Thursday, September 20, 2018

The 83 Largest Pennsylvania Cos Pretax Earnings Up 251% During the Obama Administration .................. That's Really Good, But That's Not the Main Story ....................................................................................

Former US President Barack Obama will be headlining a campaign rally tomorrow Friday, September 21, 2018 in North Philadelphia for Pennsylvania US Senator Bob Casey, who is running for reelection, and also for Pennsylvania Governor Tom Wolf, who is also running for reelection.

From a review of SEC filings, I found that there were 83 US Companies headquartered in the State of Pennsylvania, which filed their annual financial statements in 2009 through 2016 with the SEC and which had stock market caps above $1 bil recently.

In 2016, Obama's last year in office, these 83 Pennsylvania Companies posted fiscal year ended 2016 Audited Gold-Plated US GAAP Total Pretax Income from Continuing Operations of $48.645 Bil, up by a very robust 251% from their comparable Total Pretax Income of $13.867 Bil in 2009, the first full year of the Obama Administration.

This 251% Pretax Earnings Growth is just fine, but it's not the main story here.

In 2010, Total Pretax Income for these 83 Pennsylvania Cos Was $32.835 Bil, Up $18.968 Bil, or Up a Massive 137% from that only one year earlier in 2009 of $13.867 Bil.  And this monstrous 137% earnings growth occurred in the same year 2010 that the Democrats in the State of Pennsylvania lost 5 US House seats in the 2010 Tea Party Wave.  That makes no sense to me how Democrats could lose 5 seats in Pennsylvania with their Companies generating such unbelievable 137% Total Earnings growth.  Go Figure!  The only US State suffering more Democratic US House seats lost in 2010 was in the much larger New York, which lost 6.

My focus is on Pretax Income rather than on After-Tax Net Income because Income Taxes are simply a transfer of financial wealth between US Corporations and US Federal, US State and Foreign Governments.   It has nothing whatsoever to do with company operating performance.

Below are these Pretax Income (Loss) From Continuing Operations for the fiscal years of 2016, 2010 and 2009 for these 83 Pennsylvania Companies:
Originally Originally
Reported  Reported 
Obama 2016 Obama 2010 Obama 2009
Last Audited Second Audited First Audited
Full Pretax Full Pretax Full Pretax
Year Income Year Income Year Income
in (Loss) in (Loss) in (Loss)
Office From Office From Office From
Pennsylvania Companies City State 2016 Continuing 2010 Continuing 2009 Continuing
Stock Market Caps Above $1 Bil HQs HQs FYE Operations FYE Operations FYE Operations
 $ mils  $ mils  $ mils
Cos in Greater Philadelphia Area
Endo Intl plc * Malvern PA Dec 16         (3,924) Dec 10             421 Dec 09             360
All Philly Area Cos But Endo Intl plc
Comcast Corp Philadelphia PA Dec 16        14,353 Dec 10          6,104 Dec 09          5,106
Chubb Ltd Philadelphia PA Dec 16          4,950 Dec 10          3,667 Dec 09          3,077
PPL Corp Allentown PA Dec 16          2,550 Dec 10          1,239 Dec 09             538
Air Products & Chemicals Allentown PA Sep 16          2,132 Sep 10          1,394 Sep 09             837
Lincoln National Radnor PA Dec 16          1,458 Dec 10          1,234 Dec 09            (521)
AmerisourceBergen Chesterbrook PA Sep 16          1,391 Sep 10          1,028 Sep 09             824
TE Connectivitity Ltd Berwyn PA Sep 16          1,162 Sep 10          1,558 Sep 09         (3,670)
Universal Health Services King of Prussia PA Dec 16          1,156 Dec 10             428 Dec 09             475
Crown Holdings Philadelphia PA Dec 16             769 Dec 10             617 Dec 09             457
UGI Corp King of Prussia PA Sep 16             710 Sep 10             523 Sep 09             541
Ametek Berwyn PA Dec 16             693 Dec 10             406 Dec 09             295
Toll Brothers Horsham PA Oct 16             589 Sep 10            (117) Oct 09            (496)
SEI Investments Oaks PA Dec 16             508 Dec 10             370 Dec 09             362
Radian Group Philadelphia PA Dec 16             484 Dec 10         (1,580) Dec 09            (242)
Aramark Philadelphia PA Sep 16             431 Sep 10               33 Sep 09              (24)
Trinseo SA Berwyn PA Dec 16             405 Dec 10             128 Dec 09             154
Liberty Property Trust Wayne PA Dec 16             368 Dec 10             147 Dec 09               55
FMC Corp Philadelphia PA Dec 16             339 Dec 10             351 Dec 09             310
Urban Outfitters Philadelphia PA Jan 17             338 Jan 11             417 Jan 10             344
Gaming & Leisure Properties Wyomissing PA Dec 16             297 Dec 10               26 Dec 09               33
FS Investment Corp Philadelphia PA Dec 16             294 Dec 10               28 Dec 09               11
Aqua America Bryn Mawr PA Dec 16             255 Dec 10             204 Dec 09             172
Teleflex Wayne PA Dec 16             246 Dec 10             148 Dec 09             170
VWR Corp Radnor PA Dec16             234 Dec 10               50 Dec 09              (40)
Amerigas Partners LP Valley Forge PA Sep 16             210 Sep 10             171 Sep 09             230
West Pharmaceuticals Services Exton PA Dec 16             198 Dec 10               79 Dec 09               86
EnerSys Reading PA Mar 16             182 Mar 10               87 Mar 09             119
Dorman Products Colmar PA Dec 16             168 Dec 10               75 Dec 09               43
Globus Medical Audubon PA Dec 16             157 Dec 10               88 Dec 09               82
Knoll East Greenville PA Dec 16             128 Dec 10               41 Dec 09               44
EPAM Systems Newtown PA Dec 16             126 Dec 10               31 Dec 09               14
Penn National Gaming Wyomissing PA Dec 16             121 Dec 10                 5 Dec 09            (328)
Healthcare Services Group Bensalem PA Dec 16             120 Dec 10               54 Dec 09               49
Five Below Philadelphia PA Jan 17             114 Jan 11               12 Jan 10                 7
Vishay Intertechnology Malvern PA Dec 16               94 Dec 10             406 Dec 09              (40)
CubeSmart Malvern PA Sep 16               88 Sep 10              (10) Sep 09              (19)
Axalta Coating Systems Ltd Philadelphia PA Dec 16               87 Dec 10             272 Dec 09             107
Quaker Chemical Conshohocken PA Dec 16               86 Dec 10               47 Dec 09               25
Kulicke and Soffa Industries Willow Grove PA Sep 16               55 Sep 10             140 Sep 09              (77)
Nutri System Fort Washington PA Dec 16               54 Dec 10               53 Dec 09               46
Entercom Communications Bala Cynwyd PA Dec 16               53 Dec 10               67 Dec 09                (0)
Brandywine Realty Trust Philadelphia PA Dec 16               41 Dec 10              (30) Dec 09                 5
Beneficial Bancorp Philadelphia PA Dec 16               39 Dec 10              (24) Dec 09               19
Carpenter Technology Philadelphia PA Jun 16               22 Jun 10                 5 Jun 09               63
Orasure Technologies Bethlehem PA Dec 16               20 Dec 10                (3) Dec 09                (8)
BioTelemetry Malvern PA Dec 16               16 Dec 10              (20) Dec 09              (20)
Triumph Group Berwyn PA Mar 16         (1,159) Mar 10             126 Mar 09             136
Total 47 Philly Area Cos…No Endo Intl
        37,132                20,075          9,351
...2016vs2009 Pretax Income % Increase
297%
Total all 48 Philly Area Cos With Endo 
        33,208            20,496          9,711
…2016vs2009 Pretax Income % Increase
 242%
Cos Outside of Philadelphia Area
PNC Financial Services Pittsburgh PA Dec 16          5,253 Dec 10          4,061 Dec 09          3,225
Kraft-Heinz Pittsburgh PA Dec 16          5,023 Apr 10          1,290 Apr 09          1,320
Hershey Hershey PA Dec 16          1,099 Dec 10             809 Dec 09             671
PPG Industries Pittsburgh PA Dec 16             827 Dec 10          1,295 Dec 09             617
EQT Midstream LP Pittsburgh PA Dec 16             548 Dec 10               33 Dec 09               25
Dick's Sporting Goods Coraopolis PA Jan 17             458 Jan 11             298 Jan 10             223
Dentsply Sirona York PA Dec 16             441 Dec 10             357 Dec 09             363
Westinghouse Air Brake Tech Wilmerding PA Dec 16             413 Dec 10             187 Dec 09             163
Ansys Canonsburg PA Dec 16             380 Dec 10             216 Dec 09             174
Federated Investors Pittsburgh PA Dec 16             341 Dec 10             301 Dec 09             327
American Eagle Outfitters Pittsburgh PA Jan 17             335 Jan 11             295 Jan 10             304
Erie Indemnity Co Erie PA Dec 16             320 Dec 10             999 Dec 09             524
Rite Aid Camp Hill PA Feb 16             278 Feb 10            (480) Feb 09         (2,583)
F N B Corp Pittsburgh PA Dec 16             246 Dec 10             103 Dec 09               50
Fulton Financial Lancaster PA Dec 16             208 Dec 10             173 Dec 09               89
Select Medical Holdings Mechanicsburg PA Dec 16             181 Dec 10             124 Dec 09             116
MSA Safety Cranberry Township PA Dec 16             152 Dec 10               57 Dec 09               65
Armstrong World Industries Lancaster PA Dec 16             144 Dec 10               67 Dec 09               75
WESCO INTL Pittsburgh PA Dec 16             132 Dec 10             158 Dec 09             137
Weis Markets Sunbury PA Dec 16             125 Dec 10             107 Dec 09               98
Mylan NV Canonsburg PA Dec 16             122 Dec 10             356 Dec 09             227
S&T Bancorp Indiana PA Dec 16               97 Dec 10               58 Dec 09                 4
Matthews Intl Pittsburgh PA Sep 16               95 Sep 10             110 Sep 09               91
II-VI Inc Saxonburg PA Jun 16               90 Jun 10               51 Jun 09               46
First Commonwealth Financial Indiana PA Dec 16               85 Dec 10               23 Dec 09              (46)
Northwest Bancshares Warren PA Dec 16               71 Dec 10               81 Dec 09               40
CONSOL Energy Canonsburg PA Dec 16               65 Dec 10 Dec 09
CNX Resources Canonsburg PA Dec 16            (526) Dec 10             468 Dec 09             788
Harsco Camp Hill PA Dec 16              (74) Dec 10               21 Dec 09             159
Alcoa ** Pittsburgh PA Dec 16            (162) Dec 10 Dec 09
Arconic ** New York NY Dec 16             414 Dec 10             548 Dec 09         (1,498)
Kennametal Pittsburgh PA Jun 16            (199) Jun 10               77 Jun 09            (112)
EQT Corp Pittsburgh PA Dec 16            (395) Dec 10             355 Dec 09             254
United States Steel Pittsburgh PA Dec 16            (416) Dec 10            (385) Dec 09         (1,845)
Allegheny Technologies Pittsburgh PA Dec 16            (734) Dec 10             126 Dec 09               65
Total all 35 Penn Cos Outside Philly Area 
        15,437        12,339              4,156
...2016vs2009 Pretax Income % Increase
 271%
Total all 83 Pennsylvania Cos
        48,645        32,835            13,867
...2016vs2009 Pretax Income % Increase
 251%
…..2010 vs 2009 Pretax Earnings
……….Total Increase in mils of $s
        18,968
……….% Increase
 137%
* Endo Intl Had $3.8 Bil of Pretax Asset Impairment Charges Burdening Its 2016 Reported Earnings
** Both Alcoa and Arconic Are Included Above Because They Were the Two Parts of the Old Alcoa Co and Thus the Earnings Amounts Are Comparable For All Years





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