Saturday, February 21, 2015

Southeast Florida Companies 2014 Earnings Were Up 900% or Up $6.875 Bil Over 2008 US Financial Meltdown Year ... Going From Total Losses of $764 Mil in 2008 to Total Earnings of $6.111 Bil in 2014

From a very thorough review of SEC filings, I found 33 Companies headquartered in the Southeast Florida Area with Stock Market Capitalizations now of at least $1 bil.

Of these 33 Companies, 25 of them have now filed financial statements with the SEC which included earnings disclosures for all fiscal years from 2007 through the current year 2014.  Included in these 25 are the Combined Earnings in 2014 of B/E Aerospace and KLX, which was spun off from B/E Aerospace in late 2014.

Seven of the other 8 Companies all had December year ends and haven't released their December 2014 annual financial statements yet.  The other, Burger King Worldwide, merged with Tim Hortons in 2014.

So just how have these 25 largest Southeast Florida Area Companies done on the earnings front before, during and after the 2008 financial meltdown?  Just incredibly well.

The Total Net Income from Continuing Operations, predominantly audited numbers, of these 25 largest Southeast Florida Area Companies was $6.111 bil in their Most Recent fiscal Years Ending in 2014, an increase of a spectacular 900%, or an Earnings Improvement of $6.875 bil, over the $0.764 bil losses generated by these same 25 companies in their 2008 fiscal year ends which included the 2008 US financial meltdown.

So if the question to answer is how much better off are the largest Southeast Florida Companies now than they were during their financial meltdown fiscal years, the answer is 9 times better, or $6.875 bil better, as audited earnings under US generally accepted accounting principles (US GAAP) are measured by the very prestigious US accounting profession.

Three of the top five earnings performers for 2014 were Cruise Lines, including #1 and #2.

Below here are the US GAAP Net Income (Losses) of each of these 25 largest Southeast Florida Area Companies for all of their fiscal years from 2007 through 2014:


2014 2013 2012 2011 2010 2009 2008 2007



Audited Audited Audited Audited Audited Audited Audited Audited


Net Net Net Net Net Net Net Net

City 2014 Income Income Income Income Income Income Income Income
Southeast Florida Co. HQs FYE (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)



mil $s mil $s mil $s mil $s mil $s mil $s mil $s mil $s











Carnival Miami Nov     1,236     1,078     1,298     1,912     1,978     1,790     2,330     2,408
Royal Caribbean Cruises Miami Dec         764         474           18         607         547         162         574         603
Lennar Miami Nov         629         505         657         113         120       (446)   (1,113)   (1,941)
AutoNation Fort Lauderdale Dec         420         376         317         284         235         233   (1,212)         284
Norwegian Cruise Line Holdings Miami Dec         343         103         169         127           23           67       (212)       (227)
MEDNAX Sunrise Dec         317         281         241         218         203         176         147         140
ADT Corp Boca Raton Sep         304         421         394         376         239         243         222         212
Citrix Systems Ft Lauderdale Dec         252         340         353         356         276         191         178         214
Jarden Corp Boca Raton Dec         243         204         244         205         107         129         (59)           28
Spirit Airlines Miramar Dec         225         177         108           76           72           84           33              1
Ryder System Miami Dec         220         243         201         171         125           90         258         252
World Fuel Services Miami Dec         218         207         201         199         147         118         105           65
Watsco Coconut Grove Dec         209         188         158         138         112           52           60           67
BankUnited Miami Lakes Dec         204         209         211           63         185   (1,114)       (858)         110
B/E Aerospace & KXL Combined Wellington Dec         146         366         234         228         143         142         (99)         147
Fresh Del Monte Produce Coral Gables Dec         145         (34)         145           95           61         145         157         180
The GEO Group Boca Raton Dec         144         117         145           70           63           66           62           38
HEICO Hollywood Oct         139         125         107           95           72           60           67           55
Chatham Lodging Trust Palm Beach Dec           67              3           (1)           (9)           (1)              0              0              0
Equity One North Miami Beach Dec           58           49           (1)           23           10           66           34           49
Capital Bank Financial Coral Gables Dec           51           39           55              8           12              0              0              0
Ultimate Software Group Weston Dec           45           26           15              4              3           (1)           (3)           33
National Beverage Ft Lauderdale Apr           44           47           44           41           33           25           22           25
Dycom Palm Beach Gardens July           40           35           39           16              6         (53)           24           42
Office Depot Boca Raton Dec       (352)         (20)         (77)           96         (46)       (599)   (1,481)         395











Total all 25

    6,111     5,559     5,275     5,512     4,725     1,626       (764)     3,180











Annual Earnings % Increase:









…2014 Over 2008

900%