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 Asset Impairments and Gains and Losses on Debt Retirements.
These 19 Arizona Corps had their Total Pretax Income in 2011 increase by 4% over 2010, and by a very robust 68% over 2009.
Freeport McMoran Copper & Gold dominates the corporate landscape in Arizona. It generated precisely half of the Total Pretax Income in 2011 of all 19 of these Arizona Corps.
Freeport McMoran generated a Pretax Income increase of 46% in annual 2010 over 2009. Then, it even surpassed that with a Pretax Income increase of 74% in the first half of 2011 over the first half of 2010.
Then, early in the third quarter 2011, Freeport McMoran had substantial labor disruptions at its huge Indonesian operations.
A second strike at its Indonesian operations started in October 2011, and even resulted in severe pipeline damage.
The end result was Freeport McMoran experiencing a Pretax Income decline of 37% in the second half of 2011, as compared with the second half of 2010.
Thus, the huge, highly profitable Freeport McMoran had only a 4% Pretax Income increase in annual 2011 over 2010, thereby substantially softening what would have been a robust Total Pretax Income increase of all 19 Arizona corporations in annual 2011 over 2010.
On the upside, Southern Copper had spectacular back-to-back $1 bil increases in Pretax Income in each of the most recent two years.
On the downside, US Airways had a $412 mil Pretax Income decline in annual 2011 as compared with 2010, but it was all more than due to $1 billion of higher aircraft fuel costs.
Also on the downside, First Solar’s $423 mil Pretax Income drop in annual 2011 was due in part to an 11% decline in its Gross Profit as a percentage of its Net Sales.
Clearly from an overall perspective, the Obama Administration has created an economic environment in the past two years that has permitted these just superb Arizona Corporations to thrive.
Below here is the Arizona Headquarters for each of these 19 Arizona Corps.
| Arizona Corp | Arizona HQs |
| Freeport McMoran | Phoenix |
| Southern Copper | Phoenix |
| Apollo Group | Phoenix |
| Republic Services | Phoenix |
| Avnet | Phoenix |
| Microchip Technology | Chandler |
| Petsmart | Phoenix |
| First Solar | Tempe |
| Medicis Pharmaceutical | Scottsdale |
| Swift Transport | Phoenix |
| Insight Enterprises | Tempe |
| ON Semiconductor | Phoenix |
| Amkor Technology | Chandler |
| Knight Transport | Phoenix |
| US Airways | Tempe |
| Meritage Home | Scottsdale |
| RSC Holdings | Scottsdale |
| Late Additions | |
| Western Alliance Bancorp | Phoenix |
| IMH Financial | Scottsdale |
And below here is the Pretax Income (PTI) and Pretax Loss (PTL) of these 19 Arizona 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 | |||
| Freeport McMoran | 8,818 | 8,512 | 5,816 | 4% | 52% |
| Southern Copper | 3,449 | 2,431 | 1,404 | 42% | 146% |
| Apollo Group | 1,174 | 1,364 | 1,148 | -14% | 2% |
| Republic Services | 1,117 | 1,038 | 865 | 8% | 29% |
| Avnet | 871 | 585 | 316 | 49% | 176% |
| Microchip Technology | 380 | 461 | 238 | -18% | 60% |
| Petsmart | 446 | 370 | 309 | 21% | 44% |
| First Solar | 339 | 762 | 686 | -56% | -51% |
| Medicis Pharma | 200 | 249 | 166 | -20% | 20% |
| Swift Transport | 149 | (74) | (109) | 301% | 237% |
| Insight Enterprises | 142 | 115 | 42 | 23% | 238% |
| ON Semiconductor | 124 | 306 | 71 | -59% | 75% |
| Amkor Technolgy | 116 | 251 | 112 | -54% | 4% |
| Knight Transport | 101 | 98 | 84 | 3% | 20% |
| US Airways | 90 | 502 | (243) | -82% | 137% |
| Meritage Home | (20) | 2 | (155) | -1100% | 87% |
| RSC Holdings | (14) | (117) | (111) | 88% | 87% |
| Total all 17 | 17,482 | 16,855 | 10,639 | 4% | 64% |
| Late Additions | |||||
| IMH Financial Corp | (35) | (117) | (74) | 70% | 53% |
| Western Alliance Bancorp | 50 | 11 | (135) | 355% | 137% |
| Grand Total all 19 | 17,497 | 16,749 | 10,430 | 4% | 68% |
