Thursday, July 12, 2018

The 61 Michigan 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 $10.469 Bil, Down By a Very Disappointing 14.1% From Their Previous Year's Quarter Total PTI of $12.187 Bil .......................................................................................

The 19 Michigan Largest Auto Industry Companies Experienced a Total Pretax Income Decline of a Clearly Disastrous 30.5% in the 2018 Quarter From the 2017 Quarter ........................................................................................ 

On the Other Hand, the 42 Largest Michigan Non-Auto Industry Companies, Due Predominately To the Newly Merged With the Resultant Lack of Initial High-Quality Earnings DowDupont, Posted a Total Pretax Income Increase of 15% in the 2018 Quarter ........................................................................................


From SEC Filings or From Company Investor Relations Website

Very Large Auto Companies
Reported March Quarter 2018 vs 2017
Consolidated Net Income % Change.....Better (Worse)

Fiat Chrysler Automobiles +59%
Toyota Motor +21%
Honda Motor Co Ltd +12%
Ford Motor +9% (But Ford's Pretax Income -(15%)
Volkswagen AG -(2%)
Daimler AG -(11%)
General Motors -(59%)
........................................................................................

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 Michigan 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
Michigan 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 $
Motor Vehicle & Supplier Cos
Ford Motor        1,919           174        1,745        2,251           652        1,599 9.1% 29.0% -15% 9%
General Motors        1,576           466        1,110        3,473           787        2,686 29.6% 22.7% -55% -59%
Lear Corp           452             78           374           408             89           319 17.3% 21.8% 11% 17%
Aptiv plc           375             59           316           248             19           229 15.7% 7.7% 51% 38%
BorgWarner           332             95           237           286             86           200 28.6% 30.1% 16% 19%
Autoliv           197             75           122           194             52           142 38.1% 26.8% 2% -14%
WABCO Holdings           133             26           107           100             15             85 19.5% 15.0% 33% 26%
Gentex           132             21           111           135             37             98 15.9% 27.4% -2% 13%
Delphi Technologies plc           127             22           105           142             31           111 17.3% 21.8% -11% -5%
American Axle           107             18             89             86               8             78 16.8% 9.3% 24% 14%
Visteon             88             21             67             75             16             59 23.9% 21.3% 17% 14%
Meritor             82             22             60             36             13             23 26.8% 36.1% 128% 161%
Cooper-Standard Holdings             69             12             57             54             12             42 17.4% 22.2% 28% 36%
Tower Intl             21               5             16             22               6             16 23.8% 27.3% -5% 0%
Gentherm             16               3             13             33               7             26 18.8% 21.2% -52% -50%
Superior Industries Intl             14               3             11               3              -                 3 21.4% 0.0% 367% 267%
Spartan Motors               4              -                 4              (1)              -                (1) 0.0% 0.0% 500% 500%
Horizon Global            (60)              (2)            (58)            (12)              (2)            (10) 3.3% 16.7% -400% -480%
Adient plc          (171)            (28)          (143)           251             37           214 16.4% 14.7% -168% -167%
Total all 19 Motor Vehicle Cos         5,413        1,070        4,343        7,784        1,865        5,919 19.8% 24.0% -30.5% -27%
Non-Motor Vehicle Cos
DowDupont        1,542           389        1,153        1,128           213           915 25.2% 18.9% 37% 26%
Stryker           542             99           443           499             55           444 18.3% 11.0% 9% 0%
Kellogg           511             67           444           309             43           266 13.1% 13.9% 65% 67%
DTE Energy           419             68           351           504           110           394 16.2% 21.8% -17% -11%
Ally Financial           328             76           252           326           113           213 23.2% 34.7% 1% 18%
CMS Energy           281             40           241           295             96           199 14.2% 32.5% -5% 21%
Masco           200             39           161           210             62           148 19.5% 29.5% -5% 9%
Credit Acceptance Corp           158             38           120           144             51             93 24.1% 35.4% 10% 29%
Penske Automotive Group           144             36           108           125             41             84 25.0% 32.8% 15% 29%
Perrigo Co plc           111             30             81             96             24             72 27.0% 25.0% 16% 13%
Whirlpool           109             15             94           198             40           158 13.8% 20.2% -45% -41%
Domino's Pizza           104             15             89             91             28             63 14.4% 30.8% 14% 41%
Chemical Financial             83             13             70             60             12             48 15.7% 20.0% 38% 46%
Syntel             62             16             46             49             11             38 25.8% 22.4% 27% 21%
Wolverine World Wide             55               8             47             21               4             17 14.5% 19.0% 162% 176%
La-Z-Boy             45             10             35             42             14             28 22.2% 33.3% 7% 25%
Flagstar             44               9             35             40             13             27 20.5% 32.5% 10% 30%
Universal Forest Products             43             10             33             32             11             21 23.3% 34.4% 34% 57%
Herman Miller             39               7             32             48             14             34 17.9% 29.2% -19% -6%
Taubman Centers             35              -               35             33              -               33 0.0% 0.0% 6% 6%
Kelly Services             35               6             29             15               3             12 17.1% 20.0% 133% 142%
Sun Communities             34              -               34             26              -               26 0.0% 0.0% 31% 31%
TriMas             31               7             24             12               5               7 22.6% 41.7% 158% 243%
Steelcase             23               6             17             28             10             18 26.1% 35.7% -18% -6%
Sterling Bancorp             22               6             16             18               7             11 27.3% 38.9% 22% 45%
Agree Realty             17              -               17             15              -               15 0.0% 0.0% 13% 13%
SpartanNash             17               5             12             22               7             15 29.4% 31.8% -23% -20%
Universal Logistics             14               4             10               7               3               4 28.6% 42.9% 100% 150%
Mercantile Bank             13               2             11             11               3               8 15.4% 27.3% 18% 38%
Independent Bank Corp             11               2               9               9               3               6 18.2% 33.3% 22% 50%
Macatawa Bank               7               1               6               6               2               4 14.3% 33.3% 17% 50%
Ramco-Gershenson Prop Trust               7              -                 7             13              -               13 0.0% 0.0% -46% -46%
MBT Financial               5               1               4               4               1               3 20.0% 25.0% 25% 33%
Altair Engineering               5               1               4              (3)              (1)              (2) 20.0% 33.3% 267% 300%
Level One Bancorp               4               1               3               4               1               3 25.0% 25.0% 0% 0%
Mackinac Financial Group               2              -                 2               3               1               2 0.0% 33.3% -33% 0%
Saga Communications               2              -                 2               2               1               1 0.0% 50.0% 0% 100%
Arotech               1              -                 1              (1)              -                (1) 0.0% 0.0% 200% 200%
OptimizeRx              -                -                -                (1)              -                (1) NM 0.0% 100% 100%
Diplomat Pharmacy              (1)              (1)              -                 6               2               4 100.0% 33.3% -117% -100%
Zomedia Pharmaceuticals              (2)              -                (2)              (2)              -                (2) 0.0% 0.0% 0% 0%
Esperion Therapeutics            (46)              -              (46)            (41)              -              (41) 0.0% 0.0% -12% -12%
Total 42 Non-Motor Vehicle Cos        5,056        1,026        4,030        4,403        1,003        3,400 20.3% 22.8% 15% 19%
Total all 61 Michigan Cos      10,469        2,096        8,373      12,187        2,868        9,319 20.0% 23.5% -14.1% -10%

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