The Giant that dominates the Maryland Corporate landscape is very well run US Defense Contractor Lockheed Martin, which generated $3.6 bil of Pretax Income in 2011, which was down 4% from 2010, and down 13% from 2009.
I do think that it is really good to see that the excessive profits in large US Defense Contractors like Lockheed Martin are now being removed. It shows that the US Government has had a keen eye on reducing this US government spending since the Obama Administration has taken over. This was a massive switch in emphasis, since during the last seven years of the Bush/Cheney Administration, the Total Pretax Earnings of all major US Defense Contractors nearly tripled, which added much to the US Deficit.
The 23 remaining Maryland Corps, led by the exceptionally well run financial investment advising firm T Rowe Price and REIT American Capital Agency, generated Total Pretax Income in 2011 of $6.3 bil, for a very robust 28% increase over 2010, and an off-the-charts 141% increase over 2009.
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, Gains and Losses on both Debt Retirements and Asset Dispositions, and Special Litigation Charges and Gains.
Clearly, the Obama Administration has created an economic environment in the past two years that has permitted these Maryland Corporations to flat out flourish.
And the visionary Maryland Governor Martin O’Malley has significantly helped the operating performance of these Maryland companies.
Further, Maryland is blessed with a superb cadre of members in both the US Senate and the US House. These exceptionally well qualified members in the US Congress are led by relentless Barb Mikulski in the US Senate and by visionary, smooth-talking Chris Van Hollen in the US House. All of these Maryland members, including US Senator Ben Cardin, and US House members Steny Hoyer, Elijah Cummings, Donna Edwards, John Sarbanes and Dutch Ruppersberger, have made a major impact in fostering the outstanding operating performance of these Maryland companies.
| 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 | |||
| Maryland | |||||
| The Dominant US Defense Contractor | |||||
| Lockheed Martin | 3,631 | 3,778 | 4,182 | -4% | -13% |
| The Rest | |||||
| T Rowe Price | 1,251 | 1,070 | 689 | 17% | 82% |
| Coventry Health Care | 699 | 965 | 505 | -28% | 38% |
| Marriott | 680 | 551 | 334 | 23% | 104% |
| McCormick | 491 | 463 | 417 | 6% | 18% |
| WR Grace | 384 | 240 | 59 | 60% | 551% |
| Legg Mason | 303 | 365 | 330 | -17% | 119% |
| United Therapeutics | 299 | 155 | 19 | 93% | 1474% |
| Cinemark Holdings | 219 | 208 | 174 | 5% | 26% |
| MICROS Systems | 210 | 168 | 147 | 25% | 43% |
| Magellan Health Services | 195 | 222 | 164 | -12% | 19% |
| Joseph A Bank | 159 | 142 | 117 | 12% | 36% |
| Choice Hotels | 158 | 158 | 151 | 0% | 5% |
| Under Armour | 157 | 109 | 82 | 44% | 91% |
| FTI Consulting | 153 | 138 | 222 | 11% | -31% |
| Federal Realty Trust | 132 | 126 | 117 | 5% | 13% |
| Sinclair Broadcast | 121 | 116 | 62 | 4% | 95% |
| Catalyst Health Solutions | 107 | 130 | 105 | -18% | 2% |
| CapitalSource | 104 | (161) | (734) | 165% | 114% |
| Host Hotels & Resorts | (13) | (159) | (236) | 92% | 94% |
| Ciena | (188) | (332) | (126) | 43% | -49% |
| Total all 20 Rest | 5,621 | 4,674 | 2,598 | 20% | 116% |
| Late Additions | |||||
| American Capital Agency | 777 | 289 | 119 | 169% | 553% |
| Municipal Mortgage & Equity LLC | (24) | (70) | (145) | 66% | 83% |
| USEC | (112) | (17) | 23 | -559% | -587% |
| Grand Total all 23 Rest | 6,262 | 4,876 | 2,595 | 28% | 141% |
