These 74 Largest Pennsylvania Corps filing with the SEC generated Audited US GAAP Total After-tax Net Income from Continuing Operations of $24,357 mil in the most recent fiscal year 2011, which was a profit improvement of a massive $16,549 mil, or up 212%, over the Total After-tax Net Income of $7,808 mil generated by these same 74 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 74 Largest Pennsylvania Corps are better off now than they were in the last year of the Bush/Cheney Administration, the answer is clearly yes, and by $16.5 bil better, or by nearly 212% better, as earnings performance is measured by the prestigious US Accounting Profession.
Another key story here relates to the total earnings growth by year.
These 74 Largest Pennsylvania Corps generated Total After-tax Net Income of an impressive $19.0 bil in 2007.
Then the financial meltdown hit and these same 74 companies saw their Total After-tax Net Income plummet by $11.2 bil, or by 59% to $7.8 bil in 2008.
Enter President Obama and a US House under Democratic control.
The Obama Economic Stimulus didn't start taking hold until the 4Q 2009. It was going full throttle in 2010, and what was the result? Well, it helped these 74 Largest Pennsylvania Corps generate $22.9 bil of Total After-tax Net Income in 2010, which was up by $14.9 bil, or by an off-the-charts 186% over 2009, and more than completely reversed the massive $11.2 bil profit reduction experienced in 2008.
Then came the November 2010 Tea Party Election and the nearly singular focus on severe austerity. The end result was that the 186% total earnings growth of these 74 Pennsylvania Corps in 2010 over 2009 substantially decelerated to only 7% growth in 2011 over 2010. And this 7% total earnings growth in 2011 was reduced further in the first half of 2012.
I think it is really important that this 2010 Tea Party Election be reversed all over the country in November 2012, in order to re-accelerate this total earnings growth, which is so critically needed to spur the country's present tepid real GDP growth and also needed to spur the presently modest US job creation.
President Obama can't do it alone. He needs a US Congress that will work with him. And leaning blue States like Pennsylvania can really help here, not just by voting in more Pennsylvania US Congressional Democrats, but also by contributing to and helping in campaigns all across the country to remove from office the many Uncompromising, Very Conservative Republican members in key US Congressional races like Joe Walsh in Illinois, Michele Bachmann in Minnesota, Allen West in Florida, Steve King in Iowa, and Larry Bucshon in Indiana.....just to name a few. These Republicans, strongly supported by the Tea Party, have good intentions, but they are severely harming the country's economy.
Below here is the Audited under US GAAP After-tax Net Income or Net Loss for each of these 74 Largest Pennsylvania Corps for each of the most recent five fiscal years. The clear majority of these 74 Pennsylvania Corporations have a December Fiscal Year End (FYE).
| 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 | ||
| Pennsylvania | (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | |
| HQs | mil $s | mil $s | mil $s | mil $s | mil $s | |
| Pennsylvania Largest Corps | ||||||
| Comcast | Philadelphia | 5,157 | 3,688 | 3,628 | 2,525 | 2,549 |
| PNC Financial | Pittsburgh | 3,071 | 3,024 | 2,358 | 796 | 1,363 |
| ACE Ltd | Philadelphia | 1,585 | 3,108 | 2,549 | 1,197 | 2,578 |
| Santander Holdings US | Wyomissing | 1,258 | 1,059 | 162 | (2,357) | (1,349) |
| Air Products & Chemicals | Allentown | 1,253 | 1,055 | 651 | 1,114 | 1,040 |
| TE Connectivity Ltd | Philadelphia Area | 1,253 | 1,065 | (3,103) | 1,532 | (208) |
| PPG Industries | Pittsburgh | 1,212 | 880 | 426 | 624 | 932 |
| HJ Heinz | Pittsburgh | 940 | 1,005 | 932 | 944 | 858 |
| Alcoa | Pittsburgh | 808 | 400 | (924) | 450 | 3,179 |
| AmeriSource Bergen | Chesterbrook | 707 | 637 | 512 | 469 | 475 |
| CONSOL Energy | Canonsburg | 632 | 359 | 567 | 486 | 293 |
| Hershey | Hershey | 629 | 510 | 436 | 311 | 214 |
| Mylan Inc | Canonsburg | 539 | 346 | 248 | (200) | (1,151) |
| EQT | Pittsburgh | 480 | 228 | 157 | 256 | 257 |
| Universal Health Services | King of Prussia | 449 | 276 | 304 | 234 | 214 |
| FMC | Philadelphia | 414 | 219 | 257 | 347 | 166 |
| ING USA Annuity & Life Insurance | West Chester | 398 | 81 | 3 | (1,381) | 129 |
| Crown Holdings | Philadelphia | 396 | 452 | 450 | 330 | 601 |
| Ametek | Berwyn | 385 | 284 | 206 | 247 | 228 |
| Sunoco Logistics Partners | Philadelphia | 322 | 348 | 250 | 214 | 121 |
| Airgas | Radnor | 313 | 250 | 196 | 261 | 227 |
| Kennametal | Latrobe | 311 | 232 | 50 | (101) | 167 |
| Atlas Energy LP | Pittsburgh | 307 | (25) | (66) | (371) | (1) |
| Lincoln National | Radnor | 302 | 951 | (415) | (10) | 1,199 |
| Radian Group | Philadelphia | 302 | (1,806) | (148) | (411) | (1,290) |
| Triumph Group | Berwyn | 282 | 152 | 85 | 93 | 72 |
| Gardner Denver | Wayne | 280 | 175 | (163) | 168 | 206 |
| Erie Indemnity | Erie | 268 | 660 | 446 | (616) | 919 |
| Dick's Sporting Goods | Coraopolis | 264 | 182 | 135 | (40) | 151 |
| Dentsply | York | 247 | 267 | 274 | 283 | 260 |
| Endo Pharmaceuticals | Chadds Ford | 242 | 287 | 266 | 255 | 227 |
| Penn National Gaming | Wyomissing | 242 | (62) | (267) | (153) | 160 |
| Vishay Intertechnology | Malvern | 240 | 360 | (57) | (1,684) | 118 |
| Allegheny Technologies | Pittsburgh | 223 | 79 | 38 | 574 | 754 |
| SEI Investments | Oaks | 207 | 233 | 272 | 268 | 434 |
| Wesco Intl | Pittsburgh | 196 | 115 | 105 | 204 | 233 |
| Urban Outfitters | Philadelphia | 185 | 273 | 220 | 199 | 160 |
| Ansys | Canonsburg | 181 | 153 | 116 | 112 | 82 |
| Westinghouse Air Brake | Wilmerding | 170 | 123 | 115 | 131 | 109 |
| Federated Investors | Pittsburgh | 155 | 189 | 209 | 229 | 223 |
| American Eagle Outfitters | Pittsburgh | 152 | 182 | 213 | 230 | 434 |
| Fulton Financial | Lancaster | 146 | 128 | 74 | (6) | 153 |
| EnerSys | Reading | 144 | 113 | 62 | 82 | 60 |
| Unisys | Blue Bell | 141 | 164 | 176 | (139) | (53) |
| Viropharma | Exton | 141 | 126 | (11) | 64 | 92 |
| Amerigas Partners | Valley Forge | 141 | 167 | 228 | 160 | 193 |
| Liberty Property Trust | Malvern | 140 | 130 | 31 | 124 | 114 |
| GNC Holdings | Pittsburgh | 132 | 97 | 70 | 55 | (52) |
| Kulicke & Soffa | Philadelphia | 128 | 142 | (64) | (25) | 17 |
| Carpenter Technology | Wyomissing | 122 | 72 | 2 | 48 | 201 |
| Teleflex | Limerick | 122 | 90 | 127 | 61 | (75) |
| Select Medical | Mechanicsburg | 113 | 82 | 79 | 26 | 37 |
| Aramark | Philadelphia | 113 | 32 | 0 | 34 | 27 |
| Armstrong World Industries | Lancaster | 112 | 11 | 78 | 80 | 153 |
| Safeguard Scientifics | Wayne | 111 | 27 | 67 | (46) | (52) |
| Penn Virginia Resource Partners | Radnor | 96 | 64 | 63 | 103 | 55 |
| InterDigital | King of Prussia | 89 | 154 | 87 | 26 | 20 |
| Natl Penn Bancshares | Boyertown | 88 | 21 | (348) | 32 | 65 |
| VWR Funding | Radnor | 58 | 22 | (14) | (335) | (75) |
| Toll Brothers | Horsham | 40 | (3) | (756) | (298) | 36 |
| Harleysville Group | Harleysville | 23 | 67 | 86 | 42 | 100 |
| Atlas Resource Partners | Pittsburgh | 20 | 9 | (54) | 132 | 111 |
| Harsco | Camp Hill | (7) | 17 | 141 | 252 | 265 |
| RAIT Financial Trust | Philadelphia | (38) | 111 | (440) | (617) | (436) |
| United States Steel | Pittsburgh | (53) | (482) | (1,406) | 2,154 | 890 |
| SunGard Data Systems | Wayne | (73) | (414) | (1,185) | (146) | (121) |
| Pennsylvania Real Estate Investment Trust | Philadelphia | (94) | (75) | (104) | (21) | 13 |
| Penn Virginia Corp | Radnor | (133) | (65) | (131) | 94 | 35 |
| Black Box | Lawrence | (248) | 53 | 35 | 45 | 39 |
| NCO Group | Horsham | (249) | (145) | (72) | (144) | (66) |
| Rite Aid | Camp Hill | (369) | (555) | (507) | (2,912) | (1,076) |
| EME Homer City Generation LP | Homer City | (686) | 27 | 67 | 85 | 88 |
| Sunoco | Philadelphia | (1,353) | 445 | (238) | 935 | 851 |
| Education Management | Pittsburgh | (1,517) | 230 | 169 | 104 | 66 |
| Total all 74 Corps | 24,357 | 22,856 | 8,005 | 7,808 | 19,008 | |
| Annual Increase (Decrease) | ||||||
| …..Amount | 1,501 | 14,851 | 197 | (11,200) | ||
| …..Percentage | 7% | 186% | 3% | -59% | ||
| Three Year Increase (2008-2011) Under Obama | ||||||
| …..Amount | 16,549 | |||||
| …..Percentage | 212% | |||||
