Friday, July 13, 2018

The 54 Minnesota Cos With March, April or May Quarter Ends (The First Full Quarter of the Trump Tax Cuts Act), With Market Caps of At Least $100 Mil and Which Have Released These 2018 Quarter Earnings By July 5, 2018 Generated March, April or May 2018 Quarter Total Pretax Income (PTI) of $14.060 Bil, Up By a Very Modest 1.4% From Their Previous Year's Quarter Total PTI of $13.862 Bil ....................................................................................... Excluding the Giant Health Insurer UnitedHealth Group, the Remaining 53 Minnesota Cos Generated March, April or May 2018 Quarter Total Pretax Income Which Declined By a Disappointing 3.7% From Their Previous Year's Quarter Total PTI .......................................................................................

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, April or May 2018 and 2017 Quarters for all US Companies including both Partnerships and REITs which are Headquartered in the US State of Minnesota with March, April or May 2018 Quarter Ends, with stock market caps of at least $100 Mil recently and which have released their March, April or May 2018 Quarter Earnings by July 5, 2018.
 US GAAP   US GAAP 
Pretax Net
 US GAAP   US GAAP  Income Income
 US GAAP   US GAAP   US GAAP   US GAAP   US GAAP   US GAAP   Effective   Effective  Better Better
Pretax  Income  Net Pretax  Income  Net  Income   Income  (Worse) (Worse)
Income Tax Income Income Tax Income Tax Tax % Change % Change
Minnesota Company (Loss) Expense (Loss) (Loss) Expense (Loss) Rate Rate March, March,
Market Caps of $100 Mil+ March, March, March, March, March, March, March, March, April or April or
Releasing March, April or April or April or April or April or April or April or April or April or May Qtr May Qtr
 May 2018 Quarter May Qtr May Qtr May Qtr May Qtr May Qtr May Qtr May Qtr May Qtr 2018 2018
Earnings By July 5, 2018 2018 2018 2018 2017 2017 2017 2018 2017 vs 2017 vs 2017
mils $ mils $ mils $ mils $ mils $ mils $
UnitedHealth Group        3,724           800        2,924        3,130           939        2,191 21.5% 30.0% 19% 33%
US Bancorp        2,073           391        1,682        2,035           549        1,486 18.9% 27.0% 2% 13%
Medtronic plc        1,725           260        1,465        1,435           271        1,164 15.1% 18.9% 20% 26%
3M           965           359           606        1,737           411        1,326 37.2% 23.7% -44% -54%
Target           927           210           717        1,030           355           675 22.7% 34.5% -10% 6%
Travelers Companies           778           109           669           760           143           617 14.0% 18.8% 2% 8%
Ameriprise Financial           696           102           594           475             72           403 14.7% 15.2% 47% 47%
General Mills           444             86           358           560           144           416 19.4% 25.7% -21% -14%
XCEL Energy           350             59           291           356           117           239 16.9% 32.9% -2% 22%
Ecolab           317             69           248           311             54           257 21.8% 17.4% 2% -4%
Hormel Foods           297             59           238           316           105           211 19.9% 33.2% -6% 13%
Best Buy           257             49           208           292           104           188 19.1% 35.6% -12% 11%
Fastenal           232             58           174           211             77           134 25.0% 36.5% 10% 30%
CH Robinson Worldwide           181             39           142           179             57           122 21.5% 31.8% 1% 16%
Toro Co           169             38           131           158             38           120 22.5% 24.1% 7% 9%
Pentair plc           132             28           104           104             23             81 21.2% 22.1% 27% 28%
Graco           107             22             85             82             21             61 20.6% 25.6% 30% 39%
Donaldson Co             99             29             70             84             24             60 29.3% 28.6% 18% 17%
TCF Financial             98             22             76             70             21             49 22.4% 30.0% 40% 55%
Deluxe             83             20             63             81             24             57 24.1% 29.6% 2% 11%
Polaris Industries             74             18             56              (0)               3              (3) 24.3% NM NM 1797%
nVent Electric plc             64             12             52             66             11             55 18.8% 16.7% -3% -5%
HB Fuller             58             13             45             37             11             26 22.4% 29.7% 57% 73%
ALLETE             47              (4)             51             62             13             49 -8.5% 21.0% -24% 4%
Otter Tail             30               4             26             26               6             20 13.3% 23.1% 15% 30%
Patterson Cos             30               9             21             86             24             62 30.0% 27.9% -65% -66%
Sleep Number             26               6             20             36             11             25 23.1% 30.6% -28% -20%
Bio-Techne             25               5             20             31               9             22 20.0% 29.0% -19% -9%
Proto Labs             22               4             18             18               6             12 18.2% 33.3% 22% 50%
Apogee Enterprises             20               5             15             24               8             16 25.0% 33.3% -17% -6%
Capella Education             18               4             14             18               7             11 22.2% 38.9% 0% 27%
MTS Systems             10               2               8               8               1               7 20.0% 12.5% 25% 14%
Winmark               9               2               7               9               3               6 22.2% 33.3% 0% 17%
Piper Jaffray               8              (3)             11             23              -               23 -37.5% 0.0% -65% -52%
Bridgewater Bancshares               8               2               6               6               2               4 25.0% 33.3% 33% 50%
Tile Shop Holdings               6               2               4             13               5               8 33.3% 38.5% -54% -50%
Tennant               4               1               3              (5)              (1)              (4) 25.0% 20.0% 180% 175%
Ceridian HCM Holding               4               7              (3)              (9)               3            (12) 175.0% -33.3% 144% 75%
SPS Commerce               4               1               3               4               1               3 25.0% 25.0% 0% 0%
ANI Pharmaceuticals               3               1               2               2               1               1 33.3% 50.0% 50% 100%
Regis Corp               3              (2)               5              (8)               4            (12) -66.7% -50.0% 138% 142%
Northern Oil & Gas               3              -                 3             17              -               17 0.0% 0.0% -82% -82%
ConvergeOne Holdings               1              (8)               9              (6)              (3)              (3) -800.0% 50.0% 117% 400%
Intricon               1              -                 1              -                -                -   0.0% NM NM NM
Surmodics              -                (1)               1               2               1               1 NM 50.0% -100% 0%
Digi Intl              -                -                -                 1              -                 1 NM 0.0% -100% -100%
Clearfield              -                -                -                 1              -                 1 NM 0.0% -100% -100%
Cyberoptics              -                -                -                (1)              (1)              -   NM 100.0% 100% NM
Celcuity              (2)              -                (2)              (1)              -                (1) 0.0% 0.0% -100% -100%
Calynxt              (4)              -                (4)              (3)              -                (3) 0.0% 0.0% -33% -33%
Inspire Medical Systems              (7)              -                (7)              (4)              -                (4) 0.0% 0.0% -75% -75%
Mosaic            (10)            (50)             40               9             10              (1) 500.0% 111.1% -211% -4100%
Stratasys Ltd            (12)               1            (13)            (13)               1            (14) -8.3% -7.7% 8% 7%
Hawkins Inc            (37)              -              (37)               7               3               4 0.0% 42.9% -629% -1025%
Total 53...No UnitedHealth      10,336        2,040        8,296      10,732        2,749        7,983 19.7% 25.6% -3.7% 4%
Total all 54 Minnesota Cos      14,060        2,840      11,220      13,862        3,688      10,174 20.2% 26.6% 1.4% 10%