Friday, September 28, 2018

New Jersey Companies Total Pretax Earnings Growth in 2016, Obama's Last Year in Office, Was 4.0% and Then Reversed Course to a Decline of 9.2% in 2017, Trump's First Year in Office .......................................................................................

The 69 Largest New Jersey Cos, All With Stock Market Caps Above $1 Bil,  Generated Audited Total Pretax Income of a huge $51.898 Bil For the Fiscal Year 2016 in Obama's Last Year in Office, Up 4.0% From That in Annual 2015 of $49.919 Bil. 

Then In 2017, Trump's First Year in Office, These Same 69 New Jersey Cos Reversed Course and Posted Audited Total Pretax Income of $47.131 Bil For the Fiscal Year 2017, a Decline of 9.2% From That in Annual 2016 of $51.898 Bil.

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

 However, Audited After-Tax Net Income was substantially worse in the 2017 year, due to the Trump Toll Tax.

 The 3 largest New Jersey Cos all with stock market caps above $100 Bil generated 66% of the Total Pretax Income of all of these 69 New Jersey Cos.

 These 3 posted Audited Total After-Tax Net Income in 2017 which was a massive 79% below that in 2016, while their Total Pretax Income in 2017 increased by 1% above that in 2015.

 The following chart below here show the 2017 and 2016 earnings numbers for these 3 largest New Jersey Cos:

Trump
First Trump
Year First
Audited Year Year
2017 2016 Audited Year
After-Tax After-Tax 2017 2016
Net Net Pretax Pretax
Income Income Income Income
Most (Loss) (Loss) (Loss) (Loss)
Recent  From From From From %
New Jersey Companies City State 2017 Continuing Continuing % Continuing Continuing Better
Stock Market Caps Above $100 Bil HQs HQs FYE Operations Operations Worse Operations Operations (Worse)
 $ mils  $ mils  $ mils  $ mils
Johnson & Johnson New Brunswick NJ Dec 17            1,300          16,540 -92%          17,673          19,803 -11%
Honeywell Morris Plains NJ Dec 17            1,698            4,846 -65%            6,904            6,447 7%
Merck Kenilworth NJ Dec 17            2,418            3,941 -39%            6,521            4,659 40%
Total all 3 Largest New Jersey Cos            5,416          25,327 -79%          31,098          30,909 1%

When you get crazy results like the above, it shows that the Trump Administration and the Republicans in the US Congress were flat out incompetent in their design of the Trump Tax Cuts Act.  The country deserves much better.


 From a review of SEC filings, the chart below shows the Audited Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the Fiscal Years Ended 2017, 2016 and 2015 for the 69 New Jersey Companies with stock market caps above $1 bil recently.
Trump
First
Year Year Year
2017 2016 2015
Audited Audited Audited
Pretax Pretax Pretax
Income Income Income
Most (Loss) (Loss) (Loss)
Recent  From From From
New Jersey Companies City State 2017 Continuing Continuing Continuing
Stock Market Caps Above $1 Bil HQs HQs FYE Operations Operations Operations
 $ mils  $ mils  $ mils
Johnson & Johnson New Brunswick NJ Dec 17            17,673            19,803            19,196
Honeywell Morris Plains NJ Dec 17              6,904              6,447              6,586
Prudential Financial Newark NJ Dec 17              6,536              5,754              7,784
Merck Kenilworth NJ Dec 17              6,521              4,659              5,401
Celgene Summit NJ Dec 17              4,314              2,372              2,023
Cognizant Technology Teaneck NJ Dec 17              2,655              2,357              2,164
Automatic Data Processing Roseland NJ Jun 18              2,171              2,531              2,235
Zoetis Parsippany NJ Dec 17              1,525              1,228                 545
Newell Brands Hoboken NJ Dec 17              1,429                 815                 338
Public Service Enterprise Newark NJ Dec 17              1,268              1,298              2,680
Quest Diagnostics Secaucus NJ Dec 17              1,065              1,125              1,126
Becton Dickinson Franklin Lakes NJ Sep 17                 976              1,074                 739
American Water Works Voorhees NJ Dec 17                 912                 770                 782
PBF Energy Parsippany NJ Dec 17                 799                 363                 282
Bed Bath & Beyond Union NJ Feb 18                 696              1,066              1,327
Church & Dwight Ewing NJ Dec 17                 693                 706                 635
Verisk Analytics Jersy City NJ Dec 17                 691                 654                 684
Burlington Stores Burlington NJ Jan 18                 429                 333                 239
Everest Re Group Ltd Liberty Corner NJ Dec 17                 405              1,100              1,112
Realogy Holdings Madison NJ Dec 17                 333                 337                 266
Dun & Bradstreet Short Hills NJ Dec 17                 325                 206                 283
Investors Bancorp Short Hills NJ Dec 17                 281                 299                 281
Pinnacle Foods Parsippany NJ Dec 17                 279                 341                 336
Campbell Soup Camden NJ Jul 18                 272              1,293                 849
Selective Insurance Group Branchville NJ Dec 17                 262                 220                 233
Wyndham Hotels & Resorts Parsippany NJ Dec 17                 255                 287                 249
Valley National Bancorp Wayne NJ Dec 17                 253                 233                 127
John Wiley & Sons Hoboken NJ Apr 18                 214                 191                 175
Avis Budget Group Parsippany NJ Dec 17                 211                 279                 382
CIT Group Livingston NJ Dec 17                 192                   21                 186
Childrens Place Seacaucus NJ Jan 18                 161                 147                   89
Catalent Somerset NJ Dec 17                 152                 136                 145
New Jersey Resources Wall NJ Sep 17                 150                 155                 241
Universal Display Ewing NJ Dec 17                 150                   69                   33
B&G Foods Parsippany NJ Dec 17                 148                 177                 121
AdvanSix Parsippany NJ Dec 17                 145                   54                 100
Cambrex East Rutherford NJ Dec 17                 142                 128                   90
Provident Financial Services Jersey City NJ Dec 17                 140                 125                 120
J&J Snack Foods Pennsauken NJ Sep 17                 122                 117                 112
Cantel Medical Little Falls NJ Jul 17                 106                   94                   76
Phibro Animal Health Teaneck NJ Jun 18                   88                   81                   77
Alexander's Inc Paramus NJ Dec 17                   81                   87                   77
Eagle Pharmaceuticals Woodcliff Lake NJ Dec 17                   73                   53                     3
Urban Edge Properties Paramus NJ Dec 17                   73                   97                   43
OceanFirst Financial Toms River NJ Dec 17                   65                   35                   31
Clearway Energy Princeton NJ Dec 17                   49                     1                   84
Columbia Financial Fair Lawn NJ Sep 17                   47                   50                   45
Vonage Holdings Holmdel NJ Dec 17                   46                   31                   43
Monmouth RE Investment Corp Freehold NJ Sep 17                   40                   32                   26
Suburban Propane Partners LP Wippany NJ Sep 17                   38                   15                   85
Kearny Financial Fairfield NJ Jun 18                   34                   27                   23
Mack-Cali Realty Jersey City NJ Dec 17                   34                 130               (142)
Hudson Ltd East Rutherford NJ Dec 17                   32                   16                   22
South Jersey Industries Folsom NJ Dec 17                   25                 (54)                   (1)
Integra Lifesciences Holdings Plainsboro NJ Dec 17                   11                   90                   61
Tabula Rasa Health Care Moorestown NJ Dec 17                     5                   (6)                   (3)
Commvault Systems Tinton Falls NJ Mar 18                   (4)                   (2)                     4
Freshpet Secaucus NJ Dec 17                   (4)                   (3)                   (4)
Conduent Florham Park NJ Dec 17                 (16)            (1,227)               (574)
Pacira Pharmaceuticals Parsippany NJ Dec 17                 (42)                 (38)                     2
PTC Therapeutics South Plainfield NJ Dec 17                 (78)               (142)               (170)
Covanta Holding Morristown NJ Dec 17               (134)                   18                 (15)
Insmed Bridgewater NJ Dec 17               (193)               (176)               (120)
Immunomedics Morris Plains NJ Jun 18               (274)               (153)                 (64)
Amicus Therapeutics Cranbury NJ Dec 17               (449)               (204)               (132)
Medicines Co Parsippany NJ Dec 17               (704)                   21               (165)
NRG Energy Princeton NJ Dec 17            (1,540)               (978)            (4,986)
Bausch Health Bridgewater NJ Dec 17            (1,741)            (2,435)               (155)
Allergan plc Madison NJ Dec 17          (10,386)            (2,832)            (4,548)
Total all 69 New Jersey Cos            47,131            51,898            49,919
Pretax Income % Change vs Preceding Year -9.2% 4.0%




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