These 18 Wisconsin Corps had their Total Pretax Earnings in 2011 increase by 15% over 2010, and their Total Pretax Income in 2010 increase by an off-the-charts 274% over 2009.
This distinction between 2011 earnings growth and the 2010 earnings growth is particularly significant since there was a major change in political party control between the two years.
In 2010, Wisconsin's Governor was a Democrat and its State Senate and State Legislature were both in Democratic control.
On the other hand, in 2011, Wisconsin's Governor was a Republican and its State Senate and State Legislature were both in Republican control.
Nationally in 2010, the US House was under Democratic control. But in 2011, the US House was under Republican control.
Wisconsin's Democratic members of the US House numbered five out of a total of 8 in 2010 and only three in 2011.
And nationally, the Democrats held a larger majority in the US Senate in 2010 than they did in 2011.
Wisconsin's Democratic US Senators numbered two in 2010 and only one in 2011.
Let me first show below here the Wisconsin headquarters location and the Sector of each of these 18 Largest Wisconsin Corporations.
| Wisconsin Corporation | Wisconsin HQs | Sector |
| Johnson Controls | Milwaukee | Building Efficiency, Automotive and Power Solutions |
| Kohls | Menomonee Falls | Retail: Department Stores |
| Joy Global | Milwaukee | Mining Machinery |
| Rockwell Automation | Milwaukee | Manufacturing: Measuring and Controlling Devices |
| Fiserv | Brookfield | Computer Processing and Data Preparation |
| Harley Davidson | Milwaukee | Manufacturing: Motorcycles |
| Manpower | Milwaukee | Employment Services |
| Oshkosh | Oshkosh | Manufacturing: Motor Vehicles |
| Snap-On | Kenosha | Manufacturing: Tools |
| Bemis | Neenah | Manufacturing: Packaging Products |
| Regal Beloit | Beloit | Manufacturing: Motors and Generators |
| Associated Banc | Green Bay | Banking |
| Sensient Technologies | Milwaukee | Chemicals |
| AO Smith | Milwaukee | Manufacturing: Water Heaters and Boilers |
| Actuant | Menomonee Falls | Manufacturing: Machinery and Equipment |
| Brady | Milwaukee | Manufacturing: Miscellaneous |
| Spectrum Brands | Madison | Manufacturing: Elecrtrical Machinery and Equipment |
| MGIC Investment | Milwaukee | Surety Insurance |
And now let me show the Pretax Income (PTI) or Pretax Loss of each of these 18 Largest Wisconsin Corps in the most recent three years, along with their earnings growth in both of the two most recent years.
| Republican | Democratic | ||||
| State | State | ||||
| Control | Control | ||||
| PTI(L) | PTI(L) | ||||
| % | % | ||||
| Change | Change | ||||
| Total | Total | Total | 2011 | 2010 | |
| PTI(L) | PTI(L) | PTI(L) | vs | vs | |
| 2011 | 2010 | 2009 | 2010 | 2009 | |
| mils $s | mils $s | mils $s | |||
| Larger Wisconsin Corps | |||||
| Johnson Controls | 2,111 | 1,763 | (207) | 20% | 952% |
| Kohls | 1,859 | 1,788 | 1,558 | 4% | 15% |
| Joy Global | 896 | 679 | 683 | 32% | -1% |
| Rockwell Automation | 868 | 544 | 274 | 60% | 99% |
| Fiserv | 814 | 793 | 734 | 3% | 8% |
| Harley Davidson | 793 | 475 | 207 | 67% | 129% |
| Manpower | 480 | 264 | 38 | 82% | 595% |
| Oshkosh | 417 | 1,212 | 12 | -66% | 10000% |
| Snap-On | 413 | 277 | 205 | 49% | 35% |
| Bemis | 292 | 327 | 240 | -11% | 36% |
| Regal Beloit | 226 | 221 | 138 | 2% | 60% |
| Associated Banc-Corp | 183 | (41) | (285) | 546% | 86% |
| Sensient Technologies | 171 | 154 | 123 | 11% | 25% |
| AO Smith | 162 | 109 | 92 | 49% | 18% |
| Actuant | 159 | 89 | 58 | 79% | 53% |
| Brady | 144 | 109 | 97 | 32% | 12% |
| Spectrum Brands | 49 | (121) | 15 | 140% | -907% |
| MGIC Investment | (484) | (359) | (1,765) | -35% | 80% |
| Total all 18 | 9,553 | 8,283 | 2,217 | 15% | 274% |
Because there was such an incredible difference in earnings growth under Democratic State control (+274%) and under Republican State control (+15%), I decided to check out smaller Wisconsin Corps, which file with the SEC, in order to see if this same pattern holds.
Thus, I found 15 Wisconsin Corps filing with SEC, which had Pretax Income or Pretax Loss of more than $40 mil in any of the most recent three years, and which weren't included in the 18 largest Wisconsin Corps. Thus, these 15 Smaller Wisconsin Corps also did not have Pretax Income or Pretax Loss of more than $100 mil in any of the most recent three years.
Now logically, the variation in the annual earnings growth between 2011 and 2010 of these 15 Smaller Wisconsin Corps will not be nearly as large as that of the 18 Largest Wisconsin Corps. This is because the earnings variation for these Smaller Wisconsin Corps is limited to a range of $40 mil and $100 mil Pretax Income or Pretax Loss in each of the most recent three years.
On the other hand, there is no upside Pretax Income limit for the 18 Largest Wisconsin Corps. For instance, Johnson Controls went from a $207 mil loss in 2009 to a $1,763 mil profit in 2010, thereby substantially impacting the overall earnings growth in 2010 of the 18 Largest Wisconsin Corps.
Now for the results of these 15 Smaller Wisconsin Corps.
The Total Pretax Income of these 15 Smaller Wisconsin Corps actually decreased by 1% in 2011 as compared with 2010. And such Total Pretax Income in 2010 increased by a very robust 57% over 2009.
This earnings growth pattern divergence of the 15 Smaller Wisconsin Corps was consistent with the earnings growth pattern divergence of the 18 Largest Wisconsin Corps.
Thus clearly, Wisconsin Corps of all sizes performed substantially better in 2010 under Democratic State control than in 2011 under Republican State control.
In deriving Pretax Income for these 15 Smaller Wisconsin Corps, 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 both Debt Retirements and Asset Dispositions.
First, here is the Wisconsin HQs and the SEC Standard Industrial Classification for each of these 15 Smaller Wisconsin Corps:
| Wisconsin Smaller Corp | Wisconsin HQs | SEC Standard Industrial Classification |
| Badger Meter | Milwaukee | Totalizing Fluid Meters & Counting Devices |
| Briggs & Stratton | Wauwatosa | Engines & Turbines |
| CIB Marine Bancshares | Waukesha | State Commercial Banks |
| Generac Holdings | Waukesha | Motors & Generators |
| Journal Communications | Milwaukee | Newspapers |
| Manitowoc | Manitowoc | Construction Machinery & Equipment |
| Marten Transport | Mondovi | Trucking |
| Modine Manufacturing | Racine | Motor Vehicle Parts & Accessories |
| National Presto Industries | Eau Claire | Ordnance & Accessories |
| Plexus Corp | Neenah | Printed Circuit Boards |
| Quad/Graphics | Sussex | Commercial Printing |
| RBS Global | Milwaukee | General Industrial Machinery & Equipment |
| Roadrunner Transportation | Cudahy | Arrangement of Transportation of Freight & Cargo |
| Roundy's Supermarkets | Milwaukee | Wholesale: Groceries |
| School Specialty | Greenville | Wholesale: Durable Goods |
And below here is the Pretax Income (PTI) or Pretax Loss of each of these 15 Smaller Wisconsin Corps in the most recent three years, along with their earnings growth in both of the two most recent years.
| Republican | Democratic | ||||
| State | State | ||||
| Control | Control | ||||
| PTI(L) | PTI(L) | ||||
| % | % | ||||
| Change | Change | ||||
| Total | Total | Total | 2011 | 2010 | |
| PTI(L) | PTI(L) | PTI(L) | vs | vs | |
| 2011 | 2010 | 2009 | 2010 | 2009 | |
| mils $s | mils $s | mils $s | |||
| Wisconsin Smaller Corps | |||||
| Generac Holdings | 96 | 62 | 28 | 55% | 121% |
| Plexus Corp | 92 | 90 | 51 | 2% | 76% |
| Briggs & Stratton | 81 | 80 | 40 | 1% | 100% |
| Roundy's Supermarkets | 78 | 79 | 88 | -1% | -10% |
| National Presto Industries | 75 | 99 | 94 | -24% | 5% |
| Manitowoc | 67 | 0 | (4) | NM | 100% |
| Quad/Graphics | 63 | 43 | 48 | 47% | -10% |
| Marten Transport | 43 | 35 | 29 | 23% | 21% |
| Roadrunner Transportation | 42 | 22 | 0 | 91% | NM |
| Journal Communications | 36 | 50 | 27 | -28% | 85% |
| Badger Meter | 27 | 44 | 42 | -39% | 5% |
| Modine Manufacturing | 17 | (3) | (67) | 667% | 96% |
| CIB Marine Bancshares | (6) | (17) | (41) | 65% | 59% |
| School Specialty | (10) | 44 | 45 | -123% | -2% |
| RBS Global | (44) | 36 | 44 | -222% | -18% |
| Total all 15 | 657 | 664 | 424 | -1% | 57% |
