These 127 Largest Ohio Corps filing with the SEC had Audited under US Generally Accepted Accounting Principles (US GAAP) Total After-tax Net Income of a massive $32.9 bil in the most recent fiscal year 2011, which was a profit improvement of a gargantuan $27.4 bil, or of an off-the-charts 497% above the $5.5 bil of After-tax Net Income generated by these same 127 companies just three years earlier in 2008, the last year of the Bush/Cheney Administration.
So if the question to be answered is whether, in the aggregate, these 127 Ohio Largest Corps are better off now than they were in the last year of the Bush/Cheney Administration, the answer is clearly yes, and by $27.4 bil better, or by 5 times better, as earnings performance is measured by the prestigious US Accounting Profession.
But another salient story here relates to these 127 Ohio companies total earnings growth by year.
These 127 Ohio Corps generated Total After-tax Net Income of $31.1 bil in 2007. Then the Great Recession/Near Depression hit these Ohio companies in 2008, resulting in the Total After-tax Net Income of these 127 Ohio Corps dropping by a massive 82% to $5.5 bil in 2008.
Enter President Obama, and the US House under Democratic Control in both 2009 and 2010.
With much help from not just the Auto Rescue, but also the Obama Economic Stimulus, which started kicking in in the latter part of 2009, these 127 Ohio Corps saw their Total After-tax Net Income jump by $9.5 bil in 2009, or an increase of an off-the-charts 190%. Further, these 127 Ohio Corps experienced a Total After-tax Net Income increase of another $15.6 bil in 2010 over 2009, or an increase of another off-the-charts 104% in 2010. Thus, for 2009 and 2010 combined, these 127 Ohio Corps saw their Total After-tax Net Income jump by a massive 456% in just these two years, going from $5.5 bil in 2008 to $30.6 bil in 2010. Whew!
Enter the Tea Party election in November 2010, with Uncompromising, Very Conservative Republicans taking control of the US House. The end result was that the After-tax Net Income growth of these 127 Largest Ohio Corps substantially decelerated to only 7% in 2011 as compared with 2010. And this huge earnings growth deceleration continued in the first half of 2012.
This is why it is so critical to anyone who views the US economy as the key issue in this US election, to not just reelect Democratic Moderate Barack Obama, but to also vote to make sure that Democratic Moderates regain control of the US House. Then much needed wisely-designed Economic Stimulus will quickly pass, and this time the economic benefits will be more fairly shared among all of the country, not just the very wealthy and the Largest Corporations.
So, why is it that the total earnings growth is so substantially lower in 2011 in Ohio, and in many other US States all over the country, when the US House was under Very Conservative Republican control, than it was in both 2009 and in 2010, when the US House was under Democratic control?
Well, this Very Conservative Republican US House is only interested in one economic issue period.....extreme austerity.....and has absolutely no interest in compromise. Thus, nearly every wise, much-needed Obama economic initiative was stopped by this US House, and also stopped by filibustering by US Senate Republicans.
And the losers here were not just the unemployed, the underemployed, the dwindling middle class, and the people trying to get into the middle class. US Businesses were also big losers, by having their strong earnings growth substantially decelerate in both 2011 and in the first half of 2012.
Below here is the Audited under US GAAP After-tax Net Income or Net Loss for each of these 127 Largest Ohio Corps for each of the most recent five fiscal years. A clear majority of these Corporations have a December Fiscal Year End (FYE). Several companies below had large Reorganization Gains, and I excluded them from the below earnings numbers.
| FYE | FYE | FYE | FYE | FYE | ||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||
| Reported | Reported | Reported | Reported | Reported | ||
| Audited | Audited | Audited | Audited | Audited | ||
| After-Tax | After-Tax | After-Tax | After-Tax | After-Tax | ||
| Net Income | Net Income | Net Income | Net Income | Net Income | ||
| (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | ||
| HQs | mil $s | mil $s | mil $s | mil $s | mil $s | |
| Ohio Corps | ||||||
| Procter & Gamble | Cincinnati | 9,317 | 11,698 | 10,851 | 10,645 | 11,224 |
| Marathon Petroleum | Findlay | 2,389 | 623 | 449 | 1,215 | 2,262 |
| Cliffs Natural Resources | Cleveland | 1,831 | 1,023 | 209 | 539 | 285 |
| Eaton | Cleveland | 1,352 | 937 | 385 | 1,070 | 1,008 |
| Fifth Third Bancorp | Cincinnati | 1,298 | 753 | 737 | (2,113) | 1,076 |
| Macy's | Cincinnati | 1,256 | 847 | 329 | (4,775) | 909 |
| Parker Hannifin | Cleveland | 1,155 | 1,057 | 556 | 510 | 958 |
| Cardinal Health | Dublin | 1,070 | 966 | 587 | 758 | 847 |
| Progressive | Mayfield Village | 1,016 | 1,068 | 1,058 | (70) | 1,183 |
| Key Corp | Cleveland | 976 | 607 | (1,263) | (1,287) | 967 |
| Limited Brands | Columbus | 850 | 805 | 448 | 220 | 718 |
| Scripps Networks Interactive | Cincinnati | 637 | 516 | 360 | 116 | 351 |
| Kroger | Cincinnati | 596 | 1,133 | 57 | 1,250 | 1,224 |
| Huntington Bancshares | Columbus | 543 | 312 | (3,094) | (114) | 75 |
| JM Smucker | Orrville | 460 | 479 | 494 | 266 | 170 |
| Timken | Canton | 457 | 270 | (66) | 283 | 211 |
| Sherwin Williams | Cleveland | 442 | 462 | 436 | 477 | 616 |
| Goodyear Tire & Rubber | Akron | 417 | (164) | (364) | (23) | 190 |
| Teradata | Dayton | 353 | 301 | 254 | 250 | 200 |
| Convergys | Cincinnati | 328 | (75) | 85 | 147 | 182 |
| American Financial Group | Cincinnati | 320 | 423 | 530 | 200 | 413 |
| Cintas | Cincinnati | 298 | 247 | 216 | 226 | 335 |
| Owens Corning | Toledo | 281 | 940 | 67 | (811) | 29 |
| Cooper Tire | Findlay | 270 | 140 | 115 | (228) | 100 |
| Mettler Toledo | Columbus | 269 | 232 | 173 | 203 | 179 |
| RPM Intl | Medina | 234 | 203 | 181 | 120 | 44 |
| Dana Holding | Maumee | 232 | 15 | (435) | (959) | (423) |
| Nordson | Westlake | 222 | 168 | (160) | 118 | 91 |
| Lincoln Electric | Cleveland | 217 | 132 | 49 | 212 | 203 |
| Big Lots | Columbus | 207 | 223 | 201 | 155 | 151 |
| DSW | Columbus | 200 | 52 | (66) | 109 | 262 |
| Huntington Preferred Capital | Columbus | 179 | 190 | (12) | 261 | 316 |
| Greif | Delaware | 177 | 215 | 114 | 247 | 156 |
| Polyone | Avon Lakes | 173 | 163 | 107 | (417) | 41 |
| Cincinnati Financial | Fairfield | 166 | 377 | 432 | 429 | 855 |
| Omnicare | Cincinnati | 162 | 14 | 235 | 130 | 93 |
| Nacco Industries | Cleveland | 162 | 79 | 8 | (440) | 90 |
| Health Care REIT | Toledo | 161 | 81 | 145 | 129 | 95 |
| Aleris Intl | Beachwood | 161 | 48 | (1,187) | (1,745) | (93) |
| The Wimble Company | Cincinnati | 153 | 127 | 40 | 85 | 94 |
| Graftech Intl | Parma | 153 | 175 | 16 | 184 | 162 |
| TransDigm | Cleveland | 152 | 163 | 163 | 133 | 89 |
| Diebold | North Canton | 152 | (17) | 79 | 115 | 105 |
| Express | Columbus | 141 | 127 | 75 | (29) | (10) |
| Steris | Mentor | 136 | 51 | 128 | 111 | 77 |
| Abercrombie & Fitch | New Albany | 127 | 150 | 79 | 308 | 499 |
| Worthington Industries | Columbus | 125 | 124 | 52 | (104) | 114 |
| Scotts Miracle-Gro | Marysville | 122 | 201 | 133 | 32 | 130 |
| First Merit | Akron | 120 | 103 | 82 | 119 | 123 |
| Momentive Specialty Chemicals | Columbus | 116 | 217 | 147 | (1,153) | (67) |
| Applied Industrial Technologies | Cleveland | 109 | 97 | 66 | 42 | 95 |
| Thor Industries | Jackson Center | 106 | 110 | 17 | 93 | 135 |
| Andersons | Maumee | 97 | 65 | 40 | 30 | 67 |
| Lancaster Colony | Columbus | 96 | 106 | 115 | 89 | 48 |
| Chemed | Cincinnati | 86 | 82 | 74 | 68 | 60 |
| Vantiv | Symmes Township | 85 | 55 | 89 | 153 | 141 |
| Hyster-Yale Materials Handling | Cleveland | 83 | 32 | (43) | (376) | 39 |
| Park National | Newark | 82 | 58 | 74 | 14 | 23 |
| Bravo Brio Restaurant Group | Columbus | 76 | (1) | 3 | (61) | (1) |
| Bob Evans Farms | Columbus | 73 | 54 | 70 | (5) | 65 |
| Cedar Fair LP | Sandusky | 72 | (32) | 35 | 6 | (4) |
| First Financial Bancorp | Cincinnati | 67 | 59 | 221 | 23 | 36 |
| American Greetings | Cleveland | 57 | 87 | 82 | (228) | 83 |
| Chiquita Brands | Cincinnati | 57 | 61 | 91 | (330) | (46) |
| Stoneridge | Warren | 46 | 11 | (33) | (97) | 17 |
| Chart Industries | Garfield Heights | 44 | 21 | 61 | 79 | 44 |
| OM Group | Cleveland | 43 | 78 | (22) | 156 | 122 |
| A. Schulman | Akron | 42 | 44 | 12 | 32 | 29 |
| Materion | Mayfield Heights | 40 | 46 | (12) | 18 | 53 |
| National Interstate Corp | Richfield | 36 | 40 | 46 | 11 | 44 |
| Ferro Corp | Mayfield Heights | 32 | 7 | (40) | (53) | (98) |
| Rex American Resources | Dayton | 32 | 7 | 10 | (6) | 19 |
| Preformed Line Products | Cleveland | 31 | 23 | 23 | 17 | 14 |
| CBIZ | Cleveland | 29 | 28 | 32 | 32 | 30 |
| Gorman Rupp | Mansfield | 29 | 26 | 18 | 27 | 23 |
| Park Ohio Holdings | Cleveland | 29 | 15 | (5) | (120) | 21 |
| Meridian Bioscience | Cincinnati | 27 | 27 | 33 | 30 | 27 |
| Olympic Steel | Bedford Heights | 25 | 2 | (61) | 68 | 25 |
| Myers Industries | Akron | 25 | (43) | 7 | (46) | 37 |
| Air Transport Services | Wilmington | 24 | 40 | 28 | (63) | 15 |
| Libbey | Toledo | 24 | 70 | (29) | (80) | (2) |
| Multi Color Corp | Batavia | 20 | 18 | 14 | 11 | 16 |
| Cincinnati Bell | Cincinnati | 19 | 28 | 90 | 103 | 73 |
| Commercial Vehicle Group | New Albany | 19 | 6 | (82) | (207) | (3) |
| Wendy's | Dublin | 18 | 18 | 5 | (128) | (57) |
| Community Choice Financial | Dublin | 17 | 33 | 24 | (19) | 11 |
| Omnova Solutions | Fairlawn | 17 | 117 | 27 | (3) | (11) |
| First Defiance Financial | Defiance | 16 | 8 | 7 | 7 | 14 |
| R. G. Barry | Pickerington | 15 | 8 | 9 | 7 | 10 |
| Davey Tree Expert | Kent | 14 | 14 | 14 | 19 | 18 |
| Diamond Hill Investment Group | Columbus | 14 | 12 | 11 | 3 | 10 |
| Pacer International | Dublin | 14 | 1 | (175) | (16) | 54 |
| Peoples Bancorp | Marietta | 13 | 6 | 4 | 7 | 18 |
| Core Molding Technologies | Columbus | 11 | 2 | 1 | 6 | 4 |
| Everflow Eastern Partners | Canfield | 10 | 10 | 4 | 24 | 24 |
| Farmers National Banc | Canfield | 9 | 9 | 6 | 6 | 6 |
| TFS Financial | Cleveland | 9 | 11 | 14 | 54 | 26 |
| Farmers & Merchants Bancorp | Archbold | 9 | 7 | 7 | 7 | 8 |
| Rocky Brands | Nelsonville | 8 | 8 | 1 | 1 | (23) |
| CECO Environmental | Cincinnati | 8 | 2 | (15) | 6 | 6 |
| SIFCO Industries | Cleveland | 7 | 5 | 8 | 6 | 9 |
| LCNB | Lebanon | 7 | 9 | 8 | 6 | 6 |
| Frischs Restaurants | Cincinnati | 6 | 7 | 7 | 8 | 8 |
| Cortland Bancorp | Cortland | 4 | 3 | (6) | 2 | 4 |
| LSI Industries | Cincinnati | 3 | 11 | 1 | (13) | (13) |
| Rurban Financial | Defiance | 2 | (16) | 0 | 5 | 3 |
| Camco Financial | Cambridge | 0 | (15) | (11) | (15) | 5 |
| United Community Financial | Youngstown | 0 | (37) | (22) | (37) | 2 |
| PVF Capital | Solon | (1) | (10) | 1 | (20) | (1) |
| Invacare | Elyria | (4) | 25 | 41 | 35 | (2) |
| Energy Focus | Solon | (6) | (9) | (10) | (13) | (11) |
| LCA Vision | Cincinnati | (6) | (21) | (33) | 7 | 33 |
| Oxford Resource Partners | Coshocton | (8) | (1) | 29 | 0 | (1) |
| Associated Estates Realty | Richmond Heights | (10) | (9) | (11) | (11) | (17) |
| Hillman Companies | Cincinnati | (10) | (33) | (1) | (1) | (8) |
| Athersys | Cleveland | (14) | (11) | (15) | (18) | (19) |
| EW Scripps | Cincinnati | (16) | 29 | (199) | (559) | 61 |
| IndiePub Entertainment | Cincinnati | (26) | (14) | (13) | (15) | (7) |
| Agilysys | Solon | (34) | (23) | (8) | (179) | (13) |
| M/I Homes | Columbus | (34) | (26) | (62) | (245) | (92) |
| Nexeo Solutions | Dublin | (43) | 36 | 31 | 34 | 21 |
| Standard Register | Dayton | (88) | 0 | (15) | 7 | (8) |
| Forest City Enterprises | Cleveland | (107) | 99 | (7) | (110) | 6 |
| State Auto Financial | Columbus | (147) | 25 | 10 | (31) | 119 |
| AK Steel | West Chester | (160) | (131) | (78) | 5 | 388 |
| Associated Materials | Cuyahoga Falls | (203) | (136) | 21 | (76) | 8 |
| Owens-Illinois | Perrysburg | (491) | 295 | 132 | 225 | 296 |
| Total all 127 Ohio Corps | 32,916 | 30,626 | 14,981 | 5,512 | 31,051 | |
| Annual Increase | ||||||
| …..Amount | 2,290 | 15,645 | 9,469 | (25,539) | ||
| …..Percentage | 7% | 104% | 172% | -82% | ||
| Three Year (2008-11) Increase Under Obama | ||||||
| …..Amount | 27,404 | |||||
| …..Percentage | 497% | |||||
