Thursday, March 12, 2015

Largest 100 US Broad-Based Manufacturing Corps 2014 Audited Earnings Were $197 Bil, Up 1,935% Over 2008 Earnings of $10 Bil Under Ben Bernanke's Reign as US Fed Chair

Former US Fed Chair Ben Bernanke will be delivering a key economic presentation at the University of Southern Indiana in Evansville, Indiana on March 23, 2015.  It is open to the public and free of charge.  

Thus, as a backdrop for this upcoming speech and continuing a much deserved tribute to Bernanke's key role in helping the US avoid a Deep, Prolonged Financial Depression, I think it would be helpful to update just what has been going on with the very largest US Broad-Based Manufacturing Companies Audited Earnings since the disastrous 2008 Financial Meltdown.

From an exhaustive review of SEC filings including analysis of business descriptions, I found 100 US Broad-Based Manufacturing Companies with current total stock market capitalizations of more than $10 bil each.

The Total 2014 Audited US GAAP Earnings From Continuing Operations of these 100 largest US Broad-Based Manufacturing Companies were a massive $197 bil, up a phenomenally off-the-charts 1,935% from the comparable Total Audited Earnings of $10 bil in 2008, the year of the horrific US Financial Meltdown .....yeah, that's up more than 19 times. 

Also, the Total Audited Earnings of these 100 largest US Broad-Based Manufacturing Companies for the Most Recent Two Years (2014 and 2013) were a massive $388 bil, an Earnings Improvement of a staggering $341 bil over the $47 bil of like earnings of these same companies for the US Financial Meltdown Damaged Years of 2009 and 2008 Combined.

Further, the Total 2014 Audited US GAAP Earnings From Continuing Operations of these 100 largest US Broad-Based Manufacturing Companies of $197 bil were up a massive $141 bil, or an increase of a staggering 252%, over the comparable earnings in 2007 of $56 bil, which was before the disastrous effects of the 2008 financial meltdown hit......yeah, these 100 largest US Broad-Based Manufacturing Corps not only recouped the earnings they lost with the 2008 financial meltdown, but they also added another incredibly high $141 bil, or an additional 252%, of Audited Earnings.

When the 100 very largest US Broad-Based Manufacturing Firms which are the envy of the world generate extremely paltry Total Audited US GAAP Earnings of only $10 bil in 2008 followed by Total Earnings of a very modest $37 bil in 2009, it's pretty clear to me that the country was in an extremely perilous situation financially unless the US Government reacts very presciently to turn this horrible economic tide around.

So if the question to answer is how much better off are the very largest US Broad-Based Manufacturing Companies in 2014 than they were during their financial meltdown fiscal year of 2008, the answer is more than 19 times better as audited earnings under US generally accepted accounting principles (US GAAP) are measured by the very prestigious US accounting profession.

It's also pretty clear to me that here has been something nearly miraculous happening on a widespread basis with the very largest US Broad-Based Manufacturing Companies Earnings all over the country in the past six years and very prescient economic actions by former US Fed Chairman Ben Bernanke played a very pivotal role here in resuscitating many of these US Broad-Based Manufacturing Companies from the abyss.

Below here are the Audited Earnings (Losses) From Continuing Operations of each of these 100 largest US Broad-Based Manufacturers with total stock market capitalizations of more than $10 bil each for each of the fiscal year ends 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
US Broad-Based City
2014 Income Income Income Income Income Income Income Income
Manufacturing Companies 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











Apple  Cupertino CA Sep      39,510      37,037      41,733      25,922      14,013        8,235        6,119        3,495
Intel Santa Clara CA Dec      11,704        9,620      11,005      12,942      11,464        4,369        5,292        6,976
Cisco Systems San Jose CA Jul        7,853        9,983        8,041        6,490        7,767        6,134        8,052        7,333
United Technologies Hartford CT Dec        6,623        6,074        5,200        5,374        4,711        4,179        5,053        4,548
Boeing Chicago IL Dec        5,446        4,586        3,903        4,011        3,311        1,335        2,654        4,058
Hewlett Packard Palo Alto CA Oct        5,013        5,113    (12,650)        7,074        8,761        7,660        8,329        7,264
3M St. Paul MN Dec        4,988        4,721        4,511        4,357        4,163        3,244        3,520        4,151
Honeywell Morristown NJ Dec        4,329        3,962        2,931        1,865        1,957        1,528           826        2,460
LyondellBasell Houston TX Dec        4,172        3,860        2,858        2,472        2,699              90      (7,328)           661
General Motors Detroit MI Dec        4,018        5,331        6,136        9,287        6,503    (22,938)    (31,051)    (42,685)
Dow Chemical Midland MI Dec        3,839        4,816        1,100        2,784        2,321           566           626        2,962
Caterpillar Peoria IL Dec        3,711        3,803        5,722        4,981        2,758           827        3,585        3,578
DuPont Wilmington DE Dec        3,621        2,863        2,472        3,510        3,052        1,769        2,010        2,995
Ford Motor Dearborn MI Dec        3,186        7,175        5,612      20,222        6,557        2,712    (14,833)      (2,819)
Deere Moline IL Oct        3,163        3,538        3,072        2,808        1,874           873        2,053        1,822
Micron Technology Boise ID Aug        3,079        1,194      (1,031)           190        1,900      (1,993)      (1,665)          (209)
Medtronic Minneapolis MN Apr        3,065        3,467        3,415        3,096        3,099        2,070        2,138        2,703
EMC Corp Hopkinton MA Dec        2,894        3,093        2,886        2,609        1,970        1,122        1,320        1,614
Texas Instruments Dallas TX Dec        2,821        2,162        1,759        2,236        3,228        1,470        1,920        2,641
Monsanto St. Louis MO Aug        2,749        2,514        2,087        1,657        1,111        2,105        2,027           925
Danaher Washington DC Dec        2,584        2,695        2,299        1,935        1,718        1,087        1,248        1,146
Corning Inc Corning NY Dec        2,472        1,961        1,636        2,805        3,558        2,008        5,257        2,150
Archer Daniels Midland Decatur IL Dec        2,253        1,354        1,242        2,018        1,919        1,688        1,786        2,162
Emerson Electric St. Louis MO Sep        2,184        2,066        2,024        2,504        2,031        1,762        2,454        2,129
Baxter Deerfield IL Dec        1,946        2,012        2,283        2,256        1,427        2,215        2,025        1,721
Thermo Fisher Scientific Waltham MA Dec        1,896        1,279        1,258        1,020           997           823           954           750
Illinois Tool Works Glenview IL Dec        1,890        1,630        2,233        2,017        1,452           969        1,624        1,765
Eaton Cleveland OH Dec        1,803        1,873        1,220        1,352           937           385        1,067           973
TE Connectivity Berwyn PA Sep        1,781        1,277        1,166        1,253        1,065      (3,103)        1,532          (208)
Precision Castparts Portland OR Mar        1,767        1,433        1,232        1,011           926        1,037           957           605
Praxair Danbury CT Dec        1,746        1,836        1,744        1,722        1,234        1,297        1,256        1,220
Cummins Columbus IN Dec        1,736        1,588        1,738        1,946        1,140           484           818           788
Covidien Mansfield MA Sep        1,662        1,600        1,637        1,883        1,563           942        1,443          (165)
Western Digital Irvine CA Jun        1,617           980        1,612           726        1,382           470           867           564
Seagate Technology Cupertino CA Jun        1,570        1,838        2,862           511        1,609      (3,125)        1,251           933
Johnson Controls Milwaukee WI Sep        1,553        1,191        1,225        1,741        1,566          (350)        1,003        1,307
Delphi Automotive PLC Troy MI Dec        1,440        1,301        1,160        1,223           703          (822)      (1,984)      (1,692)
CF Industries Deerfield IL Dec        1,437        1,533        1,923        1,761           441           449           802           427
PACCAR Bellevue WA Dec        1,359        1,171        1,112        1,042           458           112        1,018        1,227
FCA US (Chrysler Group) Auburn Hills MI Dec        1,209        2,757        1,668           183          (652)      (8,210)    (16,844)      (5,041)
Becton Dickinson Franklin Lakes NJ Sep        1,185           929        1,110        1,265        1,176        1,167        1,078           815
PPG Industries Pittsburgh PA Dec        1,157           973           680        1,212           880           426           624           932
Xerox Norwalk CT Dec        1,107        1,159        1,180        1,328           637           516           265        1,165
Applied Materials Santa Clara CA Oct        1,072           256           109        1,926           938          (305)           961        1,710
Parker Hannifin Cleveland OH Jun        1,041           949        1,155        1,057           556           510           958           830
Mosaic Plymouth MN May        1,030        1,892        1,931        2,514           832        2,357        2,092           424
SanDisk Milpitas CA Dec        1,007        1,043           417           987        1,300           415      (1,987)           191
Air Products & Chemicals Allentown PA Sep           989        1,043        1,025        1,253        1,055           651        1,114        1,040
St. Jude Medical St. Paul MN Dec           955           692           752           826           907           777           353           538
Ingersoll-Rand Davidson NX Dec           916           641           792           426           783           513      (2,547)           747
Sherwin-Williams Cleveland OH Dec           866           753           631           442           462           436           477           616
Stanley Black & Decker New Britain CT Dec           858           519           457           691           202           228           221           323
Harley Davidson Milwaukee WI Dec           845           734           624           548           260              71           684           934
Weyerhauser Federal Way WA Dec           828           491           312           319        1,274          (525)      (1,911)          (284)
Rockwell Automation Milwaukee WI Sep           827           756           737           697           440           218           578           569
Nucor Charlotte NC Dec           816           586           593           861           206          (237)        2,145        1,765
Edwards Life Sciences Irvine CA Dec           811           389           292           237           218           229           129           113
Tyco Intl Princeton NJ Sep           794           443         (412)           548           233     (2,719)           180
Dover Downers Grove IL Dec           778           798           650           846           691           373           650           609
Eastman Chemical Kingsport TN Dec           755        1,172           443           657           425           154           345           434
Zimmer Holdings Warsaw IN Dec           719           759           753           760           597           717           849           773
Amphenol Wallingford CT Dec           715           639           560           529           502           327           430           364
Whirlpool Benton Harbor MI Dec           692           849           425           408           650           354           447           669
BorgWarner Auburn Hills MI Dec           688           651           522           571           396              36            (19)           317
Broadcom Irvine CA Dec           652           424           719           927        1,082              65           215           213
Roper Industries Sarasota FL Dec           646           538           483           427           323           239           282           246
NetApp Sunnyvale CA Apr           638           505           605           673           400              65           310           298
Lam Research Fremont CA Jun            632           114           169           724           347          (302)           439           686
NVIDIA Santa Clara CA Jan 15           631           440           563           581           253            (68)            (30)           798
Xilinx San Jose MA Mar           630           488           530           642           357           362           369           351
Analog Devices Norwood  MA Oct           629           673           651           861           711           247           525           502
Pentair plc Golden Valley MN Dec           607           518            (79)              39           203           116           259           212
Textron Providence RI Dec           605           498           581           242              92            (73)           324           866
Ametek Berwyn PA Dec           584           517           459           384           284           206           247           228
International Paper Memphis TN Dec           549        1,687           722        1,306           665           681      (1,266)        1,239
Mohawk Industries Calhoun GA Dec           532           367           251           178           190              (1)      (1,452)           714
Stryker Kalamazoo MI Dec           515        1,006        1,298        1,345        1,273        1,107        1,148           987
Agilent Technologies Santa Clara CA Oct           504           724        1,153        1,012           684            (31)           693           638
Sigma-Aldrich St Louis MO Dec           500           491           460           457           384           347           342           311
Bunge Ltd White Plains NY Dec           485           110           378           940        2,388           335        1,326           924
Altera San Jose CA Dec           473           440           557           771           783           251           360           290
Linear Technology Milpitas CA Jun           460           407           398           581           361           289           367           409
Skyworks Solutions Wobum MA Sep           458           278           202           227           137              95           111              40
Waters Corp Milford MA Dec           431           450           461           433           382           323           322           268
Intuitive Surgical Sunnyvale CA Dec           419           671           657           495           382           233           204           145
CareFusion San Diego CA Jun           417           389           361           291           158           287           334           153
Newell Rubbermaid Atlanta GA Dec           373           416           391           135           288           286            (48)           478
Pall Corp Port Washington NY Jul           364           330           281           315           241           196           217           128
Illumina San Diego CA Dec           353           125           151              87           125              72              39          (287)
TRW Automotive Livonia MI Dec           334        1,007        1,041        1,195           875              73          (764)           109
Avago Technologies San Jose CA Oct           309           552           563           552           415            (44)              57          (220)
TransDigm Group Cleveland OH Sep           307           303           325           152           163           163           133              89
CR Bard Murray Hill NJ Dec           295           690           530           328           510           461           419           409
Freescale Semiconductor Holdings Austin TN Dec           251          (208)          (102)          (410)      (1,053)           748      (7,939)      (1,613)
Vulcan Materials Birmingham AL Dec           207              21            (54)            (75)          (103)              19                3           463
Alcoa New York NY Dec           177      (2,244)           162           808           400          (924)           450        3,179
Boston Scientific Marlborough MA Dec          (119)          (121)      (4,068)           441      (1,065)      (1,025)      (2,036)          (495)
Palo Alto Networks Santa Clara CA Jul          (226)            (29)                1            (13)            (21)            (19)            (16)            (10)
Tesla Motors Palo Alto CA Dec          (294)            (74)          (396)          (254)          (154)            (56)            (83)            (78)
Motorola Solutions  Schaumburg IL Dec          (696)           939           670           741           261           445      (3,490)           360












Total all 100


  196,772   190,845   160,848   193,242   147,034      37,332        9,668      55,858












Annual % Earnings Increase









…..2014 Over 2008


1,935%





…..2014 Over 2007


252%


















Two Year Earnings










…2014 and 2013


  387,617






...2009 and 2008


     47,000






…..Two Year Earnings Improvement

  340,617






…..Two Year Earnings % Increase

725%








Next up are the US Broad-Based Manufacturing Companies with Stock Market Caps between say $3 bil and $10 bil.  There are so many of these.  And these are the companies that must do well since this is where much of the good-paying US jobs are.


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