In addition to the many US Big Manufacturing Corps which I included in many separate Sector posts I made earlier, I found 24 additional US Big Broad-based Manufacturers, which generated Pretax Income of at least $100 mil in the most recent 4Q 2011 or in the 4Q 2010.
These 24 US Big Broad-based Manufacturers Corps generated Total Pretax Income growth in the 4Q 2011 of a robust 21%, but this was a drop in the bucket as compared with the much higher earnings growth of these same Corps in the previous 7 quarters.
It is pretty clear that the Obama Administration has created a US economic environment that permitted the profits of these US Big Broad-based Manufacturing Corps to flourish in the most recent two years. The 100% tax expensing of equipment purchases has been particularly helpful here.
Below here are these 4Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
................................................................................Increase
..............................................PTI(L)......PTI(L).......(Decrease)
.................................................4Q...........4Q..................
...............................................2011........2010......Amount....%
.................................................(millions of dollars)
Farm & Construction Equipment
Caterpillar..............................1,978.......1,232.........746.....61%
Deere......................................1,057.........750........307.....41%
Joy Global.................................286..........222...........64.....29%
Dover........................................269..........234...........35.....15%
AGCO.........................................175..........127..........48.....38%
CNH Global NV..........................173............22..........151...686%
Total all 6...............................3,938.......2,587.......1,351.....52%
Electronic/Electric Equipment
Emerson Electric(1)...................553..........713.......(160)...-22%
Rockwell Automation................243..........187..........56.....30%
Cooper Industries......................188..........167..........21.....13%
Amphenol..................................156..........182.........(26)...-14%
Hubbell(2).................................102............83..........19.....23%
Molex..........................................97..........112.........(15)...-13%
Total all 6................................1,339.......1,444.......(105)....-7%
Industrial Machinery
Illinois Tool Works.....................601..........441........160.....36%
Eaton.........................................390..........293..........97.....33%
Gardner Denver..........................106...........76..........30.....39%
Veeco Instruments.......................33..........109........(76)...-70%
Total all 4.................................1,130..........919.........211.....23%
Packaging and Containers
Rock-Tenn..................................124...........79...........45.....57%
Ball Corp.....................................118..........133..........(15)...-11%
Total all 2...................................242..........212...........30.....14%
Metals
Parker Hannifin..........................339..........306...........33......11%
Nucor.........................................224...........(11)........235.. 2136%
Timken.......................................160..........100...........60......60%
AK Steel(3)..................................(51)........(100)..........49......49%
Alcoa........................................(239)..........348.......(587)..-169%
US Steel.....................................(263)........(208)........(55)....-26%
Total all 6...................................170...........435.......(265)....-61%
Industrial Instruments
Danaher.....................................742...........566.........176......31%
Office Equipment and Furniture
Pitney Bowes(4).........................106...........128..........(22)....-17%
Paints
PPG Industries...........................284...........291...........(7)......-2%
Pumps and Pumbing Equipment
Flowserve..................................180...........153...........27.......18%
Xylem(5)....................................105...........111...........(6).......-5%
Total all 2...................................285...........264...........21........8%
Engines & Turbines
Cummins(6)..............................705...........530.........175.......33%
Motors & Generators
Ametek.....................................147............115...........32.......28%
Miscellaneous Manufacturing
Snap-On....................................111..............83...........28.......34%
Total all 32 Broad-based
.....Manufacturers..................9,199........7,574.......1,625.......21%
(1) Emerson Electric 2011 PTI was negatively impacted by Thailand Floods.
(2) Hubbell 2010 PTI excludes Loss on Debt Extinguishment.
(3) AK Steel 2011 PTL excludes Pension Corridor Charge. Its 2010 PTI excludes Plant Shutdown Costs.
(4) Pitney Bowes 2011 PTI excludes Goodwill Impairment Charge.
(5) Xylem 2011 PTI excludes Separation Costs.
(6) Cummins 2011 PTI excludes Gain on Sale of Business.
