The 80 Largest US Non-Technology and Non-Health Care Manufacturing Corps March 2018 Quarter Total Pretax Income Up a Disappointing 5% and Total Net Income Up an Even More Disappointing 8% From the March 2017 Quarter ........................................................................................ Their March 2018 Quarter Effective Income Tax Rate Was a Very High 22.6%, Only 2.0% Lower Than the 24.6% in the March 2017 Quarter ..................................................................................... This Non-Technology and Non-Health Care Manufacturing Sector's Earnings Were Benefited the Least Than Any Other US Sector in the March 2018 Quarter By the Trump Tax Cuts Act ....................................................................................... The Trump Tax Cuts Act Was Sold That It Would Benefit the US Manufacturing Sector More Than Any Other Sector and Just the Opposite Happened ........................................................................................ These US Manufacturing Companies and Their Employees Have To Be Furious For Being So Misled

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 Non-Technology and Non-Health Care Manufacturing Corps with stock market caps above $10 Bil on April 30, 2018 and which have released their March 2018 earnings by May 4, 2018.

									US GAAP	US GAAP	US GAAP	US GAAP
US Non-Technology and		US GAAP				US GAAP			Effective	Effective	Pretax	Net
Non-Health Care	US GAAP	Income	US GAAP		US GAAP	Income	US GAAP		Income	Income	Income	Income
Manufacturing Corps	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 Their March 2018	March Qtr	March Qtr	March Qtr		March Qtr	March Qtr	March Qtr		March Qtr	March Qtr	2018	2018
Quarter Earnings By 5-4-18	2018	2018	2018		2017	2017	2017		2018	2017	vs 2017	vs 2017
	mils $	mils $	mils $		mils $	mils $	mils $
Procter & Gamble	3,253	713	2,540		3,336	780	2,556		21.9%	23.4%	-2%	-1%
Boeing	2,839	362	2,477		2,145	566	1,579		12.8%	26.4%	32%	57%
Altria Group	2,466	571	1,895		2,091	689	1,402		23.2%	33.0%	18%	35%
Philip Morris	2,206	559	1,647		2,199	541	1,658		25.3%	24.6%	0%	-1%
Caterpillar	2,139	472	1,667		284	90	194		22.1%	31.7%	653%	759%
Ford Motor	1,919	174	1,745		2,251	652	1,599		9.1%	29.0%	-15%	9%
Honeywell	1,909	458	1,451		1,724	392	1,332		24.0%	22.7%	11%	9%
United Technologies	1,890	522	1,368		2,054	586	1,468		27.6%	28.5%	-8%	-7%
Coca-Cola	1,833	506	1,327		1,507	323	1,184		27.6%	21.4%	22%	12%
PepsiCo	1,657	304	1,353		1,721	392	1,329		18.3%	22.8%	-4%	2%
General Motors	1,576	466	1,110		3,473	787	2,686		29.6%	22.7%	-55%	-59%
DowDupont	1,542	389	1,153		1,128	213	915		25.2%	18.9%	37%	26%
LyondellBasell Industries	1,534	303	1,231		1,120	315	805		19.8%	28.1%	37%	53%
Kraft-Heinz	1,254	261	993		1,250	359	891		20.8%	28.7%	0%	11%
Mondelez Intl	1,251	307	944		787	154	633		24.5%	19.6%	59%	49%
3M	965	359	606		1,737	411	1,326		37.2%	23.7%	-44%	-54%
Colgate Palmolive	924	246	678		862	251	611		26.6%	29.1%	7%	11%
Illinois Tool Works	849	197	652		749	213	536		23.2%	28.4%	13%	22%
Danaher	713	147	566		585	101	484		20.6%	17.3%	22%	17%
Paccar	669	157	512		448	138	310		23.5%	30.8%	49%	65%
Emerson Electric	658	169	489		565	181	384		25.7%	32.0%	16%	27%
Praxair	620	148	472		553	149	404		23.9%	26.9%	12%	17%
Eaton Corp plc	565	78	487		467	33	434		13.8%	7.1%	21%	12%
Cummins	523	198	325		548	143	405		37.9%	26.1%	-5%	-20%
Nucor Corp	516	136	380		549	171	378		26.4%	31.1%	-6%	1%
Kellogg	511	67	444		309	43	266		13.1%	13.9%	65%	67%
Air Products & Chemicals	480	56	424		405	95	310		11.7%	23.5%	19%	37%
Estee Lauder	480	106	374		407	107	300		22.1%	26.3%	18%	25%
Parker Hannifin	470	104	366		315	76	239		22.1%	24.1%	49%	53%
Archer Daniels Midland	464	68	396		458	118	340		14.7%	25.8%	1%	16%
PPG Industries	462	109	353		440	107	333		23.6%	24.3%	5%	6%
Lear Corp	452	78	374		408	89	319		17.3%	21.8%	11%	17%
International Paper	451	89	362		265	73	192		19.7%	27.5%	70%	89%
Hershey	449	99	350		168	70	98		22.0%	41.7%	167%	257%
Celanese	432	65	367		240	56	184		15.0%	23.3%	80%	99%
General Electric	413	(27)	440		(53)	(105)	52		NM	NM	NM	NM
Westlake Chemical	386	89	297		201	56	145		23.1%	27.9%	92%	105%
Aptiv plc	375	59	316		248	19	229		15.7%	7.7%	51%	38%
Molson Coors Brewing	357	75	282		281	66	215		21.0%	23.5%	27%	31%
Eastman Chemical	350	60	290		341	62	279		17.1%	18.2%	3%	4%
FMC Corp	332	69	263		54	9	45		20.8%	16.7%	515%	484%
BorgWarner	332	95	237		286	86	200		28.6%	30.1%	16%	19%
Ecolab	317	69	248		311	54	257		21.8%	17.4%	2%	-4%
Fortive Corp	313	52	261		272	73	199		16.6%	26.8%	15%	31%
Rockwell Collins	306	69	237		233	65	168		22.5%	27.9%	31%	41%
Rockwell Automation	300	72	228		230	41	189		24.0%	17.8%	30%	21%
Steel Dynamics	296	70	226		304	106	198		23.6%	34.9%	-3%	14%
V F Corp	294	33	261		269	56	213		11.2%	20.8%	9%	23%
CNH Industrial NV	265	63	202		97	51	46		23.8%	52.6%	173%	339%
Mohawk Industries	257	48	209		269	68	201		18.7%	25.3%	-4%	4%
Roper Technologies	255	44	211		211	53	158		17.3%	25.1%	21%	34%
Stanley Black & Decker	252	82	170		473	80	393		32.5%	16.9%	-47%	-57%
TransDigm Group	247	45	202		215	60	155		18.2%	27.9%	15%	30%
WestRock	243	19	224		142	44	98		7.8%	31.0%	71%	129%
Clorox	242	61	181		247	75	172		25.2%	30.4%	-2%	5%
Ametek	236	55	181		191	52	139		23.3%	27.2%	24%	30%
Textron	218	29	189		121	21	100		13.3%	17.4%	80%	89%
Dr Pepper Snapple Group	213	54	159		248	71	177		25.4%	28.6%	-14%	-10%
Kimberly Clark	201	104	97		782	207	575		51.7%	26.5%	-74%	-83%
Church & Dwight	201	43	158		190	59	131		21.4%	31.1%	6%	21%
Masco	200	39	161		210	62	148		19.5%	29.5%	-5%	9%
Arconic	199	56	143		484	162	322		28.1%	33.5%	-59%	-56%
Autoliv	197	75	122		194	52	142		38.1%	26.8%	2%	-14%
Packaging Corp of America	187	47	140		179	62	117		25.1%	34.6%	4%	20%
Ingersoll Rand plc	167	33	134		156	29	127		19.8%	18.6%	7%	6%
Dover	161	29	132		232	60	172		18.0%	25.9%	-31%	-23%
Ball Corp	159	34	125		92	22	70		21.4%	23.9%	73%	79%
Garmin Ltd	154	25	129		88	(150)	238		16.2%	-170.5%	75%	-46%
Tapestry	142	2	140		147	25	122		1.4%	17.0%	-3%	15%
Pentair plc	132	28	104		104	23	81		21.2%	22.1%	27%	28%
Idex Corp	130	31	99		104	29	75		23.8%	27.9%	25%	32%
A.O. Smith	125	27	98		120	33	87		21.6%	27.5%	4%	13%
Mettler-Toledo	117	24	93		114	21	93		20.5%	18.4%	3%	0%
Whirlpool	109	15	94		198	40	158		13.8%	20.2%	-45%	-41%
Xylem	95	16	79		70	14	56		16.8%	20.0%	36%	41%
Newell Brands	2	(51)	53		790	152	638		-2550.0%	19.2%	-100%	-92%
Bunge Ltd	2	19	(17)		82	28	54		NM	34.1%	-98%	-131%
Hasbro	(88)	24	(112)		71	2	69		NM	2.8%	-224%	-262%
Corning Inc	(465)	124	(589)		20	(66)	86		NM	NM	-2425%	-785%
Tesla	(779)	6	(785)		(372)	25	(397)		NM	NM	-109%	-98%
Total all 80	49,068	11,078	37,990		46,794	11,518	35,276		22.6%	24.6%	5%	8%