From a review of SEC filings, there are 34 Tennessee headquartered Companies with stock market caps above $1 Bil which have filed their annual audited financial statements with the SEC for Fiscal Year Ends (FYEs) 2017, 2016, 2015 and 2014.
Nearly all Republicans, a high percentage of Independents and even many perceptive Democrats all agree as a starting point that for US capitalism to work properly, Companies must generate in the aggregate reasonably healthy profits.
And did these fine Tennessee Companies ever post very healthy profits in both 2015 and 2016, with Audited Total Pretax Income From Continuing Operations up an average of 21% per year.
Then in 2017, Donald Trump's first year in office, the Total Pretax Earnings Growth of these 34 Tennessee Companies dropped precipitously down to only 3% above that in 2016.
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.
From a review of SEC filings, the chart below shows the Audited Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for Fiscal Year Ends 2017, 2016, 2015 and 2014 for these 34 Tennessee Companies.
| Trump | |||||||
| First | |||||||
| Year | Year | Year | Year | ||||
| 2017 | 2016 | 2015 | 2014 | ||||
| Audited | Audited | Audited | Audited | ||||
| Pretax | Pretax | Pretax | Pretax | ||||
| Income | Income | Income | Income | ||||
| (Loss) | (Loss) | (Loss) | (Loss) | ||||
| From | From | From | From | ||||
| Tennessee Companies | City | State | 2017 | Continuing | Continuing | Continuing | Continuing |
| Stock Market Caps Above $1 Bil | HQs | HQs | FYE | Operations | Operations | Operations | Operations |
| $ mils | $ mils | $ mils | $ mils | ||||
| HCA Healthcare | Nashville | TN | Dec 17 | 4,381 | 4,810 | 3,957 | 3,481 |
| FedEx | Memphis | TN | May 18 | 4,353 | 4,579 | 2,740 | 1,627 |
| AutoZone | Memphis | TN | Aug 17 | 1,925 | 1,913 | 1,803 | 1,663 |
| Dollar General | Goodlettsville | TN | Jan 18 | 1,907 | 1,966 | 1,853 | 1,681 |
| Unum Group | Chattanooga | TN | Dec 17 | 1,404 | 1,348 | 1,238 | 542 |
| Scripps Networks | Knoxville | TN | Dec 17 | 1,311 | 1,278 | 1,122 | 1,028 |
| Eastman Chemical | Kingsport | TN | Dec 17 | 1,289 | 1,049 | 1,129 | 990 |
| International Paper | Memphis | TN | Dec 17 | 1,025 | 993 | 1,249 | 534 |
| Tractor Supply | Brentwood | TN | Dec 17 | 673 | 688 | 648 | 588 |
| Louisiana-Pacific | Nashville | TN | Dec 17 | 510 | 165 | (95) | (105) |
| ServiceMaster Global | Memphis | TN | Dec 17 | 370 | 240 | 270 | 84 |
| Mid America Apartment Comm | Germantown | TN | Dec 17 | 343 | 226 | 352 | 153 |
| First Horizon National | Memphis | TN | Dec 17 | 309 | 345 | 108 | 318 |
| Cracker Barrel | Lebanon | TN | Jul 17 | 299 | 266 | 238 | 191 |
| Delek US Holdings | Brentwood | TN | Dec 17 | 299 | (391) | 21 | 327 |
| Pinnacle Financial Partners | Nashville | TN | Dec 17 | 298 | 191 | 143 | 106 |
| Acadia Healthcare | Franklin | TN | Dec 17 | 237 | 33 | 165 | 126 |
| Regal Entertainment Group | Knoxville | TN | Dec 17 | 214 | 282 | 253 | 179 |
| CoreCivic | Nashville | TN | Dec 17 | 192 | 228 | 230 | 202 |
| Life Point Health | Brentwood | TN | Dec 17 | 160 | 205 | 303 | 203 |
| National Health Investors | Murfreesboro | TN | Dec 17 | 159 | 153 | 150 | 103 |
| Ryman Hospitality Properties | Nashville | TN | Dec 17 | 127 | 163 | 100 | 125 |
| Mueller Industries | Memphis | TN | Dec 17 | 125 | 148 | 132 | 148 |
| Forward Air Corp | Greeneville | TN | Dec 17 | 107 | 58 | 80 | 96 |
| Tivity Health | Franklin | TN | Dec 17 | 105 | 78 | 73 | 70 |
| Malibu Boats | Loudon | TN | Jun 18 | 89 | 49 | 32 | 32 |
| National Healthcare | Murfreesboro | TN | Dec 17 | 75 | 80 | 85 | 85 |
| FB Financial | Nashville | TN | Dec 17 | 73 | 62 | 51 | 35 |
| Astec Industries | Chattanooga | TN | Dec 17 | 57 | 87 | 52 | 54 |
| Education Realty Trust | Memphis | TN | Dec 17 | 46 | 45 | 20 | 48 |
| Healthcare Realty Trust | Nashville | TN | Dec 17 | 23 | 86 | 59 | 34 |
| Envision Healthcare | Nashville | TN | Dec 17 | (31) | 198 | 496 | 294 |
| Wright Medical Group NV | Memphis | TN | Dec 17 | (100) | (178) | (241) | (247) |
| Brookdale Senior Living | Brentwood | TN | Dec 17 | (588) | (399) | (550) | (331) |
| Total all 34 Tennessee Companies | 21,766 | 21,044 | 18,266 | 14,464 | |||
| Pretax Income (PTI) % Increase vs Preceding Year | 3% | 15% | 26% | ||||
| Average PTI Increase in Two Years 2015 and 2016 | 21% |
