Saturday, May 19, 2018

Big 3 US States Very Largest Companies Total Earnings Results Are In For the March 2018 Quarter, the First Full Quarter of the Trump Tax Cuts Act, and Propelled By Substantially Higher Oil & Gas Prices, Texas Company Earnings Growth Trounces That of Both California and New York ........................................................................................ Texas 53 Companies With Stock Market Caps Above $10 Bil Total Pretax Income Up 41%, California 59 Companies Up 17% and New York 59 Companies Up 11%. In Comparison, All 457 Largest US Companies Total Pretax Income Was Up 12%. ........................................................................................ Texas 53 Companies Total After-Tax Net Income Up 47%, California 59 Companies Up 31% and New York 59 Companies Up 18%. In Comparison, All 457 Largest US Companies Total After-Tax Net Income Was Up 22%. ........................................................................................ Texas 32 Oil & Gas Companies Total Pretax Income Up a Blistering 74% ....................................................................................... Texas Giant AT&T, Which Paid $600K to Trump Personal Lawyer Michael Cohen, Posted a Pretax Income Increase of 14% and an After-Tax Net Income Increase of a Substantially Higher 33%. The Only US Corp Receiving More Direct Tax Benefits From the Trump Tax Cuts Act Than AT&T is Berkshire Hathaway ....................................................................................... But the 20 Texas Non-Oil & Gas Companies and Also Excluding AT&T Posted a Total Pretax Income Increase of a Modest 3% ........................................................................................ California 17 Tech Software and Services Companies, Led By Alphabet, Facebook and FinTech Visa, Total Pretax Income Up a Monstrous 65% and Their Total After-Tax Net Income Up an Almost Unbelievable 103%, Even Higher Than That of the Texas Oil & Gas Companies ........................................................................................ California 10 Tech Manufacturing Corps, Led By Apple, Total Pretax Income Up a Much Lower 11% ....................................................................................... California 32 Non-Tech Companies Total Pretax Income Declined By 2% and Excluding Oil & Gas Corp Chevron, the Remaining 31 Non-Tech Companies Total Pretax Income Declined By a Very Disappointing 10% ........................................................................................ New York 27 Financial Companies Total Pretax Income Up 17%, Principally Due To the US Fed Increasing Short-Term Interest Rates and the Large Financial Companies Electing To Pass On To Their Customers Very Little of Their Benefit From the Resultant Much Higher Interest Revenues ........................................................................................ New York Non-Financial Corp Giant Verizon Posted a Pretax Income Increase of 17% and an After-Tax Net Income Increase of a Substantially Higher 31%. Verizon Received More Direct Tax Benefits From the Trump Tax Cuts Act Than Any US Corp Other Than Berkshire Hathaway and AT&T ........................................................................................ But the 31 Non-Financial Companies and Also Excluding Verizon Posted a Total Pretax Income Decline of 2% ....................................................................................... California Corps Income Tax Departments Clearly Outperform With an Effective Income Tax Rate (EITR) of 15.5% in the March 2018 Quarter, Declining 9.1% From the March 2017 Quarter EITR of 24.6%, Caused Predominately By the Tech Software and Services EITR of 13.0% in the March 2018 Quarter, a Decline of a Huge 16.1% From the EITR in the March 2017 Quarter of 29.1% ........................................................................................ In Comparison, the Texas Companies EITR in the March 2018 Quarter Was 23.2%, a Decline of Only 3.3% From the 26.5% in the March 2017 Quarter and the New York Companies EITR in the March 2018 Quarter Was 17.9%, Down 5.4% From the EITR of 23.3% in the March 2017 Quarter ........................................................................................ Clearly, Texas, New York and Southern California Companies and Frankly Companies in All Other US States Could Benefit From the Exceptional Income Tax Creativity So Prevalent in California's Silicon Valley. The Poorly-Designed Trump Tax Cuts Act Is Full of Holes and the Furthest Thing From True Tax Reform. The US Government's CBO in Its Scoring Substantially Underestimated the Annual US Deficits Resulting From the Trump Tax Cuts Act.

From a review of SEC filings, the below chart shows the US GAAP Pretax Income (Loss) From Continuing Operations, the US GAAP Net Income (Loss) From Continuing Operations and the related US GAAP Income Tax Expense for the March 2018 and 2017 Quarters for all US Companies including both Partnerships and REITs which are Headquartered in the US States of Texas, California and New York with March 2018 Quarter Ends, with stock market caps above $10 Bil on April 30, 2018 and which have released their March 2018 Quarter Earnings by May 18, 2018.  There is one California Corp and one New York Corp which haven't released their March 2018 Quarter Earnings yet.

 I will update these quarterly earnings charts later for like Companies with April 2018 and May 2018 Quarter Earnings.   And hopefully I will have the time necessary to later also include Companies with Stock Market Caps somewhat below $10 Bil.
 US GAAP   US GAAP   US GAAP   US GAAP 
 US GAAP   US GAAP   Effective   Effective  Pretax Net
 US GAAP   Income   US GAAP   US GAAP   Income   US GAAP   Income   Income  Income Income
Companies With Stock Pretax Tax Net Pretax Tax Net Tax Tax % Change % Change
Market Caps Above $10 Bil Income Expense Income Income Expense Income Rate Rate March Qtr March Qtr
Releasing March 2018  March Qtr March Qtr March Qtr March Qtr March Qtr March Qtr March Qtr March Qtr 2018 2018
 Qtr Earnings Thru 5-18-18 2018 2018 2018 2017 2017 2017 2018 2017 vs 2017 vs 2017
mils $ mils $ mils $ mils $ mils $ mils $
Texas Companies
Oil & Gas Companies
Exxon Mobil        7,240        2,457        4,783        5,918        1,828        4,090 33.9% 30.9% 22% 17%
ConocoPhillips        1,776           876           900          (232)          (831)           599 49.3% 358.2% 866% 50%
Concho Resources        1,089           254           835        1,021           371           650 23.3% 36.3% 7% 28%
Occidental Petroleum        1,047           339           708           195             78           117 32.4% 40.0% 437% 505%
Enterprise Products Partners LP           917               5           912           777               6           771 0.5% 0.8% 18% 18%
Energy Transfer Partners LP           839            (40)           879           448             55           393 -4.8% 12.3% 87% 124%
EOG Resources           813           175           638             39             11             28 21.5% 28.2% 1985% 2179%
Valero Energy           731           149           582           433           112           321 20.4% 25.9% 69% 81%
Phillips 66           717           132           585           797           234           563 18.4% 29.4% -10% 4%
Energy Transfer Equity LP           716            (10)           726           368             38           330 -1.4% 10.3% 95% 120%
Kinder Morgan           706           164           542           691           246           445 23.2% 35.6% 2% 22%
Schlumberger Ltd           643           113           530           334             50           284 17.6% 15.0% 93% 87%
Cheniere Energy Inc           615             15           600           172              -             172 2.4% 0.0% 258% 249%
Noble Energy           543            (31)           574             59             12             47 -5.7% 20.3% 820% 1121%
Marathon Oil           524           168           356            (16)             34            (50) 32.1% -212.5% 3375% 812%
Spectra Energy Partners           423               5           418           359               5           354 1.2% 1.4% 18% 18%
Apache Corp           388           182           206           538           271           267 46.9% 50.4% -28% -23%
HollyFrontier           374             85           289            (55)            (17)            (38) 22.7% 30.9% 780% 861%
Plains All America           349             61           288           510             66           444 17.5% 12.9% -32% -35%
Plains GP Holdings LP           348             75           273           508           106           402 21.6% 20.9% -31% -32%
Cheniere Energy Partners LP           335              -             335             47              -               47 0.0% 0.0% 613% 613%
Anadarko Petroleum           300           126           174          (178)             97          (275) 42.0% -54.5% 269% 163%
Andeavor           288             59           229           108             21             87 20.5% 19.4% 167% 163%
Pioneer Natural Resources           228             50           178            (73)            (31)            (42) 21.9% 42.5% -412% -524%
Diamondback Energy           225             47           178           143               2           141 20.9% 1.4% 57% 26%
Halliburton           189           142             47            (57)            (25)            (32) 75.1% 43.9% 432% 247%
Cabot Oil & Gas           157             40           117           169             63           106 25.5% 37.3% -7% 10%
Technip FMC plc           141             49             92             37             52            (15) 34.8% 140.5% 281% -713%
Andeavor Logistics LP           139              -             139             92              -               92 0.0% 0.0% 51% 51%
Targa Resources             48               9             39            (39)             71          (110) 18.8% -182.1% 223% 135%
National Oilwell Varco            (63)               3            (66)          (133)            (13)          (120) -4.8% 9.8% 53% 45%
Baker Hughes GE          (105)            (86)            (19)             74               8             66 81.9% 10.8% -242% -129%
Total all 32 Oil & Gas Companies      22,680        5,613      17,067      13,054        2,920      10,134 24.7% 22.4% 74% 68%
Corp Paying Michael Cohen $600K
AT&T        6,141        1,382        4,759        5,378        1,804        3,574 22.5% 33.5% 14% 33%
All Other Texas Companies
Texas Instruments        1,553           187        1,366        1,255           258           997 12.0% 20.6% 24% 37%
LyondellBasell Industries        1,534           303        1,231        1,120           315           805 19.8% 28.1% 37% 53%
Southwest Air           602           139           463           532           193           339 23.1% 36.3% 13% 37%
Waste Management           511           116           395           434           137           297 22.7% 31.6% 18% 33%
D R Horton           445             94           351           354           125           229 21.1% 35.3% 26% 53%
Celanese           432             65           367           240             56           184 15.0% 23.3% 80% 99%
Yum China Holdings           403           107           296           300             90           210 26.6% 30.0% 34% 41%
Westlake Chemical           386             89           297           201             56           145 23.1% 27.9% 92% 105%
Sysco Corp           365             35           330           360           122           238 9.6% 33.9% 1% 39%
Comerica           335             54           281           268             66           202 16.1% 24.6% 25% 39%
American Air Lines           273             87           186           535           195           340 31.9% 36.4% -49% -45%
Alliance Data Systems           219             55           164           227             81           146 25.1% 35.7% -4% 12%
Dr Pepper Snapple Group           213             54           159           248             71           177 25.4% 28.6% -14% -10%
CenterPoint Energy           212             47           165           299           107           192 22.2% 35.8% -29% -14%
Kimberly Clark           201           104             97           782           207           575 51.7% 26.5% -74% -83%
Waste Connections           157             32           125              (2)            (17)             15 20.4% 850.0% 7950% 733%
Crown Castle           118               4           114           123               4           119 3.4% 3.3% -4% -4%
Match Group             87            (13)           100             34               9             25 -14.9% 26.5% 156% 300%
Invitation Homes            (18)              -              (18)            (42)              -              (42) 0.0% 0.0% 57% 57%
Vistra Energy          (395)            (89)          (306)           119             41             78 22.5% 34.5% -432% -492%
Total all 20 Other Texas Companies        7,633        1,470        6,163        7,387        2,116        5,271 19.3% 28.6% 3% 17%
Total all 53 Texas Companies      36,454        8,465      27,989      25,819        6,840      18,979 23.2% 26.5% 41% 47%
California Companies
Tech Software and Services
Alphabet      10,543        1,142        9,401        6,819        1,393        5,426 10.8% 20.4% 55% 73%
Facebook        5,610           622        4,988        3,408           344        3,064 11.1% 10.1% 65% 63%
Visa        3,217           612        2,605        2,702        2,272           430 19.0% 84.1% 19% 506%
Electronic Arts           754           147           607           716           150           566 19.5% 20.9% 5% 7%
Activision Blizzard           567             67           500           453             27           426 11.8% 6.0% 25% 17%
PayPal Holdings           548             37           511           438             54           384 6.8% 12.3% 25% 33%
eBay           547           140           407           558          (477)        1,035 25.6% -85.5% -2% -61%
Netflix           300               9           291           224             46           178 3.0% 20.5% 34% 63%
Check Point Software           228             41           187           221             39           182 18.0% 17.6% 3% 3%
Cadence Design Systems             78               5             73             74               6             68 6.4% 8.1% 5% 7%
Twitter             64               3             61            (58)               3            (61) 4.7% -5.2% 210% 200%
ServiceNow              (7)            (18)             11            (23)              (1)            (22) 257.1% 4.3% 70% 150%
Atlassian Corp              (8)               6            (14)            (23)              (5)            (18) -75.0% 21.7% -65% -22%
Square Inc            (24)              -              (24)            (15)              -              (15) 0.0% 0.0% -60% -60%
Symantec            (61)            (27)            (34)          (248)            (71)          (177) 44.3% 28.6% 75% 81%
Snap          (384)               2          (386)       (2,212)              (3)       (2,209) -0.5% 0.1% 83% 83%
Dropbox          (464)               2          (466)            (33)              -              (33) -0.4% 0.0% -1306% -1312%
Total all 17 Tech Software&Svcs      21,508        2,790      18,718      13,001        3,777        9,224 13.0% 29.1% 65% 103%
Tech Manufacturing
Apple      16,168        2,346      13,822      14,684        3,655      11,029 14.5% 24.9% 10% 25%
Intel        5,011           557        4,454        3,815           851        2,964 11.1% 22.3% 31% 50%
Lam Research           772              (7)           779           531             44           487 -0.9% 8.3% 45% 60%
Seagate Technology           393             12           381           212             18           194 3.1% 8.5% 85% 96%
KLA-Tencor           366             59           307           319             66           253 16.1% 20.7% 15% 21%
QUALCOMM           358              (5)           363           857           108           749 -1.4% 12.6% -58% -52%
Maxim Integrated Products           222             29           193           170             30           140 13.1% 17.6% 31% 38%
Xilinx           186             20           166           171             18           153 10.8% 10.5% 9% 8%
Arista Networks           143              (2)           145             74              (9)             83 -1.4% -12.2% 93% 75%
Western Digital          (128)          (189)             61           304             56           248 147.7% 18.4% -142% -75%
Total all 10 Tech Manufacturing      23,491        2,820      20,671      21,137        4,837      16,300 12.0% 22.9% 11% 27%
All Non-Tech Companies
Wells Fargo        7,501        1,374        6,127        7,858        2,133        5,725 18.3% 27.1% -5% 7%
Chevron        5,073        1,414        3,659        3,129           430        2,699 27.9% 13.7% 62% 36%
Walt Disney        3,928           813        3,115        3,751        1,212        2,539 20.7% 32.3% 5% 23%
Amgen        2,619           308        2,311        2,460           389        2,071 11.8% 15.8% 6% 12%
Gilead Sciences        2,033           494        1,539        3,617           918        2,699 24.3% 25.4% -44% -43%
Charles Schwab        1,002           219           783           843           279           564 21.9% 33.1% 19% 39%
Sempra Energy           647           289           358           747           295           452 44.7% 39.5% -13% -21%
Franklin Resources           633           150           483           628           193           435 23.7% 30.7% 1% 11%
PG&E Corp           496             51           445           688           109           579 10.3% 15.8% -28% -23%
Prologis           409             17           392           230             10           220 4.2% 4.3% 78% 78%
Public Storage           344              -             344           344           344 0.0% 0.0% 0% 0%
Intuitive Surgical            290               3           287           202             21           181 1.0% 10.4% 44% 59%
Monster Beverage           282             66           216           265             87           178 23.4% 32.8% 6% 21%
SVB Financial Group           282             74           208           159             51           108 26.2% 32.1% 77% 93%
Edwards Lifesciences           264             57           207           293             63           230 21.6% 21.5% -10% -10%
First Republic Bank           246             47           199           214             37           177 19.1% 17.3% 15% 12%
Clorox           242             61           181           247             75           172 25.2% 30.4% -2% 5%
Illumina           221             24           197           503           155           348 10.9% 30.8% -56% -43%
Edison Intl           211            (31)           242           352            (40)           392 -14.7% -11.4% -40% -38%
CBRE Group           196             46           150           193             54           139 23.5% 28.0% 2% 8%
Alexandria Real Estate Equities           142              -             142             48              -               48 0.0% 0.0% 196% 196%
Resmed           130             20           110           108             20             88 15.4% 18.5% 20% 25%
Digital Realty Trust           110              -             110             85              -               85 0.0% 0.0% 29% 29%
Align Technologies             99               3             96             62              (7)             69 3.0% -11.3% 60% 39%
Essex Property Trust             97              -               97           188              -             188 0.0% 0.0% -48% -48%
Varian Medical             95             22             73             90             21             69 23.2% 23.3% 6% 6%
Realty Income Corp             84              -               84             89              -               89 0.0% 0.0% -6% -6%
Equinix             80             17             63             55             13             42 21.3% 23.6% 45% 50%
HCP Inc             38              (5)             43           458              (6)           464 -13.2% -1.3% -92% -91%
Biomarin Pharmaceuticals            (51)              (7)            (44)            (24)              (8)            (16) 13.7% 33.3% -113% -175%
Nektar Therapeutics            (96)              -              (96)            (64)              -              (64) 0.0% 0.0% -50% -50%
Tesla          (779)               6          (785)          (372)             25          (397) -0.8% -6.7% -109% -98%
Total all 32 Non-Tech Companies      26,868        5,532      21,336      27,446        6,529      20,917 20.6% 23.8% -2% 2%
Total all 59 California Companies      71,867      11,142      60,725      61,584      15,143      46,441 15.5% 24.6% 17% 31%
New York Companies
Financial Companies
JPMorgan Chase      10,662        1,950        8,712        8,341        1,893        6,448 18.3% 22.7% 28% 35%
Citigroup        6,090        1,441        4,649        5,981        1,863        4,118 23.7% 31.1% 2% 13%
Morgan Stanley        3,420           714        2,706        2,808           815        1,993 20.9% 29.0% 22% 36%
Goldman Sachs        3,419           587        2,832        2,539           284        2,255 17.2% 11.2% 35% 26%
American Express        2,082           448        1,634        1,839           588        1,251 21.5% 32.0% 13% 31%
Mastercard        1,803           311        1,492        1,478           397        1,081 17.2% 26.9% 22% 38%
MetLife        1,656           399        1,257        1,072           120           952 24.1% 11.2% 54% 32%
Bank of New York Mellon        1,444           282        1,162        1,206           269           937 19.5% 22.3% 20% 24%
BlackRock        1,359           265        1,094        1,136           268           868 19.5% 23.6% 20% 26%
Annaly Capital Management        1,328              -          1,328           441               1           440 0.0% 0.2% 201% 202%
American International Group        1,227           277           950        1,727           516        1,211 22.6% 29.9% -29% -22%
Marsh & McLennan           916           220           696           753           175           578 24.0% 23.2% 22% 20%
Blackstone Group LP           897             55           842        1,059             57        1,002 6.1% 5.4% -15% -16%
S&P Global           681           147           534           611           181           430 21.6% 29.6% 11% 24%
KKR & Co LP           621             18           603           838             40           798 2.9% 4.8% -26% -24%
Icahn Enterprises LP           479             56           423          (134)             26          (160) 11.7% -19.4% 457% 364%
M&T Bank Corp           458           105           353           518           169           349 22.9% 32.6% -12% 1%
Moody's Corp           441             64           377           451           105           346 14.5% 23.3% -2% 9%
Loews Corp           405             25           380           510           119           391 6.2% 23.3% -21% -3%
E Trade Group           334             87           247           225             80           145 26.0% 35.6% 48% 70%
Nasdaq Inc           239             62           177           215             47           168 25.9% 21.9% 11% 5%
Arch Capital Group Ltd           188             22           166           302             28           274 11.7% 9.3% -38% -39%
First Data Corp           161             27           134             91             12             79 16.8% 13.2% 77% 70%
MSCI Inc           139             24           115           102             29             73 17.3% 28.4% 36% 58%
Broadridge Financial           125             16           109           106             30             76 12.8% 28.3% 18% 43%
Vornado Realty Trust               2               1               1             60               2             58 50.0% 3.3% -97% -98%
Apollo Global Mgt LLC          (101)               8          (109)           394             39           355 -7.9% 9.9% -126% -131%
Total all 27 Financial Companies      40,475        7,611      32,864      34,669        8,153      26,516 18.8% 23.5% 17% 24%
Non-Financial Companies
Verizon Communications        6,054        1,388        4,666        5,182        1,629        3,553 22.9% 31.4% 17% 31%
All Other Non-Financial Companies
Pfizer        4,127           556        3,571        3,951           821        3,130 13.5% 20.8% 4% 14%
Philip Morris        2,206           559        1,647        2,199           541        1,658 25.3% 24.6% 0% -1%
Bristol-Myers Squibb        1,779           284        1,495        1,955           429        1,526 16.0% 21.9% -9% -2%
PepsiCo        1,657           304        1,353        1,721           392        1,329 18.3% 22.8% -4% 2%
Time Warner        1,510          (132)        1,642        1,893           470        1,423 -8.7% 24.8% -20% 15%
Twenty-First Century Fox        1,331           370           961        1,252           370           882 27.8% 29.6% 6% 9%
International Business Machines        1,136          (540)        1,676        1,424          (329)        1,753 -47.5% -23.1% -20% -4%
Colgate Palmolive           924           246           678           862           251           611 26.6% 29.1% 7% 11%
CBS Corp           646           135           511           592           138           454 20.9% 23.3% 9% 13%
Regeneron Pharmaceuticals           585           107           478           432           183           249 18.3% 42.4% 35% 92%
Consolidated Edison           545           117           428           615           227           388 21.5% 36.9% -11% 10%
Estee Lauder           480           106           374           407           107           300 22.1% 26.3% 18% 25%
Omnicom Group           376             91           285           370           108           262 24.2% 29.2% 2% 9%
Sirius XM Holdings           370             80           290           321           114           207 21.6% 35.5% 15% 40%
Viacom           287             23           264           154             26           128 8.0% 16.9% 86% 106%
CA Inc           243             36           207           198             41           157 14.8% 20.7% 23% 32%
L3 Technologies           216             24           192           199             42           157 11.1% 21.1% 9% 22%
Arconic           199             56           143           484           162           322 28.1% 33.5% -59% -56%
Thomson Reuters           199             27           172           156             11           145 13.6% 7.1% 28% 19%
Henry Schein           196             48           148           189             39           150 24.5% 20.6% 4% -1%
Intl Flavors & Fragrances           159             30           129           139             23           116 18.9% 16.5% 14% 11%
Tapestry           142               2           140           147             25           122 1.4% 17.0% -3% 15%
Nielsen Holdings           114             39             75           116             43             73 34.2% 37.1% -2% 3%
Xylem             95             16             79             70             14             56 16.8% 20.0% 36% 41%
Take-Two Interactive             91              -               91           111             12             99 0.0% 10.8% -18% -8%
IAC/Interactive             59            (29)             88               4            (24)             28 -49.2% -600.0% 1375% 214%
Hess Corp               8             73            (65)          (309)            (13)          (296) 912.5% 4.2% 103% 78%
Bunge Ltd               2             19            (17)             82             28             54 950.0% 34.1% -98% -131%
Coty Inc            (56)               4            (60)          (253)            (94)          (159) -7.1% 37.2% -78% -62%
Altice USA          (190)            (61)          (129)          (122)            (46)            (76) 32.1% 37.7% -56% -70%
Corning Inc          (465)           124          (589)             20            (66)             86 -26.7% -330.0% -2425% -785%
Total all 31 Other Non-Financial Cos      18,971        2,714      16,257      19,379        4,045      15,334 14.3% 20.9% -2% 6%
Total all 59 New York Companies      65,500      11,713      53,787      59,230      13,827      45,403 17.9% 23.3% 11% 18%
As a Perspective,
Total all 457 US Companies    343,388      63,875    279,513    306,178      77,187    228,991 18.6% 25.2% 12% 22%


Posted by at