Thursday, May 24, 2018

The 105 Largest California Companies With Stock Market Caps Above $5 Bil Generated March 2018 Quarter Total Pretax Income of $73.577 Bil, Up Only 7.6% From the March 2017 Quarter, Short of the 10.8% Pretax Income Growth of All 776 US Companies With Market Caps Above $5 Bil ........................................................................................ The 43 Technology Companies Generated March 2018 Quarter Total Pretax Income of $45.348 Bil, Up a Very Robust 32% From the March 2017 Quarter and Total After-Tax Net Income Increased By an Even More Robust 55% ........................................................................................ However, the 21 Health Care Companies Generated March 2018 Quarter Total Pretax Income Which Declined By a Monstrous 54% From That in the March 2017 Quarter ........................................................................................ And Unlike in Any Other US State, the 24 California Financial Companies Had Their March 2018 Quarter Total Pretax Income Decline From That in the March 2017 Quarter, Due To Both Health Care REIT HCP and Wells Fargo ........................................................................................ Oil & Gas Giant Chevron Pretax Income Up a Blistering 62%, But Its Predominately From Its Foreign Upstream Activities ........................................................................................ And Despite Another Strong Earnings Performance From Disney, the Companies in All Other Industries Experienced a Total Pretax Income Decline of a Very Disappointing 16% ........................................................................................ In Summary, Other Than Tech, Not a Good Signal For the Overall US Economy

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 State of California with March 2018 Quarter Ends, with stock market caps above $5 Bil very recently and which have released their March 2018 Quarter Earnings by May 24, 2018.  

I will update this quarterly earnings chart later for Companies with stock market caps somewhat below $5 Bil and also for Companies with April 2018 and May 2018 Quarter End Earnings.

 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
California Companies Pretax Tax Net Pretax Tax Net Tax Tax % Change % Change
Market Caps Above $5 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 5-24-18 2018 2018 2018 2017 2017 2017 2018 2017 vs 2017 vs 2017
mils $ mils $ mils $ mils $ mils $ mils $
Technology Companies
Apple      16,168        2,346      13,822      14,684        3,655      11,029 14.5% 24.9% 10% 25%
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%
Intel        5,011           557        4,454        3,815           851        2,964 11.1% 22.3% 31% 50%
Visa        3,217           612        2,605        2,702        2,272           430 19.0% 84.1% 19% 506%
Lam Research           772              (7)           779           531             44           487 -0.9% 8.3% 45% 60%
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%
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%
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%
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%
Dolby Laboratories             90             19             71             66             15             51 21.1% 22.7% 6% 13%
Advanced Micro Devices             89               8             81            (28)               5            (33) 9.0% -17.9% 418% 345%
Teledyne Technologies             82             16             66             41             10             31 19.5% 24.4% 100% 113%
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%
Juniper Networks             41               7             34           141             32           109 17.1% 22.7% -71% -69%
Fair Isaac             41               9             32             33               8             25 22.0% 24.2% 24% 28%
Logitech Intl             39               5             34             38              (1)             39 12.8% -2.6% 3% -13%
Fortinet             37              (5)             42               8              (3)             11 -13.5% -37.5% 363% 282%
Microsemi             28             16             12             43               2             41 57.1% 4.7% -35% -71%
Monolithic Power Systems             23               1             22             15               1             14 4.3% 6.7% 53% 57%
Cypress Semiconductor             14               5               9            (38)               5            (43) 35.7% -13.2% 137% 121%
RingCentral              (3)              -                (3)              (2)              -                (2) 0.0% 0.0% -50% 50%
New Relic              (7)              -                (7)            (15)              -              (15) 0.0% 0.0% 53% 53%
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%
Twilio            (24)              -              (24)            (14)              -              (14) 0.0% 0.0% -71% -71%
Square Inc            (24)              -              (24)            (15)              -              (15) 0.0% 0.0% -60% -60%
Proofpoint            (26)            (14)            (12)            (19)               1            (20) 53.8% -5.3% -37% 40%
Zendesk            (32)              (3)            (29)            (25)              -              (25) 9.4% 0.0% -28% -16%
Cavium            (43)              (1)            (42)            (49)               1            (50) 2.3% -2.0% 12% 16%
Symantec            (61)            (27)            (34)          (248)            (71)          (177) 44.3% 28.6% 75% 81%
Western Digital          (128)          (189)             61           304             56           248 147.7% 18.4% -142% -75%
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 43 Technology Cos      45,348        5,673      39,675      34,333        8,690      25,643 12.5% 25.3% 32% 55%
Health Care Companies
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%
Bio-Rad Labs           864           207           657             20               8             12 24.0% 40.0% 4220% 5375%
Intuitive Surgical            290               3           287           202             21           181 1.0% 10.4% 44% 59%
Edwards Lifesciences           264             57           207           293             63           230 21.6% 21.5% -10% -10%
Illumina           221             24           197           503           155           348 10.9% 30.8% -56% -43%
Resmed           130             20           110           108             20             88 15.4% 18.5% 20% 25%
Exelixis           118               2           116             17              -               17 1.7% 0.0% 594% 582%
Align Technologies             99               3             96             62              (7)             69 3.0% -11.3% 60% 39%
Varian Medical             95             22             73             90             21             69 23.2% 23.3% 6% 6%
Herbalife Nutrition Ltd             91               9             82           113             28             85 9.9% 24.8% -19% -4%
Jazz Pharmaceuticals             66             19             47           116             29             87 28.8% 25.0% -43% -46%
Masimo             56             10             46             53               1             52 17.9% 1.9% 6% -12%
ICU Medical               4              (1)               5             46            (10)             56 -25.0% -21.7% -91% -91%
Penumbra               4              (2)               6              (2)               1              (3) -50.0% -50.0% 300% 300%
Ionis Pharmaceuticals            (11)              -              (11)               9              -                 9 0.0% 0.0% -222% -222%
Dexcom            (24)              -              (24)            (40)               1            (41) 0.0% -2.5% 40% 40%
Neurocrine Biosciences            (42)              -              (42)            (78)              -              (78) 0.0% 0.0% 46% 46%
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%
McKesson       (1,094)              (7)       (1,087)        4,674        1,044        3,630 0.6% 22.3% -123% -130%
Total all 21 Health Care Cos        5,636        1,161        4,475      12,175        2,674        9,501 20.6% 22.0% -54% -53%
Financial Companies
Wells Fargo        7,501        1,374        6,127        7,858        2,133        5,725 18.3% 27.1% -5% 7%
SVB Financial Group           282             74           208           159             51           108 26.2% 32.1% 77% 93%
First Republic Bank           246             47           199           214             37           177 19.1% 17.3% 15% 12%
East West Bancorp           212             25           187           228             58           170 11.8% 25.4% -7% 10%
PacWest Bancorp           163             45           118           126             47             79 27.6% 37.3% 29% 49%
Molina Health Care           179             72           107           131             54             77 40.2% 41.2% 37% 39%
First American Financial             93             17             76             84             26             58 18.3% 31.0% 11% 31%
Charles Schwab        1,002           219           783           843           279           564 21.9% 33.1% 19% 39%
Franklin Resources           633           150           483           628           193           435 23.7% 30.7% 1% 11%
Oaktree Capital Group LLC           144               6           138           174             12           162 4.2% 6.9% -17% -15%
AerCap Holdings NV           305             39           266           300             39           261 12.8% 13.0% 2% 2%
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%
Alexandria Real Estate Equities           142              -             142             48              -               48 0.0% 0.0% 196% 196%
Digital Realty Trust           110              -             110             85              -               85 0.0% 0.0% 29% 29%
Essex Property Trust             97              -               97           188              -             188 0.0% 0.0% -48% -48%
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%
Hudson Pacific Properties             53              -               53             24              -               24 0.0% 0.0% 121% 121%
Kilroy Realty             41              -               41             37              -               37 0.0% 0.0% 11% 11%
Douglas Emmett             33              -               33             22              -               22 0.0% 0.0% 50% 50%
American Homes 4 Rent             22              -               22             12              -               12 0.0% 0.0% 83% 83%
Macerich            (37)              (3)            (34)             72              (3)             75 8.1% -4.2% -151% -145%
Total all 24 Financial Cos      12,176        2,094      10,082      12,409        2,943        9,466 17.2% 23.7% -2% 7%
Chevron        5,073        1,414        3,659        3,129           430        2,699 27.9% 13.7% 62% 36%
All Other Companies
Walt Disney        3,928           813        3,115        3,751        1,212        2,539 20.7% 32.3% 5% 23%
Sempra Energy           647           289           358           747           295           452 44.7% 39.5% -13% -21%
PG&E Corp           496             51           445           688           109           579 10.3% 15.8% -28% -23%
Monster Beverage           282             66           216           265             87           178 23.4% 32.8% 6% 21%
Clorox           242             61           181           247             75           172 25.2% 30.4% -2% 5%
Reliance Steel           225             54           171           168             55           113 24.0% 32.7% 34% 51%
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%
Avery Dennison           158             33           125           136             24           112 20.9% 17.6% 16% 12%
Robert Half Intl           135             39             96           126             47             79 28.9% 37.3% 7% 22%
Trimble             67               8             59             64             14             50 11.9% 21.9% 5% 18%
Flex Ltd             16             35            (19)             99             12             87 218.8% 12.1% -84% -122%
Live Nation Entertainment            (34)               7            (41)            (41)               7            (48) -20.6% -17.1% 17% 15%
AECOM          (132)            (24)          (108)             80            (36)           116 18.2% -45.0% -265% -193%
Mattel          (314)              (3)          (311)          (146)            (33)          (113) 1.0% 22.6% -115% -175%
Tesla          (779)               6          (785)          (372)             25          (397) -0.8% -6.7% -109% -98%
Total all 16 Other Companies        5,344        1,450        3,894        6,357        1,907        4,450 27.1% 30.0% -16% -12%
Total all 105 California Cos      73,577      11,792      61,785      68,403      16,644      51,759 16.0% 24.3% 7.6% 19%



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