In a recent post, I found 245 US Big Corps, which have fiscal year ends from February through November, and which have released their 2011 annual earnings.
For Corps HQed in the Big 2 US States (Texas and New York), where the bulk of the extremely profitable Big Oil and Big Financial Corps are HQed, I am defining US Big Corps as ones which have Annual Pretax Income or Pretax Loss of $200 mil or more in any of the most recent three fiscal year ends.
For Corps in all of the other 48 US States, I am defining US Big Corps as ones which have Annual Pretax Income or Pretax Loss of $100 mil or more in any of the most recent three fiscal years.
How did these 245 US Big Corps do?
Well, spectacular. The Total Pretax Income growth was 66% for the two years from 2009 to 2011, which translates to a Total After-tax EPS Growth in the range of 75% to 80%.
How fair were these US Big Corps in sharing this incredibly robust earnings largesse by adding jobs in this same two-year period?
Well frankly, just horrible.
From a review of SEC annual filings, below here are the 102 of these 245 US Big Corps which had Pretax Income or Loss of more than $500 mil in any of the most recent three years.
Below here are these 102 US Big Corps, and the number of worldwide employees they had, at the end of each of the most recent four fiscal year ends (FYEs).
............................................Worldwide Number of Employees
............................................At the end of each Fiscal Year End
........................................2011........2010.........2009........2008
Hewlett Packard...........349,600...324,600...304,000...321,000
Accenture....................236,000...204,000..177,000...186,000
Best Buy.......................180,000...180,000...155,000...150,000
Walgreens....................176,000...177,000...166,000...163,000
Flextronics..................176,000...165,000...160,000...162,000
Johnson Controls.........162,000...137,000...130,000...140,000
Disney..........................156,000...149,000...144,000...150,000
Starbucks.....................149,000...137,000...142,000...176,000
Supervalu.....................142,000...160,000...178,000...192,000
Emerson Electric(1)......133,200...127,700...129,000...140,700
Procter&Gamble...........129,000...127,000...132,000...135,000
Tyson Foods.................115,000...115,000....117,000...107,000
Oracle(2)......................108,000...105,000...115,000....119,133
Tyco Intl......................102,000...108,000...106,000...113,000
FedEx............................95,000.....93,000.....93,000.....94,700
TE Connectivity.............95,000.....89,000.....78,000.....96,000
Costco...........................92,000.....82,000.....79,000.....75,000
CSC................................91,000.....94,000.....92,000.....89,000
Microsoft......................90,000.....89,000.....93,000.....91,000
Cisco Systems................71,825.....70,700.....65,500.....66,129
Western Digital..............65,431......62,500.....45,991......50,072
Autozone......................65,000.....63,000.....60,000.....57,000
Deere............................61,300......55,700.....51,300.....56,700
Apple............................60,400.....46,600.....34,300.....32,000
Parker Hannifin.............58,400.....54,800......51,639.....61,722
Apollo Group................55,535......56,146......52,385.....44,372
Seagate Technology......52,700.....52,600.....47,000.....54,000
Rite Aid........................51,408......54,600......57,680.....60,912
ADP..............................51,000.....47,000.....45,000.....47,000
NewsCorp(3).................51,000.....51,000.....55,000.....64,000
WholeFoodsMkt............48,200.....45,300.....43,000.....46,800
Smithfield Foods...........46,350.....48,000.....52,400......58,100
Sysco...........................46,000.....46,000.....47,000.....50,000
Jacobs Eng...................45,700.....38,500.....38,900.....43,700
Medtronic....................45,000.....43,000.....41,000.....40,000
BedBath&Beyond.........45,000.....41,000.....37,000.....39,000
Covidien Ltd................41,300......41,500.....41,800......41,700
Nike.............................38,000.....34,400.....34,300......32,500
McKesson....................36,400.....32,500.....32,500......32,900
General Mills...............35,000.....33,000.....30,000......29,500
HJ Heinz......................34,800.....29,600.....32,400......32,500
Estee Lauder................32,300.....31,200.....31,300......32,000
Cardinal Health(4).......31,900.....31,200.....46,500......47,600
FamilyDollarStrs.........31,000.....30,000....27,000......25,000
ArcherDanMidland......30,700....29,300.....28,200......27,600
Becton Dickinson.........29,369.....28,803......29,116......28,277
Micron Technology.....26,100.....25,900.....18,200......22,800
Polo Ralph Lauren.......24,000.....19,900....17,000......15,000
ConAgra Foods............23,200.....24,400....25,600......25,000
Qualcomm...................21,200.....17,500.....16,100......15,400
Sara Lee......................21,000.....33,400.....41,000......44,000
Rockwell Automation..21,000.....19,000.....19,000......21,000
Monsanto....................20,600.....21,400.....22,900......21,700
Rockwell Collins..........20,500.....20,000.....19,300......20,300
Hormel Foods..............19,500.....19,300.....18,600......19,100
Air Prods&Chems.........18,900.....18,300.....18,900......21,100
Agilent Technology......18,700.....18,500.....16,800......19,600
Symantec.....................18,600.....17,400.....17,400.....17,600
PrecisCastParts............18,300.....18,100.....20,300......21,400
Avnet..........................17,600.....14,200.....12,900......12,800
Campbell Foods...........17,500.....18,400.....18,700......19,400
Harris Corp..................16,900.....15,800.....15,400......16,500
CarMax.........................15,565.....13,439.....13,035......15,637
Coach...........................15,000....13,000.....12,000......12,000
Joy Global....................14,500.....11,900.....11,300.......11,800
CA................................13,400.....13,800.....13,200.....13,700
Oshkosh.......................13,100.....12,400.....12,300......14,000
Applied Matls...............13,000.....13,000....12,619.......14,824
Paychex.......................12,400.....12,200.....12,500......12,200
Viacom........................10,580.....11,200......11,500.....10,800
DiscoverFinclSvcs........10,300.....10,500....11,900......12,800
NetApp........................10,212........8,333.......7,976.......7,645
Carnival.......................10,200.....10,600.....10,700.....10,900
Darden Rests................10,000.....10,000......9,200.......9,600
CHS................................9,562........8,812.......8,802.......8,099
AmeriSourceBerg..........9,400........9,100.......9,100.......9,700
Maxim Integr................9,370........9,200.......8,765.......9,810
Analog Devices..............9,200........8,500......8,300.......9,000
Adobe Systems..............9,117.........8,660......7,335.......6,959
Helmerich&Payne..........8,707........7,475......5,371.......7,356
FranklinResources.........8,500.......7,900......7,700.......8,800
Clorox...........................8,100........8,300......8,300.......8,300
Intuit............................8,000.......7,700......7,800.......8,200
H&R Block.....................7,900.......7,700......8,300.......9,700
Mosaic..........................7,700........7,500.....7,500.......7,400
Electronic Arts.............7,600........7,800......9,100.......9,000
Visa..............................7,500........6,800......5,700.......5,765
BMC Software................6,200.......6,100......5,800........5,800
Varian Med Syst............5,700.......5,300......5,100........4,900
Forest Labs...................5,600........5,200......5,225........5,211
KLA Tencor...................5,500.......5,000......4,900.......6,000
TD Ameritrade..............5,451........5,240.......5,196........4,660
Linear Technology........4,505.......4,191........3,821........4,173
JM Smucker..................4,500.......4,850.......4,700.......3,250
ConstelltnBrnds............4,300.....6,000........6,600........8,200
Lam Research...............3,700.......3,232.......2,711........3,800
Brown Forman.............3,700.......3,700.......3,800........4,135
Legg Mason..................3,395........3,550.......3,890........4,220
ToyotaMotorCredit......3,170........3,250.......3,300.......3,200
Xilinx...........................3,099........2,948.......3,145........3,415
DR Horton....................3,010........3,214.......2,926.......3,800
Hovnanian Enterpr......1,500........1,629.......1,750........2,816
Total all 102........4,683,661..4,491,972..4,369,478..4,555,892
Total Annual % Change
.....2010 to 2011.....+4%
.....2009 to 2010....+3%
.....2008 to 2009.....(4)%
Two-Year % Change(2009 to 2011)....+7%
Three-Year % Change(2008 to 2011)..+3%
(1) Emerson Electric's above number of employees are the average for the year.
(2) Oracle's above number of employees in 2009 and 2008 also include those of Sun Microsystems, which they acquired in 2010.
(3) NewsCorp's above number of employees are its full-time employees only for each of the most recent three years (2009 through 2011), but included both its full-time and part-time employees in 2008.
(4) Cardinal Health's above number of employees include those of CareFusion in both 2008 and 2009, which it spun off in 2010.
Below here compares the Earnings Growth with the Worldwide Number of Employees Growth of these 102 US Big Corps in the most recent two years.
...........................................................Worldwide.....Magnitude of
.............................Pretax Income..# of Employees..1% (Trounce)
.............................2009 to 2011......2009 to 2011.....of the 99%
................................% Change............% Change.......2009 to 2011
Agilent Technology...14643%.................11%..............-14632%
Tyson Foods................6218%.................-2%...............-6219%
Oshkosh......................3375%..................7%...............-3368%
DiscoverFinclSvcs.......1433%................-13%...............-1447%
TE Connectivity...........1424%.................22%...............-1402%
Johnson Controls........1120%.................25%...............-1095%
KLA Tencor...................812%.................12%.................-800%
Maxim Integrated.........670%..................7%..................-663%
Applied Materials..........589%..................3%.................-586%
Lam Research...............580%.................36%.................-544%
CarMax.........................532%.................19%..................-513%
NetApp.........................480%.................28%.................-452%
Flextronics...................442%.................10%.................-432%
Toyota Motor Credit.....385%.................-4%..................-389%
Smithfield Foods...........266%.................-12%................-278%
Analog Devices.............257%..................11%.................-246%
Constellation Brands.....185%................-35%.................-220%
Starbucks......................223%...................5%.................-218%
Rockwell Automation....217%..................11%................-206%
Seagate Technology.......217%..................12%................-205%
Estee Lauder..................199%...................3%.................-196%
Deere.............................215%..................19%.................-196%
Avnet.............................176%..................36%.................-139%
Legg Mason....................119%.................-13%.................-132%
CHS................................128%....................9%.................-119%
Whole Foods Market......120%..................12%..................-108%
Apple.............................183%..................76%................-107%
Tyco Intl........................102%..................-4%.................-106%
NewsCorp.........................93%..................-7%.................-101%
DR Horton......................102%...................3%...................-99%
Air Products&Chems........98%...................0%...................-98%
Micron Technology........139%..................43%...................-96%
Parker Hannifin..............107%..................13%...................-94%
Franklin Resources.........104%..................10%...................-93%
Hovnanian Enterprises.....73%.................-14%...................-87%
JM Smucker......................81%..................-4%....................-85%
Linear Technology............96%..................18%...................-78%
Xilinx................................68%..................-1%...................-70%
Bed Bath & Beyond............89%..................22%...................-68%
Sara Lee...........................17%.................-49%...................-66%
Cardinal Health.................31%.................-31%...................-62%
Electronic Arts.................43%.................-16%...................-59%
Oracle...............................46%...................-6%...................-52%
Emerson Electric..............48%....................3%...................-45%
Microsoft.........................42%...................-3%...................-45%
Intuit...............................48%....................3%...................-45%
ConAgra Foods................35%...................-9%...................-44%
FedEx..............................44%....................2%...................-42%
Viacom............................34%...................-8%...................-42%
Rite Aid...........................29%..................-11%...................-40%
Qualcomm.......................66%...................32%...................-35%
AmeriSource Bergen........37%....................3%...................-34%
Disney.............................42%....................8%....................-34%
Brown Forman.................32%...................-3%....................-34%
Hormel Foods..................36%....................5%....................-31%
Forest Labs......................38%....................7%....................-31%
Covidien Ltd....................23%...................-1%....................-24%
Adobe Systems................47%...................24%...................-23%
Costco.............................38%...................16%...................-22%
Family Dollar Stores........37%..................15%....................-22%
BMC Software..................28%....................7%....................-21%
Autozone.........................28%....................8%....................-20%
Clorox.............................16%...................-2%.....................-18%
Darden Restaurants.........26%....................9%.....................-18%
Walgreens.......................22%....................6%.....................-16%
Campbell Foods................8%...................-6%.....................-15%
CA...................................15%....................2%.....................-14%
Western Digital................56%...................42%....................-13%
Mosaic............................16%....................3%.....................-13%
Medtronic.......................22%...................10%....................-12%
ArcherDanMidland..........21%....................9%.....................-12%
Varian Medical Systems..24%...................12%.....................-12%
Carnival............................6%...................-5%.....................-11%
Nike................................21%...................11%.....................-10%
Visa................................41%....................32%....................-10%
Harris Corp.....................19%...................10%.....................-9%
General Mills...................25%...................17%.....................-8%
Becton Dickinson..............9%....................1%......................-8%
Procter & Gamble..............5%...................-2%.....................-8%
Coach.............................32%...................25%.....................-7%
McKesson.......................19%...................12%.....................-7%
Precision CastParts..........-4%..................-10%.....................-6%
Sysco................................3%...................-2%......................-5%
CSC...................................2%...................-1%......................-3%
Joy Global.......................31%...................28%.....................-3%
Hewlett Packard...............16%..................15%.....................-1%
Polo Ralph Lauren...........40%..................41%.......................1%
Accenture.......................31%...................33%.....................2%
Paychex...........................-2%...................-1%......................2%
HJ Heinz...........................4%....................7%......................3%
Apollo Group....................2%....................6%......................4%
Best Buy..........................11%...................16%......................5%
Rockwell Collins................0%....................6%......................7%
Cisco Systems...................2%...................10%......................8%
Monsanto......................-19%..................-10%......................9%
TD Ameritrade................-4%.....................5%......................9%
ADP.................................2%....................13%....................12%
H&R Block.....................-19%...................-5%.....................14%
Symantec......................-16%....................7%.....................23%
Supervalu.....................-53%.................-20%.....................33%
Jacobs Engineering.......-17%..................17%.....................35%
Helmerich & Payne.........15%..................62%.....................47%
Total all 102................64%...................7%...................-57%
Yeah, the Worldwide Total Pretax Income in 2011 of these 102 US Big Corps increased by a massive 64%, and markedly even higher on a Total EPS Growth basis, in the most recent two years, far surpassing the 7% worldwide employee growth of these 102 US Big Corps in the same two years. This gives a good indication of one key reason as to why there is so much protesting in the Streets by 99%ers around the world, and to why it will continue in 2012, and even in a much more explosive manner. This also shows why US Big Corps, along with their CEOs and CFOs, are viewed so unfavorably around the globe.
But it gets even much worse, when viewed domestically.
Of these 102 US Big Corps, 38 of them either disclosed their Number of US jobs separately, or have an overwhelming portion of their operations in the US. Thus for the latter predominantly US Big Corps, I used the worldwide Number of Jobs in the below chart.
I have excluded Oracle below since it made a huge acquisition of Sun Microsystems in FYE 2010, but there was no disclosure of the US employee additions due to this acquisition. I also excluded Cardinal Health below since it spun off CareFusion in 2010, but there was no disclosure of the US employee reductions due to this spinoff.
These 38 US Big Corps had almost precisely the same Number of Jobs at the end of each of the most recent 3 years. And these 38 US Big Corps slashed a total of 72,611 in the most recent 3 years from 2008 to 2011.
Below here are these 38 US Big Corps, and the number of US employees they had, at the end of each of the most recent four fiscal year ends (FYEs).
...................................................US Number of Employees
............................................At the end of each Fiscal Year End
........................................2011........2010.........2009........2008
Walgreens....................176,000...177,000...166,000....163,000
Supervalu....................142,000...160,000...178,000....192,000 Starbucks....................112,000...107,000....111,000....143,000
Tyson Foods..................97,000....97,000...100,000.....99,000
Autozone.......................61,500....60,000.....57,000.....54,400
Microsoft.......................54,000....54,000.....56,000.....55,000
Rite Aid..........................51,408....54,600.....57,680......60,912
Whole Foods Market......48,200....45,300.....43,000......46,800
Bed Bath & Beyond........45,000....41,000.....37,000......39,000
Tyco Intl.......................39,000....41,000.....38,000......42,000
Cisco Systems................37,300....38,350.....37,050......37,429
Family Dollar Stores.......31,000....30,000....27,000.....25,000
Parker Hannifin..............27,460....25,900....23,722.......29,802
ConAgra Foods...............23,200....24,400....25,600......25,000
Polo Ralph Lauren..........16,000....13,000....12,000......11,700
CarMax..........................15,565.....13,439.....13,035.......15,637
Harris Corp....................14,872.....14,378.....14,168.......14,685
Paychex.........................12,400.....12,200....12,500......12,200
Becton Dickinson............12,041....12,262.....12,698........12,649
Micron Technology........10,600.....10,000.....9,300.......12,300
Discover Fincl Svcs........10,300.....10,500....11,900.......12,800
Darden Restaurants........10,000....10,000.....9,200.........9,600
CHS..................................9,562........8,812.....8,802.........8,099
AmeriSource Bergen........9,400........9,100.....9,100.........9,700
Symantec.........................8,556........8,178.....8,352..........9,328
Rockwell Automation.......8,000.......8,000.....8,300.........9,800
H&R Block........................7,900.......7,700.....8,300.........9,700
Helmerich & Payne...........7,677.......6,383......4,237.........6,184
Joy Global........................7,218.......5,600......5,300.........5,700
Air Prods & Chems...........7,200.......7,300......7,500.........9,500
CA...................................7,000.......7,500......7,100.........7,300
TD Ameritrade.................5,451........5,240......5,196..........4,660
Varian Medical System.....3,500.......3,100......3,300.........3,000
Toyota Motor Credit.........3,170.......3,250......3,300.........3,200
Electronic Arts.................3,100.......3,200......4,000.........3,900
DR Horton........................3,010.......3,214......2,926..........3,800
Constellation Brands........2,800.......2,800......2,900.........3,900
Hovnanian Enterprises.....1,500.......1,629......1,750..........2,816
Total all 38................1,141,890..1,142,335..1,142,216..1,214,501
Total Annual % Change
.....2010 to 2011.....+0%
.....2009 to 2010....+0%%
.....2008 to 2009.....(6)%
Two-Year % Change(2009 to 2011)....+0%
Three-Year % Change(2008 to 2011)..(6)%
Yeah, even when these 38 US Big Corps were reporting explosive earnings growth in the most recent two years, their Total US number of employees remained precisely flat. Where's the economic fairness and sense of decency? This is a main reason you see the Occupy Movement in the US being so strong in the fourth quarter of 2011, and also why it will be even substantially more explosive in 2012.
When I review all of the above numbers, all that I can conclude is that unbridled, unregulated capitalism just doesn't work. Capitalism does work if you have a widespread cadre of Corporate Leaders with a sense of decency and fairness to everyone, not just to their stockholders. But with so many of the US Big Corp CEOs and CFOs having such a narrow intense focus on achieving awesome power and self-interest greed, coupled with their widespread lack of character, you get severe job depression and very low employee wages, which is precisely where the country is now.
The US Government's role is to put in the wise regulations and legislation that makes capitalism work for everyone, not just for the US Big Corps and their 1% beneficiaries.
The US Congress is not doing this, and so many of them need to be replaced.....nearly all of the Republicans, and even a handful of the Democrats.
The Obama Administration continually tries to do this, but is always stopped cold in its tracks by the Republicans in the US House and US Senate, who are the Serfs of the US Big Corps and their 1% beneficiaries.
That is why it would be so devastating to the country if Mitt Romney, the personification of the 1%, is our next President. If you think the 1% has all of the economic benefits and power now, Romney would see to it that this awesome power and economic benefits bestowed on the US Big Corps and their 1% beneficiaries by the US Government will be taken to a completely different level. And I think the ultimate result could well be a revolution of the oppressed against the 1%.
Much more to come!
