Wednesday, May 27, 2015

Southeast Florida Companies 2014 Audited Earnings Up 1,367% or Up $6.738 Bil Over 2008 US Financial Meltdown Year ... Going From Total Losses of $493 Mil in 2008 to Total Earnings of $6.245 Bil in 2014

Since President Obama will be present at several DNC Fundraisers in Southeast Florida today, I think it would be helpful to update how Southeast Florida Area Companies have been doing on the Earnings Front.
   
From a very thorough review of SEC filings, I found 31 Companies headquartered in the Southeast Florida Area with Stock Market Capitalizations now of at least $1 bil.

Of these 31 Companies, all but one of them ...Bankrate... have filed financial statements with the SEC which included earnings disclosures for all fiscal years from 2007 through the current year 2014.  Thus I excluded Bankrate below.

Included in these remaining 30 are the Combined Earnings in 2014 of B/E Aerospace and KLX, which was spun off from B/E Aerospace in late 2014.

Burger King Worldwide merged with Tim Hortons in 2014 and thus is excluded below.

So just how have these 30 largest Southeast Florida Area Companies done on the earnings front before, during and after the 2008 financial meltdown?  Just incredibly well.

The Total Audited Net Income from Continuing Operation of these 30 largest Southeast Florida Area Companies was $6.245 bil in their Most Recent Fiscal Years Ending in 2014, an increase of a spectacular 1,367%, or an Earnings Improvement of $6.738 bil, over the $0.493 bil losses generated by these same 30 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 these largest Southeast Florida Companies now than they were during their financial meltdown fiscal years, the answer is more than 13 times better, or $6.738 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 Carnival Corp and #2 Royal Caribbean Cruises.

There has been something upwardly explosive happening with the Audited Earnings of Southeast Florida Companies and among others, President Obama, Free and Fair Trade Advocate Florida US Senator Bill Nelson, and the 6 US House members serving these Southeast Florida Districts led by the superb DNC Chair Debbie Wasserman Schultz but also including Ted Deutch, Lois Frankel, Alcee Hastings, Patrick Murphy and Frederica Wilson, have all undoubtedly helped here.

Below here are the US GAAP Audited Net Income (Losses) of each of these 30 largest Southeast Florida Area Companies for all of their fiscal years from 2008 through 2014:


2014 2013 2012 2011 2010 2009 2008



Audited Audited Audited Audited Audited Audited Audited


Net Net Net Net Net Net Net


2014 Income Income Income Income Income Income Income

City FYE (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)
Southeast Florida Co. HQs
mil $s mil $s mil $s mil $s mil $s mil $s mil $s










Carnival Corp Miami Nov     1,236     1,078     1,298     1,912     1,978     1,790     2,330
Royal Caribbean Cruises Miami Dec         764         474           18         607         547         162         574
Lennar Miami Nov         629         505         657         113         120       (446)   (1,113)
AutoNation Fort Lauderdale Dec         420         376         317         284         235         233   (1,212)
Norwegian Cruise Line Holdings Miami Dec         343         103         169         127           23           67       (212)
MEDNAX Sunrise Dec         317         281         241         218         203         176         147
ADT Corp Boca Raton Sep         304         421         394         376         239         243         222
Citrix Systems Ft Lauderdale Dec         252         340         353         356         276         191         178
Jarden Corp Boca Raton Dec         243         204         244         205         107         129         (59)
Spirit Airlines Miramar Dec         225         177         108           76           72           84           33
Ryder System Miami Dec         220         243         201         171         125           90         258
World Fuel Services Miami Dec         218         207         201         199         147         118         105
Watsco Coconut Grove Dec         209         188         158         138         112           52           60
BankUnited Miami Lakes Dec         204         209         211           63         185   (1,114)       (858)
B/E Aerospace & KXL Combined Wellington Dec         146         366         234         228         143         142         (99)
Fresh Del Monte Produce Coral Gables Dec         145         (34)         145           95           61         145         157
The GEO Group Boca Raton Dec         144         117         145           70           63           66           62
HEICO Hollywood Oct         139         125         107           95           72           60           67
Seacor Holdings Ft Lauderdale Dec         124           48           25           42         246         145         219
MasTec Coral Gables Dec         122         148         117           97           90           71           67
Interval Leisure Group Miami Dec           82           82           41           41           42           38           45
Chatham Lodging Trust Palm Beach Dec           67              3           (1)           (9)           (1)              0              0
Equity One North Miami Beach Dec           58           49           (1)           23           10           66           34
Capital Bank Financial Coral Gables Dec           51           39           55              8           12              0              0
Vector Group Miami Dec           49           39           31           75           54           25           61
Ultimate Software Group Weston Dec           45           26           15              4              3           (1)           (3)
Dycom Palm Beach Gardens July           40           35           39           16              6         (53)           24
SBA Communications Boca Raton Dec         (24)         (56)       (184)       (127)       (194)       (141)         (67)
Opko Health Miami Dec       (175)       (117)         (30)           (6)         (13)         (24)         (32)
Office Depot Boca Raton Dec       (352)         (20)         (77)           96         (46)       (599)   (1,481)










Total all 30

    6,245     5,656     5,231     5,593     4,917     1,715       (493)










Earnings Increase:








…Amount 2014 Over 2008

    6,738





…% 2014 Over 2008

1367%