Tuesday, March 19, 2013

US Biggest Corps 2012 Annual Earnings Up 7% Over 2011

I found 233 US Corps filing with the SEC which generated Non US Generally Accepted Accounting Principles (Non-GAAP) Adjusted Net Income of more than $1 bil each in either annual fiscal year end (FYE) 2012 or 2011.  For January 2013 FYE companies, I am including them with the 2012 annual earnings numbers below.  And there are several large partnerships included here.

Non-GAAP Adjusted After-tax Net Income excludes special, unusual items and is generally used by the investment community to value common stocks.  It was used below when this amount was disclosed in the company's earnings release and also was significant in amount relative to Reported GAAP Net Income.

In the case of the Big 7 Financial Corps, I used their Combined GAAP Net Income from Continuing Operations.  For all other companies, I used their Net Income from Continuing Operations Attributable to the Common Shareholders.

The Total Net Income of these 233 US Corps was $886.7 bil in 2012, up $60.9 bil, or up 7.4% from 2011.

When I add in the four large Financial Partnerships filing with the SEC, the Total Net Income increase in 2012 advances to 8.8%.  Yeah, these four large Financial Partnerships had their Total Net Income increase by $11.7 bil, or by an incredibly off-the-charts 470%, in 2012.  They were led by KKR and Apollo Global Management, and to a somewhat lesser degree by The Carlyle Group.

And when I add in Freddie Mac, this Total Net Income increase in 2012 moves up to 10.8%.

Also, after Fannie Mae reports its December 2012 earnings (it still hasn't yet, believe it or not), this Total Net Income increase in 2012 should move up to north of 12.0%.

This impressive 7.4% earnings growth of these 233 US Corps was driven by the Big Financial Sector's 14.7% total earnings increase and by the Big Technology Sector's 14.0% total earnings growth.

Big Financial was led by the Big Insurance Sector, which experienced a very robust 37.3% total earnings growth.  The main driver here was AIG, whose operating earnings grew by an off-the-chart 218%.

Big Technology was led by Big Apple's 61% exceptional earnings growth.

When you think about it, it is just amazing that these 233 largest earning US Big Corps generated 7.4% Total Earnings growth in 2012, a Presidential election year where the US Congress was doing everything possible to substantially slow down the US economy, hoping that it would result in President Obama being defeated in the election.

Just think what the US economy and these US Big Corps' earnings will do if the US Congress would start working with, instead of against, the Obama Administration.

Based on a thorough review of the financial statements and earnings releases of these 233 US Big Corps, their Total Earnings growth of 7.4% in 2012 should convert to roughly a company-earnings-weighted Total Earnings Per Share growth of 10.4% in 2012.  This positive 3.0% earnings spread is due to so many of these companies, particularly ones in certain sectors, having very robust common stock buyback programs in 2012.  

Below here are these annual earnings of these 233 Corps, 4 Financial Partnerships and Freddie Mac for both 2012 and 2011:







Non-GAAP Non-GAAP


Non-GAAP Non-GAAP Adjusted Adjusted


Annual Annual Net Net


2012 2011 Income Income

Adjusted Adjusted Increase Increase

Net Net (Decrease) (Decrease)
Company Income Income Amount %


mils of $s mils of $s mils of $s
Technology




Apple Sep 41,733 25,922 15,811 61.0%
Microsoft Jun 23,681 22,720 961 4.2%
IBM Dec 17,627 16,318 1,309 8.0%
Google Dec 13,302 11,798 1,504 12.7%
Oracle May 12,521 11,395 1,126 9.9%
Intel Dec 11,580 13,524 (1,944) -14.4%
Cisco Systems Jul 10,017 9,033 984 10.9%
Hewlett Packard Oct 8,035 10,379 (2,344) -22.6%
Qualcomm Sep 6,463 5,407 1,056 19.5%
EMC Dec 3,759 3,381 378 11.2%
Ebay Dec 3,100 2,667 433 16.2%
Dell Jan 3,017 3,952 (935) -23.7%
Seagate Technology Jun 2,977 578 2,399 415.1%
Accenture Aug 2,791 2,521 270 10.7%
Western Digital Jun 2,109 770 1,339 173.9%
Thermo Fisher Scientific Dec 1,810 1,601 209 13.1%
Broadcom Dec 1,760 1,694 66 3.9%
Texas Instruments Dec 1,759 2,236 (477) -21.3%
Priceline.com Dec 1,612 1,209 403 33.3%
Yahoo Dec 1,407 1,040 367 35.3%
Xerox Dec 1,398 1,563 (165) -10.6%
Automatic Data Processing Jun 1,389 1,254 135 10.8%
Activision Blizzard Dec 1,350 1,087 263 24.2%
Facebook Dec 1,317 1,164 153 13.1%
VMWare Dec 1,236 936 300 32.1%
Symantec Mar 1,201 1,119 82 7.3%
Adobe Systems Nov 1,183 1,183 0 0.0%
Cognizant Technology Solutions Dec 1,132 953 179 18.8%
CA Technologies Mar 1,117 984 133 13.5%
Agilent Technologies Oct 1,100 1,045 55 5.3%
Applied Materials Oct 960 1,723 (763) -44.3%
Sandisk Dec 582 1,138 (556) -48.9%




Total all 32 Technology
185,025 162,294 22,731 14.0%






Financial




US Big 7 Financial




JPMorgan Chase Dec 21,284 18,976 2,308 12.2%
Wells Fargo Dec 19,368 16,211 3,157 19.5%
Citigroup Dec 7,909 11,103 (3,194) -28.8%
Goldman Sachs Dec 7,475 4,442 3,033 68.3%
US Bancorp Dec 5,490 4,788 702 14.7%
Bank of America Dec 4,188 1,446 2,742 189.6%
Morgan Stanley Dec 754 4,689 (3,935) -83.9%




Total all 7
66,468 61,655 4,813 7.8%






US Big National/Regional Banks



PNC Financial (PA) Dec 3,682 3,399 283 8.3%
Capital One Financial (VA) Dec 3,734 3,253 481 14.8%
Bank NY Mellon (NY) Dec 2,427 2,516 (89) -3.5%
SunTrust Banks (GA) Dec 1,931 495 1,436 290.1%
BB&T (NC) Dec 1,916 1,289 627 48.6%
State Street Corp (MA) Dec 1,898 1,852 46 2.5%
Fifth Third Bancorp (OH) Dec 1,541 1,094 447 40.9%
Regions Financial (AL) Dec 1,088 211 877 415.6%
M&T Bank (NY) Dec 1,073 884 189 21.4%




Total all 9
19,290 14,993 4,297 28.7%






US Big Credit Card Corps




American Express Dec 5,076 4,935 141 2.9%
Visa Sep 4,203 3,528 675 19.1%
MasterCard Dec 2,772 2,401 371 15.5%
Discover Financial Services Nov 2,318 2,202 116 5.3%




Total all 4
14,369 13,066 1,303 10.0%






US Big Health Insurance Corps



UnitedHealth Dec 5,526 5,142 384 7.5%
WellPoint Dec 2,456 2,555 (99) -3.9%
Aetna Dec 1,770 1,966 (196) -10.0%
Cigna Dec 1,734 1,361 373 27.4%
Humana Dec 1,222 1,419 (197) -13.9%




Total all 5
12,708 12,443 265 2.1%






Big Insurance




AIG Dec 6,635 2,086 4,549 218.1%
MetLife Dec 5,686 4,677 1,009 21.6%
AFLAC Dec 3,097 2,946 151 5.1%
Prudential Financial Dec 2,958 2,845 113 4.0%
ACE Ltd Dec 2,624 2,331 293 12.6%
Travelers Dec 2,441 1,390 1,051 75.6%
Allstate Dec 2,148 662 1,486 224.5%
Chubb Dec 1,420 1,491 (71) -4.8%
Hartford Financial Services Dec 1,403 1,116 287 25.7%
Aon Dec 1,400 1,384 16 1.2%
Lincoln Financial Dec 1,284 1,246 38 3.0%
Marsh & McLennan Dec 1,188 973 215 22.1%
Progressive Dec 902 1,016 (114) -11.2%
Total of all 13 Big Insurance
33,186 24,163 9,023 37.3%






Other Financial Sectors










Security Brokers and Investment Advice


BlackRock Dec 2,438 2,239 199 8.9%
Franklin Resources Sep 1,931 1,924 7 0.4%
Ameriprise Financial Dec 1,245 1,274 (29) -2.3%
CME Group Dec 1,007 1,138 (131) -11.5%






Other Financial Sectors




Sallie Mae Dec 1,062 977 85 8.7%
Western Union Dec 1,057 996 61 6.1%






Total of all 6
8,740 8,548 192 2.2%






Total all 44 Financial Corps
154,761 134,868 19,893 14.7%






US Big Oil and Gas




Exxon Mobil Dec 44,880 41,060 3,820 9.3%
Chevron Dec 26,179 26,895 (716) -2.7%
ConocoPhillips Dec 6,734 7,982 (1,248) -15.6%
Occidental Petroleum Dec 5,750 6,828 (1,078) -15.8%
Schlumberger Dec 5,578 4,915 663 13.5%
Phillips 66 Dec 5,387 3,591 1,796 50.0%
Apache Dec 3,767 4,651 (884) -19.0%
Marathon Petroleum Dec 3,352 2,406 946 39.3%
Valero Energy Dec 3,107 2,090 1,017 48.7%
Halliburton Dec 2,587 3,010 (423) -14.1%
National Oilwell Varco Dec 2,524 2,022 502 24.8%
Enterprise Products Partners Dec 2,428 2,088 340 16.3%
Anadarko Petroleum Dec 2,069 1,719 350 20.4%
Hess Dec 1,998 1,984 14 0.7%
Marathon Oil Dec 1,736 2,293 (557) -24.3%
HollyFrontier Dec 1,727 1,023 704 68.8%
EOG Resources Dec 1,536 1,009 527 52.2%
Transocean Ltd Dec 1,419 494 925 187.2%
Plains All American Pipeline LP Dec 1,414 1,021 393 38.5%
Kinder Morgan Inc Dec 1,333 449 884 196.9%
Baker Hughes Dec 1,324 1,813 (489) -27.0%
Devon Energy Dec 1,322 2,557 (1,235) -48.3%
Spectra Energy Dec 938 1,159 (221) -19.1%
Chesapeake Energy Dec 285 1,936 (1,651) -85.3%
KinderEnergy Partners  Dec 2,025   1,067    958 89.8%
Total all 25
131,399 126,062 5,337 4.2%






Health Care




Big Pharma




Pfizer Dec 16,476 17,839 (1,363) -7.6%
Johnson & Johnson Dec 14,345 13,867 478 3.4%
Merck Dec 11,743 11,697 46 0.4%
Abbott Labs Dec 8,119 7,331 788 10.7%
Eli Lilly Dec 3,784 4,914 (1,130) -23.0%
Bristol Myers Squibb Dec 3,364 3,921 (557) -14.2%




Total all 6
57,831 59,569 (1,738) -2.9%






Other Health Care




Amgen Dec 5,119 4,858 261 5.4%
CVS Caremark Dec 4,397 3,766 631 16.8%
Medtronic Apr 3,666 3,643 23 0.6%
Gilead Sciences Dec 3,084 3,039 45 1.5%
Express Scripts Dec 2,795 1,500 1,295 86.3%
Walgreens Aug 2,565 2,710 (145) -5.4%
Baxter Dec 2,516 2,471 45 1.8%
Celgene Dec 2,162 1,753 409 23.3%
Covidien Ltd Sep 2,068 1,974 94 4.8%
HCA Dec 1,603 1,413 190 13.4%
McKesson Mar 1,602 1,396 206 14.8%
Biogen IDEC Dec 1,567 1,446 121 8.4%
Stryker Dec 1,560 1,448 112 7.7%
Allergan Dec 1,272 1,132 140 12.4%
Becton Dickinson Sep 1,123 1,206 (83) -6.9%
Cardinal Health Jun 1,119 988 131 13.3%
St Jude Medical Dec 1,095 1,074 21 2.0%
Forest Labs Mar 1,063 1,290 (227) -17.6%
Boston Scientific Dec 933 1,018 (85) -8.3%
Mylan Dec 1,087 893 194 21.7%
Total all 20 Other Health Care
42,396 39,018 3,378 8.7%






Total all 26 Health Care
100,227 98,587 1,640 1.7%






Retail




Walmart Jan 16,999 15,766 1,233 7.8%
McDonalds Dec 5,465 5,503 (38) -0.7%
Home Depot Jan 4,680 3,883 797 20.5%
Target Jan 3,160 3,018 142 4.7%
Lowes Jan 1,959 1,839 120 6.5%
TJX Jan 1,907 1,540 367 23.8%
Costco Aug 1,709 1,462 247 16.9%
Publix Super Markets Dec 1,552 1,492 60 4.0%
Yum Brands Dec 1,538 1,383 155 11.2%
Best Buy Feb 1,432 1,520 (88) -5.8%
Macy's Jan 1,426 1,240 186 15.0%
Starbucks Sep 1,384 1,170 214 18.3%
Kroger Jan 1,364 1,296 68 5.2%
GAP Jan 1,135 833 302 36.3%
Kohl's Jan 986 1,167 (181) -15.5%






Total all 15
46,696 43,112 3,584 8.3%






Tobacco




Phillip Morris International Dec 8,800 8,591 209 2.4%
Altria Group Dec 4,483 4,243 240 5.7%
Reynolds American Dec 1,686 1,647 39 2.4%
Lorillard Dec 1,103 1,101 2 0.2%




Total all 4
16,072 15,582 490 3.1%






Home Products




Procter & Gamble Jun 11,324 11,617 (293) -2.5%
Colgate Palmolive Dec 2,574 2,473 101 4.1%
Kimberly Clark Dec 2,078 1,915 163 8.5%




Total all 3
15,976 16,005 (29) -0.2%






Foods and Beverages










Beverages




Coca Cola Dec 9,217 8,944 273 3.1%






Foods and Beverages




Pepsico Dec 6,454 7,035 (581) -8.3%






Foods




Mondelez International Dec 2,487 2,445 42 1.7%
Kraft Foods Group Dec 1,896 1,775 121 6.8%
General Mills May 1,707 1,649 58 3.5%
Archer Daniels Midland Jun 1,499 2,256 (757) -33.6%
Kellogg Dec 1,213 1,230 (17) -1.4%
HJ Heinz Apr 1,086 990 96 9.7%




Total all 6 Foods
9,888 10,345 (457) -4.4%






Total all 8 Foods and Beverages
25,559 26,324 (765) -2.9%






Footwear, Clothing and Accessories



Nike May 2,223 2,133 90 4.2%
VF Corp Dec 1,078 913 165 18.1%
Coach Jun 1,039 881 158 17.9%




Total all 3
4,340 3,927 413 10.5%






US Defense Contractors




Lockheed Martin Dec 3,348 3,177 171 5.4%
Raytheon Dec 2,074 2,067 7 0.3%
Northrop Grumman Dec 1,893 1,828 65 3.6%
General Dynamics Dec 2,305 2,552 (247) -9.7%




Total all 4
9,620 9,624 (4) 0.0%






Motor Vehicle and Parts




Ford Motor Dec 5,596 6,119 (523) -8.5%
General Motors Dec 5,390 6,424 (1,034) -16.1%
Chrysler Dec 1,668 734 934 127.2%
Delphi Dec 1,240 1,169 71 6.1%
Paccar Dec 1,112 1,042 70 6.7%






Total all 5 Motor Vehicle and Parts 15,006 15,488 (482) -3.1%






Broad-Based Manufacturing




Caterpillar Dec 5,961 4,928 1,033 21.0%
United Technologies Dec 4,847 4,831 16 0.3%
Boeing Dec 4,491 3,961 530 13.4%
3M Dec 4,444 4,283 161 3.8%
Honeywell Dec 3,548 3,206 342 10.7%
Deere Dec 3,065 2,800 265 9.5%
Emerson Electric Dec 2,552 2,523 29 1.1%
Danaher Dec 2,299 1,935 364 18.8%
Corning Dec 1,940 2,789 (849) -30.4%
Illinois Tool Works Dec 1,935 1,840 95 5.2%
Johnson Controls Dec 1,783 1,697 86 5.1%
Cummins Dec 1,621 1,754 (133) -7.6%
Eaton Dec 1,384 1,360 24 1.8%
Precision Castparts Dec 1,232 1,011 221 21.9%
PPG Industries Dec 1,230 1,095 135 12.3%
TE Connectivity Sep 1,229 1,343 (114) -8.5%
CNH Global Dec 1,179 918 261 28.4%
Parker Hannifin Dec 1,152 1,049 103 9.8%
Ingersoll-Rand Dec 1,022 958 64 6.7%






Total all 19 Broad-based Manufacturing 46,914 44,281 2,633 5.9%






TV Leisure and Entertainment




Walt Disney Sep 5,682 4,807 875 18.2%
Comcast Dec 5,232 4,377 855 19.5%
News Corp Jun 3,521 3,109 412 13.3%
Time Warner Dec 3,203 3,075 128 4.2%
DirecTV Dec 2,949 2,609 340 13.0%
Viacom Sep 2,264 2,247 17 0.8%
Time Warner Cable Dec 1,797 1,573 224 14.2%
Las Vegas Sands Dec 1,768 1,644 124 7.5%
CBS Dec 1,678 1,417 261 18.4%
Carnival Nov 1,471 1,912 (441) -23.1%
DISH Network Dec 1,111 1,310 (199) -15.2%
Discovery Communications Dec 954 1,033 (79) -7.6%
NBC Universal Dec 3,055 1,660 1,395 84.0%
Total all 13
34,685 30,773 3,912 12.7%






Chemicals




DuPont Dec 3,173 3,392 (219) -6.5%
LyondellBasell Dec 3,021 2,880 141 4.9%
Dow Chemical Dec 2,249 2,959 (710) -24.0%
Monsanto Aug 2,045 1,607 438 27.3%
Mosaic May 1,930 1,947 (17) -0.9%
CF Industries Dec 1,849 1,539 310 20.1%
Praxair Dec 1,681 1,666 15 0.9%
Air Products & Chemicals Sep 1,534 1,557 (23) -1.5%




Total all 8
17,482 17,547 (65) -0.4%






Transportation




United Parcel Service Dec 4,389 4,311 78 1.8%
Union Pacific Dec 3,943 3,292 651 19.8%
FedEx May 2,089 1,556 533 34.3%
CSX Dec 1,859 1,822 37 2.0%
Norfolk Southern Dec 1,749 1,916 (167) -8.7%
Delta Air Lines Dec 1,552 1,190 362 30.4%
United Continental Holdings Dec 589 1,323 (734) -55.5%




Total all 7
16,170 15,410 760 4.9%






Mining




Freeport McMoran Copper & Gold Dec 3,041 4,560 (1,519) -33.3%
Southern Copper Dec 2,251 2,336 (85) -3.6%
Newmont Mining Dec 1,850 2,170 (320) -14.7%
Cliff's Natural Resources Dec 493 1,627 (1,134) -69.7%
Peabody Energy Dec 239 1,012 (773) -76.4%




Total all 5
7,874 11,705 (3,831) -32.7%






Communications




AT&T Dec 13,447 12,674 773 6.1%
Verizon Dec 6,411 6,104 307 5.0%






Total of both
19,858 18,778 1,080 5.8%






Conglomerates




General Electric Dec 16,065 14,915 1,150 7.7%
Berkshire Hathaway Dec 12,597 10,775 1,822 16.9%
Loews Dec 968 1,093 (125) -11.4%






Total of all 3
29,630 26,783 2,847 10.6%






Other Non-Financial Sectors




CHS Aug 1,261 961 300 31.2%
Sysco Jun 1,257 1,201 56 4.7%
International Paper Dec 1,167 1,365 (198) -14.5%
Waste Management Dec 966 1,007 (41) -4.1%




Total of all 4
4,651 4,534 117 2.6%






REITs




Annaly Capital Management Dec 2,022 2,248 (226) -10.1%
Simon Property Group Dec 1,431 1,021 410 40.2%
American Capital Agency Dec 1,267 770 497 64.5%






Total of all 3
4,720 4,039 681 16.9%






Total all 233 Corps
886,665 825,723 60,942 7.4%






Financial Partnerships




KKR Dec 8,028 876 7,152 816.4%
Apollo Management Group Dec 3,048 (1,300) 4,352 333.7%
Carlyle Group Dec      2,400       1,154     1,246     108.0%
Icahn Enterprises Dec         727       1,764     (1,037)     (58.8)%






Total all 4
   14,203       2,490     11,713     470.4%






Total all 237 including Financial Partnerships
 900,868   828,213     72,655       8.8%






Freddie Mac    10,982     (5,266)      16,248      308.5%

Total all 238                            911,850      822,947            88,903        10.8%