The 24 Largest Indiana Cos, All With Stock Market Caps Above $1 Bil, All With December Year Ends and All Audited By One of the Very Prestigious Big 4 CPA Firms, Generated Audited Total Pretax Income of $16.797 Bil For the Year Ended December 31, 2016 in Obama's Last Year in Office, Up a Very Robust 18.9% From That in Annual 2015 of $14.127 Bil .......................................................................................

Then in 2017, Trump's First Year in Office, These Same 24 Indiana Cos Generated Audited Total Pretax Income of $16.406 Bil For the Year Ended December 31, 2017, Down 2.3% From That in 2016 of $16.797 Bil   

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Donald Trump's Claim That US Companies Will Generate Substantially Higher Profits in His Administration Than Under Any Other US Presidential Administration Hasn't Proved To Be the Case in Indiana

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My Focus is on Pretax Income Rather Than After-Tax Net Income Because Income Taxes are Simply a Transfer of Financial Wealth From or To the US Federal, US State and Foreign  Governments To or From US Corporations.  It Has Nothing Whatsoever to do with Company Performance.

But Even on an After-Tax Net Income Basis, These Same 24 Indiana Companies Generated Audited Net Income of $12.239 Bil in 2016, Obama's Last Year in Office, Up a Very Robust 17.0% From That in Annual 2015 of $10.459 Bil ...... While These Same 24 Indiana Companies Posted Audited Net Income of $12.320 Bil in Annual 2017, Trump's First Year in Office, Up Only a Very Modest 0.7% From That in Annual 2016 of $12.239 Bil  

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Since Donald Trump will be holding a huge political campaign rally in his stronghold of Evansville, Indiana on this Thursday August 30, 2018, and with perhaps up to 1,000 Peaceful Protesters also expected to be there, I think it would be helpful to research how Indiana Companies have performed on the earnings front in the First Year 2017 of the Trump Administration and compare it to how they have performed in the Last Year 2016 of the Obama Administration.

From a review of SEC filings, the first chart below shows the Audited Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the Years Ended December 31, 2017, 2016 and 2015 along with the related Annual Percentage Changes for 2017 and 2016 for the 24 Indiana Companies including REITs with December Year Ends and with stock market caps above $1 bil presently.

				Trump	Obama
				First	Last	Obama
				Year	Year	Year
				2017	2016	2015		Trump	Obama
				Audited	Audited	Audited		Better	Better
				Pretax	Pretax	Pretax		(Worse)	(Worse)
				Income	Income	Income		%	%
				(Loss)	(Loss)	(Loss)		Change	Change
Indiana Companies				From	From	From		2017	2016
Stock Market Caps Above $1 Bil	City	State	2017	Continuing	Continuing	Continuing		vs	vs
With December Year Ends	HQs	HQs	FYE	Operations	Operations	Operations		2016	2015
				$ mils	$ mils	$ mils
Anthem	Indianapolis	IN	Dec 17	3,964	4,555	4,631		-13%	-2%
Cummins	Columbus	IN	Dec 17	2,365	1,930	2,025		23%	-5%
Simon Property Group	Indianapolis	IN	Dec 17	2,245	2,135	2,139		5%	0%
Eli Lilly	Indianapolis	IN	Dec 17	2,197	3,374	2,790		-35%	21%
Steel Dynamics	Fort Wayne	IN	Dec 17	935	564	(242)		66%	333%
Allison Transmission Holdings	Indianapolis	IN	Dec 17	527	341	289		55%	18%
CNO Financial Group	Carmel	IN	Dec 17	481	353	368		36%	-4%
Zimmer Biomet Holdings	Warsaw	IN	Dec 17	465	400	153		16%	161%
NiSource	Merrillville	IN	Dec 17	443	510	340		-13%	50%
OneMain Holdings	Evansville	IN	Dec 17	431	356	(226)		21%	258%
KAR Auction Services	Carmel	IN	Dec 17	398	355	341		12%	4%
Allegion PLC	Carmel	IN	Dec 17	396	295	209		34%	41%
Duke Realty Corp	Indianapolis	IN	Dec 17	290	298	184		-3%	62%
Vectren	Evansville	IN	Dec 17	262	325	297		-19%	9%
LCI Industries	Elkhart	IN	Dec 17	213	199	114		7%	75%
Old National Bancorp	Evansville	IN	Dec 17	169	200	163		-16%	23%
First Merchants Corp	Muncie	IN	Dec 17	134	109	91		23%	20%
Wabash National Corp	Lafayette	IN	Dec 17	123	185	163		-34%	13%
Patrick Industries Inc	Elkhart	IN	Dec 17	113	84	66		35%	27%
Franklin Electric Co	Fort Wayne	IN	Dec 17	105	104	86		1%	21%
1st Source Corp	South Bend	IN	Dec 17	101	89	89		13%	0%
Lakeland Financial Corp	Warsaw	IN	Dec 17	90	77	69		17%	12%
Kite Realty Trust	Indianapolis	IN	Dec 17	14	3	29		367%	-90%
Endocyte	Lafayette	IN	Dec 17	(55)	(44)	(41)		-25%	-7%
Total all 24 Indiana Cos				16,406	16,797	14,127		-2.3%	18.9%

Also from a review of SEC filings, the following chart below shows the Audited Gold-Standard US GAAP After-Tax Net Income (Loss) From Continuing Operations for the Years Ended December 31, 2017, 2016 and 2015 along with the related Annual Percentage Changes for 2017 and 2016 for the 24 Indiana Companies including REITs with December Year Ends and with stock market caps above $1 bil presently.

				Trump	Obama
				First	Last	Obama
				Year	Year	Year
				2017	2016	2015		Trump	Obama
				Audited	Audited	Audited		Better	Better
				Net	Net	Net		(Worse)	(Worse)
				Income	Income	Income		%	%
				(Loss)	(Loss)	(Loss)		Change	Change
Indiana Companies				From	From	From		2017	2016
Stock Market Caps Above $1 Bil	City	State	2017	Continuing	Continuing	Continuing		vs	vs
With December Year Ends	HQs	HQs	FYE	Operations	Operations	Operations		2016	2015
				$ mils	$ mils	$ mils
Anthem	Indianapolis	IN	Dec 17	3,843	2,470	2,560		56%	-4%
Cummins	Columbus	IN	Dec 17	994	1,456	1,470		-32%	-1%
Simon Property Group	Indianapolis	IN	Dec 17	2,245	2,135	2,139		5%	0%
Eli Lilly	Indianapolis	IN	Dec 17	(204)	2,738	2,408		-107%	14%
Steel Dynamics	Fort Wayne	IN	Dec 17	806	360	(145)		124%	348%
Allison Transmission Holdings	Indianapolis	IN	Dec 17	504	215	182		134%	18%
CNO Financial Group	Carmel	IN	Dec 17	176	358	271		-51%	32%
Zimmer Biomet Holdings	Warsaw	IN	Dec 17	1,813	305	146		494%	109%
NiSource	Merrillville	IN	Dec 17	129	328	199		-61%	65%
OneMain Holdings	Evansville	IN	Dec 17	183	243	(93)		-25%	-361%
KAR Auction Services	Carmel	IN	Dec 17	362	222	215		63%	3%
Allegion PLC	Carmel	IN	Dec 17	277	231	155		20%	49%
Duke Realty Corp	Indianapolis	IN	Dec 17	291	298	188		-2%	59%
Vectren	Evansville	IN	Dec 17	216	212	197		2%	8%
LCI Industries	Elkhart	IN	Dec 17	133	130	74		2%	76%
Old National Bancorp	Evansville	IN	Dec 17	96	134	117		-28%	15%
First Merchants Corp	Muncie	IN	Dec 17	96	81	65		19%	25%
Wabash National Corp	Lafayette	IN	Dec 17	111	119	104		-7%	14%
Patrick Industries Inc	Elkhart	IN	Dec 17	86	56	42		54%	33%
Franklin Electric Co	Fort Wayne	IN	Dec 17	79	79	74		0%	7%
1st Source Corp	South Bend	IN	Dec 17	68	58	57		17%	2%
Lakeland Financial Corp	Warsaw	IN	Dec 17	57	52	46		10%	13%
Kite Realty Trust	Indianapolis	IN	Dec 17	14	3	29		367%	-90%
Endocyte	Lafayette	IN	Dec 17	(55)	(44)	(41)		25%	7%
Total all 24 Indiana Cos				12,320	12,239	10,459		0.7%	17.0%

All 1,683 US Non-Oil & Gas Companies and Excluding Berkshire Hathaway With Stock Market Caps of More Than $1 Bil Which Released Their June 2018 Quarter End or July 2018 Quarter End Earnings By August 24, 2018 Generated June 2018 and July 2018 Quarter Total US GAAP Pretax Income (PTI) From Continuing Operations of $389.747 Bil, Up 7.2% From Their Total PTI of $363.688 Bil in Their 2017 Comparable Quarters. This 7.2% Total PTI Growth in the June and July 2018 Quarters (The Second Full Quarter of the Trump Tax Cuts Act) Is a Marked Deceleration From Their 10.6% Total PTI Growth in the Their March and April 2018 Quarters (The First Full Quarter of the Trump Tax Cuts Act) Over Their 2017 Comparable Quarters..... $380.544 Bil in Their March and April 2018 Quarters vs. $344.231 Bil in Their March and April 2017 Quarters ........................................................................................

Berkshire Hathaway Was Isolated Because a New FASB Required It To Reflect In Its Pretax Earnings (PTI) Starting in 2018 the Changes in the Market Prices of Its Huge Investment in Equity Securities.  Its Largest Equity Investment Was in Apple Which Resulted in a Huge Pretax Earnings Charge in Its March 2018 Quarter and An Even Larger Pretax Earnings Increase in Its June 2018 Quarter Due To the Significant Changes in Apple's Stock Market Price.  Berkshire Hathaway's Pretax Income Was $15.098 Bil in Its June 2018 Quarter, Up 146% From Its PTI of $6.129 Bil in Its June 2018 Quarter.  On the Other Hand, Berkshire Hathaway Generated a Pretax Loss of $1.523 Bil in Its March 2018 Quarter, Down 127% From Its Pretax Income of $5.688 Bil in Its March 2017 Quarter.

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The 43 US Oil & Gas Companies Posted Total Pretax Income (PTI) of $26.610 Bil in the June 2018 Quarter, Up 274% From Their Total PTI of $7.916 Bil in Their June 2017 Quarter, a Huge Acceleration From Their Already Exceptional 58% Total Pretax Income Growth in Their March 2018 Quarter

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From a review of SEC filings, the below chart shows a recap of the Total US GAAP Pretax Income (Loss) From Continuing Operations for the June or July 2018, the June or July 2017, the March or April 2018 and the March or April 2017 Quarters for the 1,827 US Companies including Partnerships and REITs with June or July Quarter Ends, which have reported their June or July 2018 Quarter Earnings By August 24, 2018 and which had stock market caps of above $1 Bil  in the second quarter of 2018.

I will update the below chart when additional companies report their June, July or August 2018 quarter earnings.  It should be interesting to see how the total quarterly earnings growth deceleration changes from the 10.6% to 7.2% experienced so far.

Two Companies which came out of Bankruptcy and subsequently posted Large Reorganization Gains or Losses and/or Large Restructuring Charges were excluded below.

My Focus is on Pretax Income Rather Than After-Tax Net Income Because the Lower Effective Income Tax Rate in 2018 is Simply a Transfer of Financial Wealth From the US Federal Government to US Corporations.  It Has Nothing Whatsoever to do with Company Performance.

		US	US			US	US
		GAAP	GAAP			GAAP	GAAP
		Total	Total			Total	Total
	Recap Totals So Far of	Pretax	Pretax			Pretax	Pretax
	US Companies With	Income	Income	Better		Income	Income	Better
	Market Caps Above $1 Bil	June Qtr	June Qtr	(Worse)		March Qtr	March Qtr	(Worse)
# of	Releasing Their June or July 2018	or July Qtr	or July Qtr	%		or April Qtr	or April Qtr	%
Cos	Quarter Earnings Through 8-24-18	2018	2017	Change		2018	2017	Change
		mils $	mils $			mils $	mils $
	June 2018 Quarters
456	…..Market Cap > $10 Bil	360,454	308,745	16.7%		339,677	307,370	10.5%
312	…..Market Cap $5-10 Bil	26,871	21,938	22.5%		23,590	20,667	14.1%
1,017	…..Market Cap $1-5 Bil	23,919	22,277	7.4%		24,468	20,436	19.7%
1,785	…..Market Cap > $1 Bil	411,244	352,961	16.5%		387,735	348,473	11.3%
	July 2018 Quarter
42	…..Market Cap > $1 Bil	23,212	24,772	-6.3%		24,700	23,457	5.3%
	June & July 2018 Quarters
1,827	…..Market Cap > $1 Bil	434,455	377,733	15.0%		412,435	371,930	10.9%
	Eliminations
(1)	Berkshire Hathaway (BH)	15,098	6,129	146.3%		(1,523)	5,688	-126.8%
1,826	Market Cap > $1 Bil No BH	419,357	371,604	12.9%		413,958	366,242	13.0%
(143)	Oil & Gas Cos	29,610	7,916	274.1%		33,404	22,011	51.8%
1,683	Market Cap > $1 Bil No BH & No Oil & Gas	389,747	363,688	7.2%		380,554	344,231	10.6%