Non-GAAP Adjusted After-tax Net Income, which is generally used by the investment community to value common stocks, was used when this amount was disclosed in the company's earnings release, and it excludes Special, Unusual Items which are significant in amount relative to Reported GAAP Net Income.
How did they do?
Well, just horribly, with Total 2012 Annual Non-GAAP Adjusted After-tax Net Income of $13.5 bil, down 16.4% from 2011. And 2/3rds of them, or 16 of the 24, had earnings declines in 2012.
On the other hand, the 32 top tier US Technology Corps with Non-GAAP Adjusted After-tax Net Income above $1 bil had their Total 2012 Annual Non-GAAP Adjusted After-tax Net Income increase by 14.0% over 2011.
This huge bifurcation in 2012 earnings between the top tier US Technology companies doing so well while the second top tier US Technology companies doing so poorly is not a good sign for the US economy. You want these second top tier technology companies to be doing great too.....this is what will make the US economy thrive robustly in the long run. A broad-based thriving Technology sector is the key competitive advantage of the US.
On the positive side, these 24 Second Biggest US Technologies companies had their company-earnings-weighted Total Earnings Per Share (EPS) decline by a lower 13.7% in 2012, 2.7% better than the Total Earnings decline of 16.4% in 2012. This was due to some of these second top tier US technology companies having very robust common stock buyback programs in 2012. This 2.7% Add-on Earnings growth of these 24 second top tier Technology companies was much higher than the 1.6% Add-on Earnings growth of the 32 top Technology companies.
It should be pointed out that Amazon's earnings numbers shown below are on a US GAAP basis. If Amazon were to disclose its Non-GAAP Adjusted After-tax Earnings, they would be a bit better than what is shown here below.
Below here are these annual earnings of these 24 Second Biggest Technology Corps for both 2012 and 2011:
| Non-GAAP | |||||||
| EPS | |||||||
| Growth | |||||||
| Non-GAAP | Non-GAAP | Over | |||||
| Annual | Annual | Adjusted | Adjusted | Non-GAAP | Earnings | ||
| 2012 | 2011 | Net | Net | Adjusted | Growth | ||
| Non-GAAP | Non-GAAP | Income | Income | EPS | Positive | ||
| Adjusted | Adjusted | Increase | Increase | Increase | (Negative) | ||
| Net | Net | (Decrease) | (Decrease) | (Decrease) | % | ||
| Income | Income | Amount | % | % | Spread | ||
| Company | FYE | mils of $s | mils of $s | mils of $s | |||
| Technology | |||||||
| Motorola Solutions | Dec | 951 | 887 | 64 | 7.2% | 22.6% | 15.4% |
| NetApp | Apr | 926 | 866 | 60 | 6.9% | 9.5% | 2.6% |
| Intuit | Jul | 906 | 813 | 93 | 11.4% | 16.0% | 4.6% |
| KLA Tencor | Jun | 789 | 837 | (48) | -5.7% | -5.5% | 0.2% |
| Nvidia | Jan | 728 | 734 | (6) | -0.8% | -1.7% | -0.9% |
| Checkpoint Software | Dec | 668 | 614 | 54 | 8.8% | 11.1% | 2.3% |
| Analog Devices | Oct | 651 | 861 | (210) | -24.4% | -23.7% | 0.7% |
| Flextronics | Mar | 645 | 698 | (53) | -7.6% | 1.1% | 8.7% |
| Harris Corp | Jun | 605 | 636 | (31) | -4.9% | 4.4% | 9.3% |
| BMC Software | Mar | 562 | 546 | 16 | 2.9% | 8.7% | 5.8% |
| Garmin Ltd | Dec | 560 | 532 | 28 | 5.3% | 4.4% | -0.9% |
| Altera | Dec | 557 | 771 | (214) | -27.8% | -26.8% | 1.0% |
| Paychex | May | 548 | 515 | 33 | 6.4% | 6.3% | -0.1% |
| Citrix Systems | Dec | 543 | 473 | 70 | 14.8% | 15.7% | 0.9% |
| Xilinx | Mar | 542 | 642 | (100) | -15.6% | -16.7% | -1.1% |
| Jabil Circuit | Aug | 507 | 516 | (9) | -1.7% | 2.6% | 4.3% |
| Marvell Technology | Jan | 498 | 795 | (297) | -37.4% | -32.2% | 5.2% |
| Maxim Integrated Products | Jun | 472 | 520 | (48) | -9.2% | -8.7% | 0.5% |
| Linear Technology | Jun | 461 | 654 | (193) | -29.5% | -29.9% | -0.4% |
| Juniper Networks | Dec | 450 | 645 | (195) | -30.2% | -28.6% | 1.6% |
| First Solar | Dec | 430 | 524 | (94) | -17.9% | -18.5% | -0.6% |
| CSC | Mar | 310 | 725 | (415) | -57.2% | -56.2% | 1.0% |
| Lam Research | Jun | 246 | 724 | (478) | -66.0% | -66.1% | -0.1% |
| Amazon | Dec | -39 | 631 | (670) | -106.2% | -106.5% | -0.3% |
| Total all 24 | 13,516 | 16,159 | (2,643) | -16.4% | -13.7% | 2.7% |
