 154 35 23%
JM Smucker 167 150 17 11%
Campbell Soup 143 161 (18) -11%
Hormel Foods 141 134 7 5%
Corn Products Intl 130 58 72 124%
Smithfield Foods 124 109 15 14%
ConAgra Foods 123 204 (81) -40%
Pilgrims Pride (163) 89 (252) -283%
Rest of Big Food 3,327 3,589 (262) -7%
Total all 16 7,297 7,334 (37) -1%
(1) Bunge, Ltd both years' PTI excludes Foreign Exchange Losses and Gains. Its 2010 PTI also excludes Loss on Debt Extinguishment.
US Big Beverage Corps 3Q 2011 Earnings Growth Decelerates
I found 7 Big Beverage Corps with Pretax Income of at least $100 mil in the most recent quarter.
These 7 Big Beverage Corps generated Total Pretax Income growth of 7% in the current 3Q 2011, a deceleration from the 12% earnings growth generated in the 2Q 2011.
Here's how the US Big Beverage Sector earnings growth of 7% in the 3Q 2011 stacks up with US Big Oil and US Big Financial.
3Q 2011 Pretax Earnings Growth over 3Q 2010:
......7 US Big Beverage Corps..................................7%
......4 US Largest Credit Card Corps.......................23%
......7 US Largest Financial Corps..........................25%
.....21 US Next Largest National/Regional Banks...38%
......6 US Largest Oil Corps....................................57%
......7 US Next Largest Oil Corps..........................107%
I don't think it is good for the US economy for its high-quality Beverage sector's 3Q 2011 earnings growth to trail that of both the US Big Oil sector and the US Big Financial sector by such an incredibly wide gap. I think this gives a good insight into why there is such a huge wealth gap between the 1%ers and the 99% rest of the country, the Occupy Movement's major beef.
The overall US economy and US job creation won't improve dramatically until this earnings growth gap between both US Big Oil and US Big Financial vs. the rest of the US business sectors, including all of small business, is substantially closed.
Below here are these 3Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Coca Cola 2,923 2,700 223 8%
Coca Cola Enterprises 306 224 82 37%
Dr Pepper Snapple 236 231 5 2%
Brown Forman 179 167 12 7%
Constellation Brands 167 149 18 12%
Hansen Natural 131 107 24 22%
MolsonCoors Brewing 225 319 (94) -29%
Total all 7 4,167 3,897 270 7%
These 7 Big Beverage Corps generated Total Pretax Income growth of 7% in the current 3Q 2011, a deceleration from the 12% earnings growth generated in the 2Q 2011.
Here's how the US Big Beverage Sector earnings growth of 7% in the 3Q 2011 stacks up with US Big Oil and US Big Financial.
3Q 2011 Pretax Earnings Growth over 3Q 2010:
......7 US Big Beverage Corps..................................7%
......4 US Largest Credit Card Corps.......................23%
......7 US Largest Financial Corps..........................25%
.....21 US Next Largest National/Regional Banks...38%
......6 US Largest Oil Corps....................................57%
......7 US Next Largest Oil Corps..........................107%
I don't think it is good for the US economy for its high-quality Beverage sector's 3Q 2011 earnings growth to trail that of both the US Big Oil sector and the US Big Financial sector by such an incredibly wide gap. I think this gives a good insight into why there is such a huge wealth gap between the 1%ers and the 99% rest of the country, the Occupy Movement's major beef.
The overall US economy and US job creation won't improve dramatically until this earnings growth gap between both US Big Oil and US Big Financial vs. the rest of the US business sectors, including all of small business, is substantially closed.
Below here are these 3Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Coca Cola 2,923 2,700 223 8%
Coca Cola Enterprises 306 224 82 37%
Dr Pepper Snapple 236 231 5 2%
Brown Forman 179 167 12 7%
Constellation Brands 167 149 18 12%
Hansen Natural 131 107 24 22%
MolsonCoors Brewing 225 319 (94) -29%
Total all 7 4,167 3,897 270 7%
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