Wuerth While Wily Wakenings: The 2016 Earnings Picture For Michigan Largest Companies Are Similar to That For Illinois Largest Companies, But Only Even Much Worse ........................................................................................ Michigan Largest Companies 2016 Total Audited Earnings Were $24.637 Bil Down $11.730 Bil or Down a Monstrous 32% From Their 2015 Total Earnings of $36.367 Bil .............................................................................. Given This Horrible Total Earnings Downturn in 2016, Coupled With the Fact That 19 of Your State's 42 Largest Companies Have Lower Earnings in 2016, You Have a Major Problem ................................................................................... And It's Pretty Clear That Unlike the Previous Presidential Administration, Michigan Businesses Will Be Getting Very Little Help From the Current Presidential Administration ........................................................................................ For One Thing, It Seems To Me That Many Michigan Companies, Most of Which Are Older Companies, Even More So Than in Illinois, Would Be Helped By An Effective Pronounced Major Infusion of Focused High Technology Throughout Their Organizations To Make Them Function Better ...................................................................................... On the Very Positive Side, 2016 Total Audited Earnings Were an Earnings Improvement of $66 Bil From 2007, of $67 Bil From 2008 and of $47 Bil From 2009 ...................................................................................... The Auto Bailout Dramatically Helped Reverse For Several Years the Horrific Auto Companies Losses of 2007, 2008 and 2009, But Not Much Has Happened to Improve the Michigan Economy Since Then

Friday, July 21, 2017

The 2016 Earnings Picture For Michigan Largest Companies Are Similar to That For Illinois Largest Companies, But Only Even Much Worse ........................................................................................ Michigan Largest Companies 2016 Total Audited Earnings Were $24.637 Bil Down $11.730 Bil or Down a Monstrous 32% From Their 2015 Total Earnings of $36.367 Bil .............................................................................. Given This Horrible Total Earnings Downturn in 2016, Coupled With the Fact That 19 of Your State's 42 Largest Companies Have Lower Earnings in 2016, You Have a Major Problem ................................................................................... And It's Pretty Clear That Unlike the Previous Presidential Administration, Michigan Businesses Will Be Getting Very Little Help From the Current Presidential Administration ........................................................................................ For One Thing, It Seems To Me That Many Michigan Companies, Most of Which Are Older Companies, Even More So Than in Illinois, Would Be Helped By An Effective Pronounced Major Infusion of Focused High Technology Throughout Their Organizations To Make Them Function Better ...................................................................................... On the Very Positive Side, 2016 Total Audited Earnings Were an Earnings Improvement of $66 Bil From 2007, of $67 Bil From 2008 and of $47 Bil From 2009 ...................................................................................... The Auto Bailout Dramatically Helped Reverse For Several Years the Horrific Auto Companies Losses of 2007, 2008 and 2009, But Not Much Has Happened to Improve the Michigan Economy Since Then

From a review of the Google Finance Website and of company financial statements in the US SEC Website, I found the 42 Companies headquartered in the US State of Michigan with Stock Market Capitalizations either very late in 2016 or very early in 2017 of more than $1 Bil and which also have filed their fiscal year 2016 annual financial statements with the SEC. Traditional Highly Regulated Utilities were excluded.

Below here are the reported Audited US GAAP Earnings (Losses) From Continuing Operations of each of these 42 Michigan Companies for all of the fiscal years from 2007 through 2016 where the earnings numbers were reported and also where they were prepared in a fairly consistent manner with those in the most recent years:

				2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
			Most	Audited	Audited	Audited	Audited	Audited	Audited	Audited	Audited	Audited	Audited
			Recent	Net	Net	Net	Net	Net	Net	Net	Net	Net	Net
Michigan Companies	City	State	2016	Income	Income	Income	Income	Income	Income	Income	Income	Income	Income
Market Caps Above $1 Bil	HQs	HQs	FYE	(Loss)	(Loss)	(Loss)	(Loss)	(Loss)	(Loss)	(Loss)	(Loss)	(Loss)	(Loss)
				$ mils	$ mils	$ mils	$ mils	$ mils	$ mils	$ mils	$ mils	$ mils	$ mils

General Motors	Detroit	MI	Dec16	9,268	9,615	4,018	5,331	6,136	9,287	6,503	(22,938)	(31,051)	(42,685)
Ford Motor	Dearborn	MI	Dec16	4,607	7,371	1,230	11,946	1,916	16,894	6,557	2,712	(14,833)	(2,819)
Dow Chemical	Midland	MI	Dec16	4,404	7,783	3,839	4,816	1,100	2,784	2,321	566	626	2,962
Stryker	Kalamazoo	MI	Dec16	1,647	1,439	515	1,006	1,298	1,345	1,273	1,107	1,148	987
Delphi Automotive PLC	Troy	MI	Dec16	1,218	1,261	1,380	1,241	1,095	1,096	703	(822)	(1,984)	(1,692)
Ally Financial	Detroit	MI	Dec16	1,111	897	925	416	1,370	(219)	(334)	(3,370)	4,863	(1,950)
Lear Corp	Southfield	MI	Dec16	1,041	796	702	456	1,317	570	461	(377)	(664)	267
Whirlpool	Benton Harbor	MI	Dec16	928	822	692	849	425	408	650	354	447	669
Kellogg	Battle Creek	MI	Dec16	695	614	633	1,808	961	864	1,280	1,208	1,146	1,102
Meritor Inc	Troy	MI	Sep16	579	66	284	(13)	80	82	28	(738)	(46)	(93)
Autoliv Inc	Auburn Hills	MI	Dec16	562	458	469	490	486	627	596	13	172	296
Masco Corp	Taylor	MI	Dec16	534	396	868	300	(18)	(423)	(981)	(102)	(327)	539
Gentex	Zeeland	MI	Dec16	348	318	289	223	169	165	138	65	62	122
Penske Automotive Group	Bloomfield Hills	MI	Dec16	347	334	305	249	196	176	122	84	(411)	121
Credit Acceptance Corp	Southfield	MI	Dec16	333	300	266	253	220	188	170	146	67	54
WABCO Holdings	Rochester Hills	MI	Dec16	247	286	301	662	313	368	(214)	24	216	128
American Axle & Manufacturing	Detroit	MI	Dec16	241	236	143	95	367	140	119	(253)	(1,225)	37
Domino's Pizza	Ann Arbor	MI	Dec16	215	193	163	143	112	105	88	80	54	38
Taubman Centers	Bloomfield Hills	MI	Dec16	188	193	1,278	189	158	141	123	104	7	127
Flagstar Bancorp	Troy	MI	Dec16	171	158	(69)	267	68	(182)	(375)	(497)	(275)	(39)
BorgWarner	Auburn Hills	MI	Dec16	160	646	688	651	522	571	396	36	(19)	317
Cooper-Standard Holdings Inc	Novi	MI	Dec16	140	112	45	45	99	77	18	(356)	(123)	(150)
Visteon	Van Buren Township	MI	Dec16	131	42	(75)	555	56	(12)	806	184	(647)	(305)
Steelcase Inc	Grand Rapids	MI	Feb17	125	170	86	88	39	57	20	(14)	(12)	133
Herman Miller Inc	Zeeland	MI	May17	124	138	98	(22)	68	75	71	28	68	152
Chemical Financial Corp	Midland	MI	Dec16	108	87	62	57	51	43	23	10	20	39
Universal Forest Products	Grand Rapids	MI	Dec16	105	85	62	46	26	6	20	25	5	23
Metaldyne Performance Group	Southfield	MI	Dec16	97	126	73	58	(58)	47	47	11
Federal-Mogul Holdings Corp	Southfield	MI	Dec16	90	(111)	(161)	101	(91)	(56)	165	(33)	(465)	(228)
Wolverine World Wide	Rockford	MI	Dec16	88	123	134	101	81	123	104	62	96	93
LA-Z-Boy Inc	Monroe	MI	Apr17	87	81	69	60	47	84	16	31	(122)	(8)
Gentherm Inc	Northville	MI	Dec16	77	95	70	35	24	11	9	0	4	7
Ramco-Gershenson Properties	Farmington Hills	MI	Dec16	61	67	(2)	8	7	(29)	(24)	12	30	43
SpartanNash Co	Grand Rapids	MI	Dec16	57	63	59	9	28	32	33	26	35	31
Agree Realty Corp	Bloomfield Hills	MI	Dec16	46	40	19	19	14	14	5	15	13	14
Neogen Corp	Lansing	MI	May17	44	37	34	28	27	22	23	18	14	12
Sun Comminities Inc	Southfield	MI	Dec16	31	170	33	20	8	(1)	(4)	(7)	(28)	(18)
Diplomat Pharmacy	Flint	MI	Dec16	25	25	5	(26)	(3)	9	(8)	3
TriMas Corp	Bloomfield Hills	MI	Dec16	(40)	(29)	47	59	14	27	36	12	(110)	(165)
Syntel	Troy	MI	Dec16	(57)	253	250	220	186	123	114	118	87	63
Adient Ltd	Plymouth	MI	Sep16	(1,533)	475	307	187	267	368
Perrigo	Allegan	MI	Dec16	(4,013)	136	233	442	402	341	224	143	139	69

Total all 42				24,637	36,367	20,367	33,468	19,583	36,348	21,322	(22,310)	(43,023)	(41,707)

2016 Total Earnings % Below 2015				-32%

Annual Earnings Improvement:
…2016 Better Than 2007				66,344
…2016 Better Than 2008				67,660
…2016 Better Than 2009				46,947