Monday, October 31, 2016

The 60 Michigan Companies With Market Caps Above $100 Mil Generated Total Audited US GAAP Earnings in 2015 of $36 Bil, Up 79% From the Total Earnings of $20 Bil in 2014 ..... 2015 Total Earnings of $36 Bil Were an Earnings Improvement of $79 Bil From the Total Losses of $43 Bil in 2008, the Year Before President Obama Took Office ..... Two Year 2014-15 Total Earnings of $56.5 Bil Were an Earnings Improvement of $122.5 Bil From the Two Year 2008-9 Total Losses of $66.0 Bil ..... Three Year 2013-15 Total Earnings of $90.1 Bil Were an Earnings Improvement of $197.7 Bil From the Three Year 2007-9 Total Losses of $107.6 Bil

The 2016 US Presidential Race is tightening up some.  The State of Michigan is now considered a Leaning Hillary Clinton State with only a 6.2% average of recent polls margin by the excellent Real Clear Politics.  Chelsea Clinton and Tim Kaine both campaigned in Michigan this past weekend and Donald Trump is campaigning there today.

Thus, I think it might be helpful to research how the Michigan Headquartered Companies have performed on the earnings front during the Obama Administration.

From a review of the very fine Google Finance Website and of company financial statements in the US SEC website, I found the 60 Companies headquartered in Michigan, all with Stock Market Capitalizations recently of more than $100 Mil and which also have filed their fiscal year 2015 annual financial statements with the SEC.  Traditional Regulated Utilities were excluded.

Below here are the reported Audited Earnings (Losses) From Continuing Operations of each of these 60 Michigan Companies for all years reported from 2007 through 2015 where the amounts were presented and in a consistent manner:

2015 2014 2013 2012 2011 2010 2009 2008 2007



Most Audited Audited Audited Audited Audited Audited Audited Audited Audited



Recent Net Net Net Net Net Net Net Net Net
ST 2015 Income Income Income Income Income Income Income Income Income
Michigan Company City HQs HQs FYE (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)



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













General Motors Detroit MI Dec15     9,615     4,018     5,331     6,136     9,287     6,503     (22,938)           (31,051)     (42,685)
Dow Chemical Midland MI Dec15     7,783     3,839     4,816     1,100     2,784     2,321        566          626     2,962
Ford Motor Dearborn MI Dec15     7,371     1,230   11,946     1,916   16,894     6,557     2,712   (14,833)   (2,819)
Stryker Kalamazoo MI Dec15     1,439        515     1,006     1,298     1,345     1,273     1,107       1,148        987
Delphi Automotive PLC Troy MI Dec15     1,261     1,380     1,241     1,095     1,096        703      (822)     (1,984)   (1,692)
Ally Financial Detroit MI Dec15        897        925        416     1,370      (219)      (334)   (3,370)       4,863   (1,950)
Whirlpool Benton Harbor MI Dec15        822        692        849        425        408        650        354          447        669
Lear Corp Southfield MI Dec15        796        702        456     1,317        570        461      (377)        (664)        267
BorgWarner Auburn Hills MI Dec15        646        688        651        522        571        396          36          (19)        317
Kellogg Battle Creek MI Dec15        614        633     1,808        961        864     1,280     1,208       1,146     1,102
Autoliv Inc Auburn Hills MI Dec15        458        469        490        486        627        596          13          172        296
Masco Corp Taylor MI Dec15        396        868        300        (18)      (423)      (981)      (102)        (327)        539
Penske Automotive Group Bloomfield Hills MI Dec15        334        305        249        196        176        122          84        (411)        121
Gentex Zeeland MI Dec15        318        289        223        169        165        138          65            62        122
Credit Acceptance Corp Southfield MI Dec15        300        266        253        220        188        170        146            67          54
WABCO Holdings Rochester Hills MI Dec15        286        301        662        313        368      (214)          24          216        128
Syntel Troy MI Dec15        253        250        220        186        123        114        118            87          63
American Axle & Manufactiring Hldgs Detroit MI Dec15        236        143          95        367        140        119      (253)     (1,225)          37
Domino's Pizza Ann Arbor MI Dec15        193        163        143        112        105          88          80            54          38
Taubman Centers Bloomfield Hills MI Dec15        193     1,278        189        158        141        123        104              7        127
Tower Intl Inc Livonia MI Dec15        178          37        (26)        (21)        (34)        (57)        (59)          (46)        (20)
Steelcase Inc Grand Rapids MI Feb16        170          86          88          39          57          20        (14)          (12)        133
Flagstar Bancorp Troy MI Dec15        158        (69)        267          68      (182)      (375)      (497)        (275)        (39)
Herman Miller Inc Zeeland MI May16        138          98        (22)          68          75          71          28            68        152
Sun Comminities Inc Southfield MI Dec15        137          22          11            5          (1)          (3)          (6)          (29)        (16)
Perrigo Allegan MI Jun15        128        205        442        393        341        224        141          140          73
Metaldyne Performance Group Inc Southfield MI Dec15        126          73          58        (58)          47          47          11

Wolverine World Wide Rockford MI Dec15        123        134        101          81        123        104          62            96          93
Cooper-Standard Holdings Inc Novi MI Dec15        112          46          45          99          77          18      (356)        (123)      (150)
Gentherm Inc Northville MI Dec15          95          70          35          24          11            9            0              4            7
Chemical Financial Corp Midland MI Dec15          87          62          57          51          43          23          10            20          39
Universal Forest Products Inc Grand Rapids MI Dec15          85          62          46          26            6          20          25              5          23
LA-Z-Boy Inc Monroe MI Apr16          81          69          60          47          84          16          31        (122)          (8)
Ramco-Gershenson Properties Trust Farmington Hills MI Dec15          67          (2)            8            7        (29)        (24)          12            30          43
Meritor Inc Troy MI Sep15          66        284        (13)          80          82          28      (738)          (46)        (93)
SpartanNash Co Grand Rapids MI Dec15          63          59            9          28          32          33          26            35          31
Talmer Bancorp Troy MI Dec15          60          91          99          22          33          45


Kelly Services Inc Troy MI Dec15          54          24          59          50          65          26      (105)          (82)          54
Visteon Van Buren Township MI Dec15          42        (75)        555          56        (12)        806        184        (647)      (305)
Rofin-Sinar Technologies Plymouth MI Sep15          41          25          35          35          61          30          10            64          55
Agree Realty Corp Bloomfield Hills MI Dec15          40          19          19          14          14            5          15            13          14
Universal Logistics Holdings Warren MI Dec15          40          45          51          48          51          46          20            26
Neogen Corp Lansing MI May16          37          34          28          27          22          23          18            14          12
Mercantile Bank Corp Grand Rapids MI Dec15          27          17          17          13          37        (13)        (52)            (5)            9
Diplomat Pharmacy Flint MI Dec15          25            5        (26)          (3)            9          (8)            3

Superior Industries Intl Inc Southfield MI Dec15          24            9          23          31          67          52        (94)          (26)            9
Independent Bank Corp (MI) Ionia MI Dec15          20          18          78          26        (20)        (17)        (90)          (92)          10
Isabella Bank Corp Mt Pleasant MI Dec15          15          14          13          12          10            9            8              4            8
Macatawa Bank Corp Holland MI Dec15          13          10          10          35            6        (18)        (64)          (39)            9
Saga Communications Inc Grosse Pointe Farms MI Dec15          13          15          15          18          13          15          (3)          (66)          11
MBT Financial Corp Monroe MI Dec15          12            7          26            9          (4)        (12)        (34)              2            8
Horizon Global Troy MI Dec15            8          15          10





Unique Fabricating Auburn Hills MI Dec15            5            4          (1)            3




Gemphire Therapeutics Northville MI Dec15          (9)          (0)          (0)





Rockwell Medical Inc Wixom MI Dec15        (14)        (21)        (49)        (54)        (21)          (3)          (6)            (8)          (4)
Spartan Motors Inc Charlotte MI Dec15        (17)            1          (6)          (2)            1            7          13            43          26
TriMas Corp Bloomfield Hills MI Dec15        (29)          47          59          14          27          36          12        (110)      (165)
Synthetic Biologics Inc Ann Arbor MI Dec15        (44)        (20)        (12)        (17)          (8)          (1)          (4)            (7)        (10)
Esperion Therapeutics Ann Arbor MI Dec15        (50)        (36)        (26)        (12)        (11)



Federal-Mogul Holdings Corp Southfield MI Dec15      (111)      (161)        101        (91)        (56)        165        (33)        (465)      (228)













Total all 60


  36,227   20,277   33,588   19,500   36,226   21,432      (22,771)   (43,255)      (41,536)













2015 Earnings % Increase Over 2014

79%




















Earnings Improvement Amount:











…Total 2 Year Earnings 2014-5


  56,504







…Total 2 Year Losses 2008-9


    (66,026)







…...2 Year Earnings Improvement

     122,529




















…Total 3 Year Earnings 2013-5


  90,092







…Total 3 Year Losses 2007-9


   (107,562)







…...3 Year Earnings Improvement

     197,653










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