These 36 Largest Missouri Corps generated Total Pretax Earnings which were up a very nice 36% over such amount two years ago in 2009.
Now I wanted to see if this very solid earnings growth also applied to smaller Missouri Corps, which file with the SEC.
Thus, I found 23 Missouri headquartered Smaller Corps filing with the SEC, which had Pretax Income or Pretax Loss of $20 mil or more in any of the most recent three years, and which weren't included in the 36 Largest Missouri Corps. Thus, these 23 Smaller Missouri Corps also did not have Pretax Income or Pretax Loss of more than $100 mil in any of the most recent three years. I used a lower $20 mil Pretax Income and Pretax Loss threshold in order to make sure the number of companies here are of sufficient size to be able to reach a valid conclusion.
These 23 Smaller Missouri Corps generated total earnings growth in the most recent two years of an off-the-charts 125%, 3.5 times the 36% total earnings growth of the 36 Largest Missouri Corps.
Clearly, Missouri citizens should be very proud of their very fine Missouri companies.
And yeah, the Obama Administration created a very robust US economic environment, which permitted Missouri companies of all sizes to do very well on the earnings front in the most recent two years.
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 both Debt Retirements and Asset Dispositions.
I use Pretax Income rather than After-tax Net Income, since so much of the change in effective income tax rates just happens due to financial engineering.
I excluded Corps in the Development Stage, and ones generating losses for many years.
Let me first show each of the 36 Largest Missouri Corps and where they are Headquartered.
| Missouri Largest Corps | Missouri HQs |
| Amdocs | Chesterfield |
| Arch Coal | St Louis |
| Belden | St Louis |
| Centene | St Louis |
| Cerner | Kansas City |
| Charter Communications | St Louis |
| Commerce Bancshares | Kansas City |
| DST Systems | Kansas City |
| Emerson Electric | St Louis |
| Energizer Holdings | St Louis |
| Entertainment Properties Trust | Kansas City |
| Express Scripts | St Louis |
| First Banks | St Louis |
| Furniture Brands Intl | St Louis |
| Graybar Electric | St Louis |
| H&R Block | Kansas City |
| Inergy LP | Kansas City |
| Jack Henry | Monett |
| Jones Financial Companies | St Louis |
| Kansas City Southern | Kansas City |
| Leggett & Platt | Carthage |
| MEMC Electronic Materials | St Peters |
| Monsanto | St Louis |
| Novation Companies | Kansas City |
| Olin | Clayton |
| O'Reilly Automotive | Springfield |
| Panera Bread | St Louis |
| Patriot Coal | St Louis |
| Peabody Energy | St Louis |
| Ralcorp | St Louis |
| Reinsurance Group | Chesterfield |
| Sigma Aldrich | St Louis |
| Solutia | St Louis |
| Stifel Financial | St Louis |
| UMB Financial | Kansas City |
| US Premium Beef | Kansas City |
And below here is the Pretax Income (PTI) or Pretax Loss of each of these 36 Largest Missouri Corporations for each of the most recent three years, along with the related percentage changes in earnings.
| Obama | ||||||
| Bump | ||||||
| PTI(L) | PTI(L) | Two Year | ||||
| % | % | % | ||||
| Change | Change | Change | ||||
| Total | Total | Total | 2011 | 2010 | 2011 | |
| PTI(L) | PTI(L) | PTI(L) | vs | vs | vs | |
| 2011 | 2010 | 2009 | 2010 | 2009 | 2009 | |
| mils $s | mils $s | mils $s | ||||
| Missouri Largest Corps | ||||||
| Emerson Electric | 3,631 | 2,879 | 2,450 | 26% | 18% | 48% |
| Monsanto | 2,374 | 1,490 | 2,918 | 59% | -49% | -19% |
| Express Scripts | 2,192 | 1,909 | 1,437 | 15% | 33% | 53% |
| Peabody Energy | 1,374 | 1,142 | 629 | 20% | 82% | 118% |
| Reinsurance Group | 834 | 864 | 592 | -3% | 46% | 41% |
| O'Reilly Automotive | 816 | 689 | 497 | 18% | 39% | 64% |
| H&R Block | 677 | 784 | 839 | -14% | -7% | -19% |
| Sigma Aldrich | 640 | 544 | 490 | 18% | 11% | 31% |
| Jones Financial Cos | 482 | 393 | 269 | 23% | 46% | 79% |
| Cerner | 470 | 362 | 293 | 30% | 24% | 60% |
| Kansas City Southern | 455 | 357 | 102 | 27% | 250% | 346% |
| Energizer Holdings | 406 | 543 | 445 | -25% | 22% | -9% |
| Ralcorp | 400 | 354 | 350 | 13% | 1% | 14% |
| Amdocs | 385 | 366 | 418 | 5% | -12% | -8% |
| Commerce Bancshares | 381 | 318 | 242 | 20% | 31% | 57% |
| Solutia | 297 | 211 | 121 | 41% | 74% | 145% |
| DST Systems | 274 | 356 | 355 | -23% | 0% | -23% |
| US Premium Beef LLC | 249 | 239 | 166 | 4% | 44% | 50% |
| Arch Coal | 239 | 135 | 25 | 77% | 440% | 856% |
| Panera Bread | 220 | 180 | 140 | 22% | 29% | 57% |
| Jack Henry | 208 | 181 | 157 | 15% | 15% | 32% |
| Leggett & Platt | 206 | 256 | 198 | -20% | 29% | 4% |
| Olin | 198 | 77 | 210 | 157% | -63% | -6% |
| Centene | 175 | 154 | 138 | 14% | 12% | 27% |
| UMB Financial | 146 | 127 | 120 | 15% | 6% | 22% |
| Belden | 140 | 99 | 39 | 41% | 154% | 259% |
| Stifel Financial | 139 | 0 | 120 | NM | -100% | 16% |
| Graybar Electric | 133 | 69 | 63 | 93% | 10% | 111% |
| Entertainment Properties Trust | 127 | 115 | 34 | 10% | 238% | 274% |
| Charter Communications | 73 | 143 | 78 | -49% | 83% | -6% |
| Inergy LP | 50 | 59 | 107 | -15% | -45% | -53% |
| Novation Companies | 5 | (9) | (182) | 156% | 95% | 103% |
| Furniture Brands Intl | (38) | (48) | (137) | 21% | 65% | 72% |
| First Banks | (43) | (190) | (299) | 77% | 36% | 86% |
| MEMC Electronic Materials | (128) | (13) | (47) | -885% | -72% | 172% |
| Patriot Coal | (206) | (217) | (179) | 5% | 21% | 15% |
| Total all 36 | 17,981 | 14,918 | 13,198 | 21% | 13% | 36% |
Now let me show each of the 23 Smaller Missouri Corps and where they are Headquartered.
| Missouri Smaller Corps | Missouri HQs |
| Aegion Corp | Chesterfield |
| AMC Entertainment | Kansas City |
| American Railcar Industries | St Charles |
| Brown Shoe | St Louis |
| Cass Information Systems | Bridgeton |
| Centrue Financial | St Louis |
| CPI Corp | St Louis |
| Enterprise Financial | Clayton |
| Esco Technologies | St Louis |
| Foresight Energy | St Louis |
| FutureFuel Corp | Clayton |
| Great Southern Bancorp | Springfield |
| Huttig Building Products | St Louis |
| Kansas City Life Insurance | Kansas City |
| LMI Aerospace | St Charles |
| NASB Financial | Grandview |
| Perficient | St Louis |
| Pioneer Financial Services | Kansas City |
| Reliance Bancshares | Frontenac |
| Smith Electric Vehicles | Kansas City |
| Sterotaxis | St Louis |
| Viasystems Group | St Louis |
| Young Innovations | Earth City |
And below here is the Pretax Income (PTI) or Pretax Loss of each of these 23 Smaller Missouri Corporations for each of the most recent three years, along with the related percentage changes in earnings.
| Obama | ||||||
| Bump | ||||||
| PTI(L) | PTI(L) | Two Year | ||||
| % | % | % | ||||
| Change | Change | Change | ||||
| Total | Total | Total | 2011 | 2010 | 2011 | |
| PTI(L) | PTI(L) | PTI(L) | vs | vs | vs | |
| 2011 | 2010 | 2009 | 2010 | 2009 | 2009 | |
| mils $s | mils $s | mils $s | ||||
| Missouri Smaller Corps | ||||||
| Foresight Energy | 82 | 50 | 14 | 64% | 257% | 486% |
| Esco Technologies | 77 | 70 | 63 | 10% | 11% | 22% |
| FutureFuel Corp | 53 | 34 | 25 | 56% | 36% | 112% |
| Aegion Corp | 45 | 78 | 51 | -42% | 53% | -12% |
| Kansas City Life Insurance | 40 | 35 | 16 | 14% | 119% | 150% |
| Viasystems Group | 39 | 32 | (47) | 22% | -168% | -183% |
| Enterprise Financial | 37 | 6 | (4) | 517% | -250% | -1025% |
| Cass Information Systems | 32 | 28 | 22 | 14% | 27% | 45% |
| Pioneer Financial Services | 29 | 26 | 21 | 12% | 24% | 38% |
| Young Innovations | 25 | 23 | 21 | 9% | 10% | 19% |
| LMI Aerospace | 24 | 18 | 19 | 33% | -5% | 26% |
| Perficient | 21 | 13 | 3 | 62% | 333% | 600% |
| Great Southern Bancorp | 20 | 33 | 8 | -39% | 313% | 150% |
| Brown Shoe | 9 | 53 | 12 | -83% | 342% | -25% |
| American Railcar Industries | 8 | (42) | 1 | -119% | -4300% | 700% |
| Centrue Financial | (12) | (33) | (51) | -64% | -35% | -76% |
| CPI Corp | (13) | 15 | 20 | -187% | -25% | -165% |
| Huttig Building Products | (13) | (20) | (23) | -35% | -13% | -43% |
| Reliance Bancshares | (25) | (37) | (46) | -32% | -20% | -46% |
| NASB Financial | (26) | 9 | 30 | -389% | -70% | -187% |
| Sterotaxis | (32) | (20) | (27) | 60% | -26% | 19% |
| AMC Entertainment | (52) | (95) | 29 | -45% | -428% | -279% |
| Smith Electric Vehicles | (53) | (30) | (17) | 77% | 76% | 212% |
| Total all 23 | 315 | 246 | 140 | 28% | 76% | 125% |
