Sunday, February 1, 2015

North Carolina Companies Audited Earnings Were $24.7 Bil in 2013, up 466% Over 2009

Since North Carolina Governor Pat McCrory and the North Carolina State Legislature are discussing how to substantially increase health care coverage to the many North Carolina uninsured and underinsured citizens and to do so in the optimally fair way to all parties, and also since Indiana Governor Mike Pence and US Health and Human Services Cabinet Secretary Sylvia Burwell have just struck such a groundbreaking, very forward-thinking deal that accomplishes just that, as an economic backdrop, I think it would be helpful in several posts to research how North Carolina companies, hospitals and the overall State of North Carolina's economy have all been doing financially.

In this first post I will be addressing North Carolina Companies audited earnings and losses.

From a very thorough review of both SEC filings and of the excellent Google Finance website, I found an incredibly large number of 79 Companies headquartered in the State of North Carolina with Stock Market Capitalizations of at least $100 mil now, or for non-public companies filing with the SEC with Total Book Value of Stockholders' Equity of at least $100 mil now, and also with annual audited financial statements filed with the SEC which included financial information covering all years from 2008 to 2013.

So just how have these 79 largest North Carolina Companies done on the earnings front since the late 2008 financial meltdown?  Well, very well.

The Total Audited Net Income from Continuing Operations of these 79 largest North Carolina Companies was $24.655 bil in the Most Recent Fiscal Year Ended 2013, an exceptional 466% increase over the $4.356 bil Total Audited Net Income in 2009, the first year after the financial meltdown hit in late 2008.

So if the question to answer is how much better off are North Carolina Companies in the most recent fiscal year 2013 than they were in 2009, the answer is more than 4 times better or $20.3 bil better as audited earnings and losses are measured by the very prestigious US accounting profession.

As you can see in the clearly and significantly upward trend in total annual earnings in the most recent five years as is shown in the below chart, there has been something very impressive happening with North Carolina Companies Audited Earnings in the past five years, and among others, North Carolina Governors and the members of the North Carolina State Legislature have all undoubtedly helped here. 

Below here are the Audited Net Income (Losses) of each of these 79 largest North Carolina Companies for Fiscal Year Ends (FYEs) 2013, 2012, 2011, 2010, 2009 and 2008.  The large Bank of America's earnings and losses are just for its US Operations, which are broken out separately by the Company:
2013 2012 2011 2010 2009 2008



Audited Audited Audited Audited Audited Audited

Most Net Net Net Net Net Net

Recent Income Income Income Income Income Income
North Carolina Company HQs FYE (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)

 $ mils  $ mils  $ mils  $ mils  $ mils  $ mils









Bank of America: US Operations Charlotte Dec 13     10,588        4,116     (3,471)     (4,727)     (1,025)        3,254
Lowe's Mooresville Jan 14        2,286        1,959        1,839        2,010        1,783        2,195
BB&T Corp Winston-Salem Dec 13        1,729        2,028        1,332           854           877        1,529
Reynolds American Winston-Salem Dec 13        1,718        1,272        1,406        1,337           962        1,338
VF Corp Greensboro Dec 13        1,210        1,086           890           574           458           603
Lorillard Greensboro Dec 13        1,180        1,099        1,116        1,029           948           887
MetLife Insurance Co USA Charlotte Dec 13           720        1,118        1,174           719         (446)           573
Ingersoll-Rand Davidson Dec 13           641           792           143           783           488     (2,547)
Nucor Charlotte Dec 13           586           593           861           206         (237)        2,145
Laboratory Corp America Burlington Dec 13           575           585           533           572           556           478
Babcock & Wilcox Charlotte Dec 13           333           218              71           140           148           324
Hanesbrands Wimston-Salem Dec 13           330           232           243           193              51           127
Family Dollar Stores Matthews Aug 14           285           444           422           388           291           233
Carlisle Cos Charlotte Dec 13           235           229           172           131           152           114
Quintiles Transnational Durham Dec 13           226           177           240           165           210              35
Old Dominion Freight Line Thomasville Dec 13           206           169           139              76              35              69
SPX Corp Charlotte Dec 13           201         (177)           133           181              48           259
Red Hat Raleigh Feb 14           178           150           147           178              87              79
First Citizens Bancshares Raleigh Dec 13           168           134           195           193           116              91
Belk Inc Charlotte Jan 14           159           188           183           128              67         (213)
Salix Pharmaceuticals Raleigh Dec 13           143              64              87           (27)           (44)           (48)
Curtiss Wright Charlotte Dec 13           138              92           119              98              95           109
Cree Durham Jun 14           124              87              44           147           152              31
Martin Marietta Materials Raleigh Dec 13           120              87              80              99              88           175
Tanger Factory Outlet Centers Greensboro Dec 13           113              56              51              38              67              30
Harris Teeter Supermarkets Matthews Sep 13           109           100           111              99              86              97
Sealed Air Corp Charlotte Dec 13              94     (1,618)           133           256           244           180
Sonic Automotive Charlotte Dec 13              85              91              82              99              56         (646)
Extended Stay America Charlotte Dec 13              83              22              47         (147)     (1,398)         (891)
Triangle Capital Raleigh Dec 13              81              60              57              25                4                8
Snyder's-Lance Charlotte Dec 13              79              60              39                3              36              18
Highwoods Properties Raleigh Dec 13              63              40              31              64              38              10
Cato Corp Charlotte Jan 14              54              62              65              59              46              34
Ingles Markets Black Mountain Sep 14              51              21              43              39              32              29
Fresh Market Greensboro Jan 14              51              64              51              23              49              32
Krispy Kreme Doughnuts Winston-Salem Jan 14              34              21           166                8                0              (4)
Polypore  Charlotte Dec 13              33              60              91              64         (117)           (18)
Coca-Cola Bottling Charlotte Dec 13              32              31              32              40              41              11
Unifi Greensboro Jun 14              28              16              11              25              11           (49)
EnPro Industries Charlotte Dec 13              27              41              44              61         (144)              33
First Bancorp Troy Dec 13              21           (23)              14              10              60              22
NewBridge Bancorp Greensboro Dec 13              21           (25)                5                3           (15)           (57)
CommScope Holding Hickory Dec 13              19                5         (392)              44              78         (229)
Yadkin Financial Elkin Dec 13              19              (9)           (14)                0           (75)                4
BNC Bancorp High Point Dec 13              17              10                7                8                7                4
Culp High Point Apr 14              17              18              13              16              13           (39)
Insteel Industries Mount Airy Sep 14              17              12                2              (0)                0           (21)
Investors Title Co Chapel Hill Dec 13              15              11                7                6                5              (1)
Park Sterling Charlotte Dec 13              15                4              (8)              (8)                1                2
Pike Corp Mount Airy Jun 14              14              36              11                1           (13)              32
RF Micro Devices Greensboro Mar 14              13           (53)                1           125              71         (888)
Pantry Cary Sep 14              13              (3)              (3)              10         (166)              54
HomeTrust Bancshares Asheville Jun 14              10                9                5           (15)                7                3
Peoples Bancorp North Carolina Newton Dec 13                7                6                5                2                3                6
VantageSouth Bancshares Raleigh Dec 13                7                4           (14)           (10)           (30)                2
Campus Crest Communities Charlotte Dec 13                5              10                4           (22)           (17)           (26)
PowerSecure Intl Wake Forest Dec 13                4                2              19                2                4              11
Xerium Technologies Youngsville Dec 13                4           (18)                8           (28)         (112)              27
International Textile Group Greensboro Dec 13                2           (32)           (72)           (46)         (211)         (253)
CommunityOne Bancorp Asheboro Dec 13              (1)           (40)         (132)         (130)         (102)           (60)
Lendingtree Charlotte Dec 13              (1)              (2)           (50)           (27)           (24)         (202)
Sciquest Cary Dec 13              (4)              (1)                3                2              19                1
American Tire Distributors Holdings Huntersville Dec 13              (6)           (14)                0           (72)                5              10
Speedway Motorsports Concord Dec 13              (6)              42              (6)              44              (6)           106
Primo Water Winston-Salem Dec 13              (9)           (93)           (14)           (13)              (8)           (14)
Chelsea Therapeutics Charlotte Dec 13           (16)           (32)           (50)           (38)           (26)           (35)
Chiquita Brands Charlotte Dec 13           (16)         (403)              57              61              90         (329)
POZEN Chapel Hill Dec 13           (17)           (25)              42              23              (7)              (6)
Argos Therapeutics Durham Dec 13           (24)           (10)           (20)              (9)           (11)           (13)
Transenterix Morrisville Dec 13           (28)           (15)              (6)              (5)              (2)              (5)
BioCryst Pharmaceuticals Durham Dec 13           (30)           (39)           (57)           (34)           (13)           (25)
Furiex Pharmaceuticals Morrisville Dec 13           (30)           (43)           (49)           (50)              (8)                7
Patheon Durham Oct 13           (36)         (106)           (16)              (3)                1              20
Polymer Group Charlotte Dec 13           (38)           (26)           (88)              12                3              (4)
Cempra Chapel Hill Dec 13           (45)           (24)           (21)           (20)           (19)           (15)
BioDelivery Sciences Raleigh Dec 13           (57)                2           (23)           (13)              33           (17)
Ply Gem Holdings Cary Dec 13           (80)           (39)           (85)              28           (77)         (498)
FairPoint Communications Charlotte Dec 13         (103)         (153)         (725)         (241)         (188)           (69)
Hatteras Financial Winston-Salem Dec 13         (134)           349           284           170           174              79









Total all 79

    24,655     15,161        7,794        5,986        4,356        8,298









Annual Earnings % Increase: 2013 over 2009
466%






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