Massachusetts Corporate 2011 Annual Earnings Up Robustly Under Obama

I found 53 Corporations, headquartered in Massachusetts, which file with the SEC, and which had Pretax Income or Pretax Loss of more than $100 mil in any of the most recent three years.

I am excluding any Massachusetts Corps which have significant losses for many years and ones in the development stage.

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, Acquired In Process Research and Development Charges, and Special Litigation Charges and Gains.

These 53 Massachusetts Corporations had Total Pretax Income in 2011 of $26.6 bil, a robust increase of 18% over 2010, and an even more robust increase of 47% over 2009.

These earnings increases are particularly robust when you factor in the fact that because of the very high quality of these Massachusetts Corps, their earnings held up very well in 2009, unlike those in so many other states.  In fact, the Total Pretax Income in 2009 of the nine Massachusetts Corps, generating more than $1 bil of Pretax Income in any of these years, declined by only a modest 2% from that in 2008.

But to really understand what is going on with the Corporations in Massachusetts, it is wise to break out separately how the Technology, Health Care, and Advanced Manufacturing Sectors are performing. 

How did they do?  Well, the 2011 Total Pretax Income of these 30 companies in these three Sectors increased by a superb 27% over 2010, and by an even more superb 97% over 2009.

I think that Massachusetts’ outstanding higher education and research environment has energized its companies in these three Sectors.  I also think that many other US States, as well as those in the US Congress, can learn from studying Massachusetts’ economic success here.

Below here is the Pretax Income (PTI) and Pretax Loss (PTL) of the 30 Massachusetts Corps in these three Sectors, so critical to the country’s future economic success.

					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
Massachusetts
Technology
EMC	3,249	2,608	1,375	25%	136%
Thermo Fisher Scientific	1,127	1,106	880	2%	28%
Analog Devices	1,061	902	297	18%	257%
Akamai Technologies	307	262	237	17%	30%
Skyworks Solutions	294	195	70	51%	320%
TripAdvisor	272	224	167	21%	63%
IPG Photonics	175	79	8	122%	2088%
Hittite Microwave	122	119	70	3%	74%
Sapient	111	68	44	63%	152%
ParametricTechnology	105	82	17	28%	518%
LTX-Credence	60	18	(137)	233%	144%
Aspen Technology	(44)	(101)	54	56%	-181%
Total all 12	6,839	5,562	3,082	23%	122%
Health Care
Covidien Ltd	2,216	1,926	1,807	15%	23%
Biogen IDEC	1,711	1,475	1,333	16%	28%
Boston Scientifc	630	465	714	35%	-12%
Waters Corp	509	438	387	16%	32%
Cubist Pharmaceuticals	197	154	120	28%	64%
Momenta Pharmaceuticals	180	37	(64)	386%	381%
Hologic	172	165	190	4%	-9%
Bruker	146	150	129	-3%	13%
Charles River Labs	133	92	152	45%	-13%
Haemonetics	110	97	85	13%	29%
PerkinElmer	64	166	100	-61%	-36%
Vertex Pharmaceuticals	60	(755)	(642)	108%	109%
Total all 12	6,128	4,410	4,311	39%	42%
Manufacturing
Teradyne	219	389	(144)	-44%	252%
Sensata Technologies	195	125	(71)	56%	375%
MKS Instruments	186	196	(27)	-5%	789%
Entegris	128	101	(60)	27%	313%
Watts Water Technologies	101	95	72	6%	40%
Brooks Automation	83	56	(119)	48%	170%
Total all 6	912	962	(349)	-5%	361%
Total all 30	13,879	10,934	7,044	27%	97%

Massachusetts citizens should be extremely proud of the operating performance in the
most recent two years of their superb Massachusetts Corporations.

Clearly, the Obama Administration has created an economic environment in the past two years that has permitted these Massachusetts Corporations to flat out flourish. 

And below here is the Pretax Income (PTI) and Pretax Loss (PTL) of all of these 48 Massachusetts Corps for each of the most recent three years, with the most recent fiscal year ends ranging from March 2011 to January 2012.

					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
Massachusetts
EMC	3,249	2,608	1,375	25%	136%
Raytheon	2,690	2,827	2,930	-5%	-8%
State Street Corp	2,536	2,086	2,525	22%	0%
TJX	2,411	2,164	1,952	11%	24%
Covidien Ltd	2,216	1,926	1,807	15%	23%
Biogen IDEC	1,711	1,475	1,333	16%	28%
Staples	1,459	1,357	1,156	8%	26%
Thermo Fisher Scientific	1,127	1,106	880	2%	28%
Analog Devices	1,061	902	297	18%	257%
American Tower	638	556	421	15%	52%
Boston Scientifc	630	465	714	35%	-12%
Waters Corp	509	438	387	16%	32%
Affiliated Managers	453	379	246	20%	84%
Iron Mountain	400	420	345	-5%	16%
Eaton Vance	384	327	207	17%	86%
Boston Properties	314	278	263	13%	19%
Akamai Technologies	307	262	237	17%	30%
Skyworks Solutions	294	195	70	51%	320%
LPL Investment	283	(51)	73	655%	288%
TripAdvisor	272	224	167	21%	63%
Teradyne	219	389	(144)	-44%	252%
Hospitality Properties	208	193	148	8%	41%
Cabot Corp	203	166	(99)	22%	305%
Cubist Pharmaceuticals	197	154	120	28%	64%
Sensata Technologies	195	125	(71)	56%	375%
MKS Instruments	186	196	(27)	-5%	789%
Clean Harbors	185	184	61	1%	203%
Momenta Pharmaceuticals	180	37	(64)	386%	381%
IPG Photonics	175	79	8	122%	2088%
Hologic	172	165	190	4%	-9%
Bruker	146	150	129	-3%	13%
Senior Housing Properties	145	129	129	12%	12%
Charles River Labs	133	92	152	45%	-13%
Entegris	128	101	(60)	27%	313%
Hittite Microwave	122	119	70	3%	74%
Dunkin Brands	121	81	74	49%	64%
Unifirst	121	123	126	-2%	-4%
Sapient	111	68	44	63%	152%
Haemonetics	110	97	85	13%	29%
ParametricTechnology	105	82	17	28%	518%
Watts Water Technologies	101	95	72	6%	40%
OneBeacon Insurance	83	139	508	-40%	-84%
Brooks Automation	83	56	(119)	48%	170%
PerkinElmer	64	166	100	-61%	-36%
LTX-Credence	60	18	(137)	233%	144%
Vertex Pharmaceuticals	60	(755)	(642)	108%	109%
Hanover Insurance Group	22	211	271	-90%	-92%
Aspen Technology	(44)	(101)	54	56%	-181%
Total all 48	26,535	22,503	18,380	18%	44%

Late Additions
Medical Information Technology	192	170	127	13%	51%
First Marblehead	(219)	(216)	(551)	-1%	60%
CYS Investments	292	22	64	1227%	356%
Talbot's	(104)	39	(29)	-367%	-259%
American Superconductor	(110)	(17)	37	-547%	-397%
Grand Total all 53	26,586	22,501	18,028	18%	47%