These 30 North Carolina Corps, generated Total Pretax Earnings in 2011 of $24.7 bil, up 14% over 2010, and more than tripling with a 203% increase over 2009.
Bank of America dominates the corporate landscape in North Carolina. Merrill Lynch is owned by Bank of America, but because it is based in New York City and files separate financial statements with the SEC, I am including it with the other New York Corps.
Thus, the below Bank of America Pretax Earnings and Loss numbers exclude both Merrill Lynch and Goodwill Impairment Charges.
Now I wanted to see if these robust earnings also applied to smaller North Carolina Corps, which file with the SEC.
Thus, I found 21 North Carolina 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 30 Largest North Carolina Corps. Thus, these 21 Smaller North Carolina 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.
In the most recent two years, these 21 Smaller North Carolina Corps did even better than the 29 Largest North Carolina Corps Other Than Bank of America. The Total Pretax Income in 2011 of these 21 Smaller North Carolina Corps was an even more robust 59% higher than such amount two years earlier in 2009.
Yeah, the Obama Administration created a very robust US economic environment, which permitted North Carolina companies of all sizes to do just great on the earnings front in the most recent two years.
There was a bit of total earnings growth deceleration for these Largest North Carolina Corps. Excluding Giant Bank of America, the Total Pretax Earnings of the remaining 29 North Carolina Corps increased by 23% in 2010, by 17% in 2011, and by 7% in the most recent 1Q 2012. And when I include Bank of America, this total earnings growth deceleration becomes more pronounced. Clearly, the US economy is in desperate need of bold, wise, short-term economic stimulation.
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 30 Largest North Carolina Corps. Below here is the Headquarters location and the Sector of each of these companies.
| North Carolina Largest Corps | North Carolina HQs | Sector |
| Alliance One Intl | Morrisville | Wholesale: Farm Products |
| Babcock & Wilcox | Charlotte | Manufacturing: Engines and Turbines |
| Bank of America | Charlotte | Banking |
| BB&T | Winston-Salem | Banking |
| Belk | Charlotte | Retail: Department Stores |
| Carlisle | Charlotte | Manufacturing: Fabricated Rubber Products |
| CATO | Charlotte | Retail: Women's Clothing |
| Cree | Durham | Technology: Semiconductors |
| Family Dollar Stores | Charlotte | Retail: Variety Stores |
| First Citizens Bancshares | Raleigh | Banking |
| Goodrich | Charlotte | Gided Missiles & Space Vehicles: US Defense Contractor |
| Hanesbrands | Winston-Salem | Apparel |
| Harris Teeter Supermarkets | Matthews | Retail: Grocery Stores |
| Hatteras Financial | Winston-Salem | REITs |
| Laboratory Corp America | Burlington | Health Care: Medical Labs |
| Lorillard | Greensboro | Cigarettes |
| Lowes | Mooresville | Retail: Building Materials |
| Martin Marietta Materials | Raleigh | Mining |
| Nucor | Charlotte | Manufacturing: Steel Works |
| Old Dominion Freight | Thomasville | Trucking |
| Polypore | Charlotte | Manufacturing: Miscellaneous |
| Red Hat | Raleigh | Technology: Software |
| Reynolds American | Winston-Salem | Cigarettes |
| RF Micro Devices | Greensboro | Technology: Semiconductors |
| Salix Pharmaceuticals | Raleigh | Health Care: Pharmaceuticals |
| Sonic Automotive | Charlotte | Retail: Auto Dealer |
| Speedway Motorsports | Concord | Services: Racing, Including Track Operation |
| SPX | Charlotte | Manuacturing: Metalworking Machinery and Equipment |
| Triad Guaranty | Winston-Salem | Surety Insurance |
| VF Corp | Greensboro | Apparel and Footwear |
And below here is the Pretax Income (PTI) or Pretax Loss of each of these 30 Largest North Carolina Corporations for each of the most recent three years, along with the related percentage changes in earnings.
| Republican | Democratic | |||||
| US House | US House | Obama | ||||
| Control | Control | 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 | ||||
| North Carolina Largest Corps | ||||||
| Bank of America | 7,648 | 7,154 | (3,629) | 7% | 297% | 311% |
| The 29 Rest | ||||||
| Lowes | 2,906 | 3,228 | 2,825 | -10% | 14% | 3% |
| Reynolds American | 2,534 | 2,315 | 2,089 | 9% | 11% | 21% |
| Lorillard | 1,770 | 1,635 | 1,519 | 8% | 8% | 17% |
| BB&T | 1,628 | 969 | 1,036 | 68% | -6% | 57% |
| Nucor | 1,252 | 267 | 414 | 369% | -36% | 202% |
| Goodrich | 1,165 | 805 | 784 | 45% | 3% | 49% |
| VF Corp | 1,165 | 952 | 777 | 22% | 23% | 50% |
| Laboratory Corp America | 866 | 916 | 885 | -5% | 4% | -2% |
| Family Dollar Stores | 617 | 564 | 451 | 9% | 25% | 37% |
| Hanesbrands | 316 | 234 | 58 | 35% | 303% | 445% |
| Hatteras Financial | 284 | 170 | 174 | 67% | -2% | 63% |
| Carlisle | 254 | 188 | 176 | 35% | 7% | 44% |
| Belk | 250 | 196 | 97 | 28% | 102% | 158% |
| Babcock & Wilcox | 235 | 236 | 232 | 0% | 2% | 1% |
| Old Dominion Freight | 220 | 124 | 57 | 77% | 118% | 286% |
| SPX | 220 | 271 | 291 | -19% | -7% | -24% |
| Red Hat | 208 | 154 | 122 | 35% | 26% | 70% |
| Ruddick | 181 | 158 | 152 | 15% | 4% | 19% |
| Cree | 178 | 205 | 40 | -13% | 413% | 345% |
| First Citizens Bancshares | 160 | 168 | 79 | -5% | 113% | 103% |
| Polypore | 157 | 89 | 17 | 76% | 424% | 824% |
| Sonic Automotive | 126 | 78 | 28 | 62% | 179% | 350% |
| RF Micro Devices | 124 | 85 | (260) | 46% | 133% | 148% |
| Salix Pharmaceuticals | 113 | 11 | (46) | 927% | 124% | 346% |
| Martin Marietta Materials | 101 | 130 | 111 | -22% | 17% | -9% |
| CATO | 100 | 93 | 67 | 8% | 39% | 49% |
| Speedway Motorsports | 74 | 71 | 109 | 4% | -35% | -32% |
| Alliance One Intl | (38) | 133 | 109 | -129% | 22% | -135% |
| Triad Guaranty | (108) | 102 | (612) | -206% | 117% | 82% |
| Total all 29 Rest | 17,058 | 14,547 | 11,781 | 17% | 23% | 45% |
| Grand Total all 30 | 24,706 | 21,701 | 8,152 | 14% | 166% | 203% |
Now let me show each of the 21 Smaller North Carolina Corps. Below here is the Headquarters location and the SEC Standard Industrial Classification of each of these companies.
| North Carolina Smaller Corps | North Carolina HQs | SEC Standard Industrial Classification |
| Biodeliery Sciences Intl | Raleigh | Pharmceutical Preparations |
| Coca Cola Bottling | Charlotte | Soft Drinks |
| Dynacast Intl | Charlotte | NonFerrous Foundries |
| EnPro Industries | Charlotte | Gaskets, Packaging & Sealing Devices |
| First Bancorp | Troy | State Commercial Banks |
| Fresh Market | Greensboro | Retail: Grocery Stores |
| Highwoods Properties | Raleigh | REITs |
| Ingles Markets | Asheville | Retail: Grocery Stores |
| Insteel Industries | Mount Airy | Steel Works |
| Krispy Kreme Doughnuts | Winston Salem | Retail: Food Stores |
| Newbridge Bancorp | Lexington | State Commercial Banks |
| Pantry | Cary | Retail: Auto Dealers & Gasoline Stations |
| Pike Electric | Mount Airy | Electrical Work |
| Pozen | Chapel Hill | Pharmceutical Preparations |
| Snyders-Lance | Charlotte | Cookies & Crackers |
| Southern Community Financial | Winston Salem | State Commercial Banks |
| Tanger Factory Outlet Centers | Greensboro | REITs |
| Targacept | Winston Salem | Pharmceutical Preparations |
| Unifi | Greensboro | REITs |
| Xerium Technologies | Raleigh | Broadwoven Fabric |
And below here is the Pretax Income (PTI) or Pretax Loss of each of these 21 Smaller North Carolina Corporations for each of the most recent three years, along with the related percentage changes in earnings.
| Republican | Democratic | |||||
| US House | US House | Obama | ||||
| Control | Control | 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 | ||||
| North Carolina Smaller Corps | ||||||
| Fresh Market | 81 | 68 | 50 | 19% | 36% | 62% |
| EnPro Industries | 62 | 52 | 32 | 19% | 63% | 94% |
| Ingles Markets | 61 | 49 | 55 | 24% | -11% | 11% |
| Snyders-Lance | 60 | 46 | 53 | 30% | -13% | 13% |
| Coca Cola Bottling | 59 | 66 | 43 | -11% | 53% | 37% |
| Tanger Factory Outlet Centers | 51 | 46 | 32 | 11% | 44% | 59% |
| Pozen | 42 | 23 | (7) | 83% | 429% | 700% |
| Highwoods Properties | 37 | 41 | 40 | -10% | 2% | -8% |
| Unifi | 35 | 18 | (25) | 94% | 172% | 240% |
| Dynacast Intl | 33 | 58 | 23 | -43% | 152% | 43% |
| Pantry | 28 | 41 | 83 | -32% | -51% | -66% |
| Krispy Kreme Doughnuts | 25 | 14 | 6 | 79% | 133% | 317% |
| Xerium Technologies | 22 | 3 | (14) | 633% | 121% | 257% |
| First Bancorp | 11 | 15 | 30 | -27% | -50% | -63% |
| Insteel Industries | 8 | (1) | (33) | 900% | 97% | 124% |
| Newbridge Bancorp | 6 | 3 | (27) | 100% | 111% | 122% |
| Pike Electric | 3 | (14) | 50 | 121% | -128% | -94% |
| Southern Community Financial | 3 | (19) | (20) | 116% | 5% | -115% |
| Targacept | (9) | 14 | (39) | -164% | 136% | 77% |
| Biodeliery Sciences Intl | (26) | (16) | 40 | -63% | -140% | -165% |
| Total all 21 | 592 | 507 | 372 | 17% | 36% | 59% |
