The majority of these companies have December year ends.
The 417 Largest Corps in the 11 US Largest Battleground States, with Pretax Income or Pretax Loss of at least $100 mil in any of the most recent three fiscal years, generated Total Pretax Income of $288.5 bil in the most recent fiscal year 2011, which was an almost unbelievable increase of 237% over the $85.4 bil amount earned by these same Large Corps just two years earlier in 2009.
And the 535 Next Largest Smaller Corps in the 11 US Largest Battleground States, with Pretax Income or Pretax Loss of at least $10 mil, but less than $100 mil, in any of the most recent three fiscal years, generated Total Pretax Income of $9.5 bil in the most recent fiscal year 2011, which was an even more unbelievable increase of 443% over the $1.7 bil amount earned by these same Smaller Corps just two years earlier in 2009.
Thus the common held view by many progressives that only the Very Largest Corps are the ones that are really substantially profiting under the Obama Administration is a myth. Granted these 417 Largest Corps in these 11 Battleground States, with Pretax Income or Pretax Loss of at least $100 mil, had a huge total earnings growth of 237% during the most recent two fiscal years. But the 535 Next Largest Smaller Corps in these 11 Battleground States with Pretax Income or Pretax Loss of $10 mil or more, but also with Pretax Income or Pretax Loss below $100 mil, had an even huger 443% total earnings growth in those same two most recent fiscal years, which was nearly double the earnings growth of the 417 Largest Corps.
Anyway, when you combine these 417 Largest and 535 Next Largest Smaller Corps in the 11 US Largest Battleground States, with Pretax Income or Pretax Loss of at least $10 mil in any of the most recent three fiscal years, these 952 Largest Corps generated Total Pretax Income of $298.0 bil in the most recent fiscal year 2011, which was an off-the-charts increase of 241% over the $87.4 bil amount earned by these same 952 Largest Corps just two years earlier in 2009.
Corporate Earnings drive Stock Prices. These blowout Corporate Earnings of the two most recent fiscal years have caused the US stock market, as measured by the S&P 500 Index, to explode upwardly from a low close of $676.53 on March 9, 2009 to $1,406.58 at the most recent date of August 31, 2012. So yeah, the S&P 500 Index has risen by 108% in the most recent just short of 3 1/2 years! And nearly half of the country still thinks the Obama Administration has had a horrible impact on US businesses. Give me a break!
But another very salient point relates to the total earnings growth by year. Both the 417 Largest Corps and the 535 Next Largest Smaller Corps had their total earnings growth in 2010 over 2009, which is when the US House was under Democratic control, which was 8 times their total earnings growth in 2011 over 2010, which is when the US House was under Republican control.
The 417 Largest Corps in these US Battleground States had 175% total earnings growth in 2010 over 2009, which dramatically dropped to only 22% earnings growth in 2011 over 2010.
And the 535 Next Largest Smaller Corps in these US Battleground States had 295% total earnings growth in 2010 over 2009, which dramatically dropped to 37% earnings growth in 2011 over 2010.
How in the world could any business executive, any employee, and any stockholder of these 952 Corps in these 11 US Battleground States, who have at least a small dose of financial savvy, and who view the US economy as the main issue, rationally vote against President Obama when the total earnings growth of these same companies was a massive 241% in the most recent two years, when the 535 Smaller Corps here had a total earnings growth of an even larger 443% in the most recent two years, and when the US stock market has advanced by 108% in the most recent 3 1/2 years?
This has to be by far the largest total corporate earnings percentage growth for the most recent two years.....241% for these 952 Largest Corps.....for any two-year period during any US President's term in recent history!
And the 2010 total corporate earnings percentage growth.....178% for these 952 Largest Corps.....has to also be by far the largest corporate earnings percentage growth for any one year during any President's term, and also during any US Congressional term, in recent history!
And how in the world could any business executive, any employee, and any stockholder of these 952 Corps in these 11 US Battleground States, who have at least a small dose of financial savvy, and who view the US economy as the main issue, rationally vote against any Democratic US House of Representatives candidate, when the total earnings growth in 2010 of these 952 Corps, when the US House was under Democratic control, was a massive 8 times higher than the total earnings growth in 2011 of these same 952 Corps, when the US House was under Republican control?
And frankly, the same should be said of all voters, with at least a small dose of financial savvy, in the other 39 US States. From very extensively studying the earnings of companies in each of these other 39 US States, the Largest and Smaller Corps in each of these other 39 US States likewise had a substantially higher total earnings growth in 2010, when the US House was under Democratic control, than it was in 2011, when the US House was under Republican Control.
Minnesota's most recent two-year earnings growth of 22% for its 35 Largest Corps is lower than that of the other Battleground States since, due to their resiliency, Minnesota's Largest Corps never suffered much from the Deep Recession. And the same can be said, to a slightly lesser degree, for Iowa's Largest Corps.
If you want to see the individual company earnings included in the Total State Earnings numbers below, all you need to do is to click on the separate earnings post for each Battleground State, which are located on the right side of the computer screen.
In deriving Ongoing, Core 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 or Exploration Stage. I also excluded Corps with not significant enough Total Revenues.
Below here is the Total Ongoing, Core Pretax Income (PTI) and Pretax Loss (PTL) summarized by each of the 11 US Battleground States of these 417 Largest and 535 Next Largest Smaller Corps for each of the most recent three fiscal years, along with the related percentage changes.
| Move to | Obama | ||||||
| More | More | Bump | |||||
| Republican | Democratic | Two | |||||
| Control | Control | Year | |||||
| Total | Total | Total | |||||
| PTI(L) | PTI(L) | PTI(L) | |||||
| % | % | % | |||||
| Total | Total | Total | Change | Change | Change | ||
| Large | # and | PTI(L) | PTI(L) | PTI(L) | 2011 | 2010 | 2011 |
| Battleground | Size of | 2011 | 2010 | 2009 | vs | vs | vs |
| State | Corps | mils $s | mils $s | mils $s | 2010 | 2009 | 2009 |
| Ohio | 68 Largest | 49,303 | 40,907 | 26,030 | 21% | 57% | 89% |
| Ohio | 60 Smaller | 1,243 | 946 | 171 | 31% | 453% | 627% |
| Ohio | 128 Largest | 50,546 | 41,853 | 26,201 | 21% | 60% | 93% |
| Minnesota | 35 Largest | 49,409 | 48,010 | 40,583 | 3% | 18% | 22% |
| Minnesota | 48 Smaller | 874 | 649 | 312 | 35% | 108% | 180% |
| Minnesota | 83 Largest | 50,283 | 48,659 | 40,895 | 3% | 19% | 23% |
Pennsylvania | 75 Largest | 42,088 | 34,743 | 18,475 | 21% | 88% | 128% |
| Pennsylvania | 95 Smaller | 1,602 | 1,258 | 209 | 27% | 502% | 667% |
| Pennsylvania | 170 Largest | 43,690 | 36,001 | 18,684 | 21% | 93% | 134% |
| North Carolina | 33 Largest | 34,078 | 25,543 | 16,573 | 33% | 54% | 106% |
| North Carolina | 42 Smaller | 308 | 184 | 124 | 67% | 48% | 148% |
| North Carolina | 75 Largest | 34,386 | 25,727 | 16,697 | 34% | 54% | 106% |
| Michigan | 33 Largest | 31,375 | 25,133 | (40,663) | 25% | 162% | 177% |
| Michigan | 36 Smaller | 1,096 | 711 | (76) | 54% | 1036% | 1542% |
| Michigan | 69 Largest | 32,471 | 25,844 | (40,739) | 26% | 163% | 180% |
| Virginia | 39 Largest | 27,816 | 17,292 | 813 | 61% | 2027% | 3321% |
| Virginia | 59 Smaller | 1,134 | 1,104 | 641 | 3% | 72% | 77% |
| Virginia | 98 Largest | 28,950 | 18,396 | 1,454 | 57% | 1165% | 1891% |
| Florida | 52 Largest | 20,185 | 17,649 | 10,795 | 14% | 63% | 87% |
| Florida | 88 Smaller | 1,077 | 643 | 31 | 67% | 1974% | 3374% |
| Florida | 140 Largest | 21,262 | 18,292 | 10,826 | 16% | 69% | 96% |
| Colorado | 42 Largest | 18,949 | 15,591 | 9,438 | 22% | 65% | 101% |
| Colorado | 40 Smaller | 519 | 278 | (178) | 87% | 256% | 392% |
| Colorado | 82 Largest | 19,468 | 15,869 | 9,260 | 23% | 71% | 110% |
| Wisconsin | 19 Largest | 9,516 | 8,242 | 2,039 | 15% | 304% | 367% |
| Wisconsin | 29 Smaller | 964 | 709 | 482 | 36% | 47% | 100% |
| Wisconsin | 48 Largest | 10,480 | 8,951 | 2,521 | 17% | 255% | 316% |
| Iowa | 8 Largest | 2,889 | 2,523 | 2,006 | 15% | 26% | 44% |
| Iowa | 19 Smaller | 422 | 360 | 105 | 17% | 243% | 302% |
| Iowa | 27 Largest | 3,311 | 2,883 | 2,111 | 15% | 37% | 57% |
| Nevada | 13 Largest | 2,903 | 372 | (399) | 680% | 193% | 828% |
| Nevada | 19 Smaller | 206 | 43 | (80) | 379% | 154% | 358% |
| Nevada | 32 Largest | 3,109 | 415 | (479) | 649% | 187% | 749% |
| Total all 11 States | 417 Largest | 288,511 | 236,005 | 85,690 | 22% | 175% | 237% |
| Total all 11 States | 535 Smaller | 9,445 | 6,885 | 1,741 | 37% | 295% | 443% |
| Total all 11 States | 952 Largest | 297,956 | 242,890 | 87,431 | 23% | 178% | 241% |
