Monday, June 4, 2018

The Top One-Third US States Whose Companies Generated the Most Total Profits Generated March 2018 Quarter Total Pretax Income of $356.2 Bil, Up 15% From That in Their March 2017 Quarter and Generated Total After-Tax Net Income of $288.7 Bil, Up 23% From That in Their March 2017 Quarter ........................................................................................ On the Other Hand, the Bottom Two-Thirds US States Whose Companies Generated the Least Total Profits Generated March 2018 Quarter Total Pretax Income of $44.2 Bil, a Very Disappointing Decline of 11% From That in Their March 2017 Quarter and Generated Total After-Tax Net Income of $35.2 Bil, Precisely Flat With That in Their March 2017 Quarter ........................................................................................ In the First Full Quarter of the Trump Tax Cuts Act, the Resultant Trend is Very Clear: The Most Profitable US Companies Are Getting Dramatically More Profitable and the Least Profitable US Companies Are Getting Substantially Weaker Profits ........................................................................................

The chart below shows the Total Pretax Income From Continuing Operations and the Total After-Tax Net Income From Continuing Operations for the March 2018 Quarter and the March 2017 Quarter for all US Companies headquartered in each US State and DC which have March 2018 quarter ends, which have stock market caps of at least $1 bil recently, which have March quarter ends and which have released their March 2018 quarter earnings by June 1, 2018.

It should be pointed out that the State of Florida's reported March 2018 Quarter Total Pretax Income includes NextEra Energy's $3.9 bil Gain from its deconsolidation of NextEra Partners.

Also, the State of California's reported March 2017 Quarter Total Pretax Income includes McKesson's $3.9 bil Asset Exchange Gain related to the creation of the Change Healthcare Joint Venture.

In addition, the State of Indiana's reported March 2017 Quarter Total Pretax Income is burdened by Eli Lilly's earnings charges totaling $1.072 bil related to acquired R&D, asset impairments, restructuring costs and integration costs.

Further, the State of Connecticut's reported Total Pretax Income for the March 2017 quarter includes Aetna's earnings charge of $1 bil for its Merger Termination Fee paid to Humana.

     US GAAP 
#  US GAAP   US GAAP   US GAAP   US GAAP   Total 
of  Total   Total   Total   Total  Pretax
Cos Pretax Pretax Better Net Net Better Income
in Income Income (Worse) Income Income (Worse) March Qtr
US March Qtr March Qtr % March Qtr March Qtr % 2018
State US State and DC 2018 2017 Change 2018 2017 Change % Mix
mils $ mils $ mils $ mils $
Top 6 Most Profitable US States
271 California      74,034      68,686 8%      62,031      51,716 20% 18.5%
167 New York      70,707      63,275 12%      58,455      48,501 21% 17.7%
207 Texas      42,576      30,314 40%      32,870      22,339 47% 10.6%
92 Illinois      20,309      15,954 27%      16,758      11,658 44% 5.1%
30 Washington State      16,386      13,061 25%      13,783        9,977 38% 4.1%
57 Virginia      15,351      12,771 20%      12,169      11,360 7% 3.8%
824 Total Top 6    239,363    204,061 17%    196,066    155,551 26% 59.8%
Next 11 Most Profitable US States
81 Pennsylvania      14,711      14,882 -1%      11,891      11,139 7% 3.7%
61 New Jersey      13,159      13,275 -1%      10,173      11,210 -9% 3.3%
36 North Carolina      12,095      10,461 16%        9,610        7,620 26% 3.0%
60 Ohio      12,040      10,991 10%        9,618        8,209 17% 3.0%
41 Connecticut      10,997        7,864 40%        8,597        5,970 44% 2.7%
51 Georgia      10,839      10,078 8%        8,565        7,163 20% 2.7%
40 Michigan      10,261      11,980 -14%        8,219        9,179 -10% 2.6%
27 Minnesota      10,040        9,797 2%        7,956        7,209 10% 2.5%
63 Florida        9,859        6,073 62%        7,668        4,281 79% 2.5%
25 Indiana        6,515        4,579 42%        5,199        3,292 58% 1.6%
8 Washington DC        6,513        5,330 22%        5,178        3,744 38% 1.6%
493 Total Next 11    117,029    105,309 11%      92,674      79,016 17% 29.2%
Totals Top 1/3 (17 States)    356,392    309,370 15%    288,740    234,567 23% 89.0%
Bottom 34 Least Profitable US States
106 Massachusetts        5,538        6,032 -8%        4,558        4,541 0% 1.4%
28 Missouri        4,487        4,044 11%        3,455        2,819 23% 1.1%
36 Maryland        4,244        3,580 19%        3,661        2,745 33% 1.1%
32 Arizona        3,606        2,256 60%        2,281        1,589 44% 0.9%
29 Wisconsin        3,595        3,152 14%        2,805        1,769 59% 0.9%
56 Colorado        3,193        4,010 -20%        1,586        2,290 -31% 0.8%
27 Tennessee        3,166        2,929 8%        2,540        2,084 22% 0.8%
23 Oklahoma        2,706        3,147 -14%        2,392        2,883 -17% 0.7%
5 Rhode Island        2,121        2,178 -3%        1,479        1,463 1% 0.5%
10 Kentucky        1,492        2,320 -36%        1,141        1,599 -29% 0.4%
9 Alabama        1,225           902 36%        1,027           704 46% 0.3%
20 Nevada        1,151           978 18%        1,811           682 166% 0.3%
10 Arkansas        1,047        1,004 4%           895           622 44% 0.3%
11 Iowa           984           934 5%           808           714 13% 0.2%
6 Nebraska           797        7,878 -90%           691        5,529 -88% 0.2%
7 Delaware           779           352 121%           601           218 176% 0.2%
9 Louisiana           622           614 1%           421           409 3% 0.2%
11 South Carolina           564           548 3%           423           390 8% 0.1%
11 Utah           525           422 24%           391           318 23% 0.1%
15 Kansas           429           641 -33%           695           476 46% 0.1%
6 Oregon           417           422 -1%           323           292 11% 0.1%
6 Mississippi           328           258 27%           282           202 40% 0.1%
6 Hawaii           315           275 15%           254           189 34% 0.1%
4 South Dakota           266           272 -2%           268           205 31% 0.1%
2 Maine           169           129 31%           138             98 41% 0.0%
3 West Virginia           143           120 19%           114             81 41% 0.0%
4 Idaho           108             60 80%             90             75 20% 0.0%
2 Montana             94             73 29%             76             54 41% 0.0%
1 North Dakota             50             48 4%             42             36 17% 0.0%
6 New Hampshire             22             68 -68%            (12)             46 -126% 0.0%
1 New Mexico             20             37 -46%             19             26 -27% 0.0%
1 Vermont              (6)              -  
NM
              (4)              -  
NM
 0.0%
0 Wyoming
0 Alaska
503 Totals Bottom 2/3 (34 States)      44,197      49,683 -11%      35,251      35,148 0% 11.0%
 1,820
Total all 50 US States and DC    400,588    359,053 12%    323,991    269,715 20% 100.0%



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