These nine corps had their Total Pretax Income in 2011 increase by an off-the-charts 111% over 2010, and by an even more off-the-charts 580% over 2009.
The main driver of these very strong earnings growth was the remarkable turnaround at Regions Financial. Alabama should thank the Obama Administration and Fed Chairman Ben Bernanke for their help here.
In deriving Pretax Income, I start with Pretax Income under Generally Accepted Accounting Principles (GAAP), and then exclude several clearly unusual very large items relative to Pretax Income, such as Intangible Asset Impairments and Gains and Losses on Debt Retirements.
Below here is the Pretax Income (PTI) and Pretax Loss (PTL) of these nine Alabama Corps for each of the most recent three years.
| Obama | |||||
| Bump | |||||
| PTI(L) | PTI(L) | ||||
| 1 Year | 2 Year | ||||
| PTI(L) | PTI(L) | PTI(L) | % | % | |
| 2011 | 2010 | 2009 | Change | Change | |
| mils $s | mils $s | mils $s | |||
| Alabama | |||||
| Protective Life | 507 | 389 | 417 | 30% | 22% |
| Proassurance | 415 | 333 | 319 | 25% | 30% |
| Regions Fincl | 414 | (844) | (1,268) | 149% | 133% |
| Energen | 405 | 458 | 400 | -12% | 1% |
| Healthsouth | 282 | 190 | 145 | 48% | 94% |
| Adtran | 206 | 168 | 108 | 23% | 91% |
| Infinity Prop&Cas | 54 | 129 | 111 | -58% | -51% |
| Vulcan Materials | (248) | (211) | (46) | -18% | -439% |
| Walter Energy | 480 | 578 | 184 | -17% | 161% |
| Total all 9 | 2,515 | 1,190 | 370 | 111% | 580% |
