Wednesday, October 17, 2018

Georgia Companies Pretax Earnings Increase By 9% in the First Half of 2018, Due Mainly to Utility Co Southern Co’s First Half 2017’s Pretax Earnings Being Burdened By a $3.1 Bil Estimated Loss on Plants Under Construction. The 56 Georgia Companies Excluding Utility Co Southern Co Posted First Half 2018 Pretax Income Which Increased By a Very Modest 3%. Even More Telling is That Exclusive of Utility Co Southern Co, the Other 56 Georgia Cos Had Their Pretax Income Growth Decelerate From Up 6% in the First Quarter 2018 Down to a Meager Up 1% in the Second Quarter 2018

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For a Longer-Term Perspective, the 50 Georgia Companies Had Their Total Pretax Earnings Increase By 626% During the Obama Administration, Going From a Total Pretax Income of $7.950 Bil in 2008, One Year Before Obama Took Office, to $57.681 Bil in 2016, Obama's Last Year in Office
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Also For a Longer-Term Perspective, the 49 Georgia Companies Other Than Utility Giant Southern Co Had Their Total Pretax Earnings Increase By 937% During the Obama Administration, Going From a Total Pretax Income of $5.228 Bil in 2008, One Year Before Obama Took Office, to $54.201 Bil in 2016, Obama's Last Year in Office
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From a review of US SEC filings, there were 57 Companies headquartered in Georgia with stock market caps of more than $1 Bil recently.

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 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 Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the Second Quarter, the First Quarter and the First Half of both 2018 and 2017 for these 57 Georgia Companies.
US US
GAAP GAAP
US US US US Pretax Pretax
GAAP GAAP GAAP GAAP Income Income
Pretax Pretax Pretax Pretax (Loss) (Loss)
Income Income Income Income 6 Months 6 Months
(Loss) (Loss) (Loss) (Loss) Ended Ended
June Qtr June Qtr % Mar Qtr Mar Qtr % June June Better
July Qtr July Qtr Change Apr Qtr Apr Qtr Change July July (Worse)
Georgia Companies or Aug Qtr or Aug Qtr Better or May Qtr or May Qtr Better or Aug or Aug %
Market Caps Above $1 Bil 2018 2017 (Worse) 2018 2017 (Worse) 2018 2017  Change
mils $ mils $ mils $ mils $ mils $ mils $
Home Depot              4,655              4,214 10%          3,142         3,108 1%          7,797          7,322 6%
Coca-Cola              2,883              2,624 10%          1,833         1,507 22%          4,716          4,131 14%
United Parcel Services              1,926              2,119 -9%          1,661         1,710 -3%          3,587          3,829 -6%
AFLAC              1,131              1,045 8%             982            898 9%          2,113          1,943 9%
Delta Air Lines              1,372              1,831 -25%             718            849 -15%          2,090          2,680 -22%
SunTrust Banks                 895                 752 19%             792            629 26%          1,687          1,381 22%
IntercontinentalExchange                 611                 567 8%             617            725 -15%          1,228          1,292 -5%
Southern Co               (266)            (1,935) 86%          1,049            980 7%             783            (955) 182%
Invesco Ltd                 314                 342             334            290             648             632
PulteGroup                 409                 123             224            139             633             262
WestRock                 356                 387             243            142             599             529
Mohawk Industries                 316                 344             257            269             573             613
Genuine Parts                 300                 297             229            244             529             541
Fleetcor Technologies                 231                 190             229            167             460             357
Total Systems Services                 180                 173             161            150             341             323
HD Supply Holdings                 176                 131             118              77             294             208
Equifax                 169                 243             123            196             292             439
Synovus Financial                 142                 118             133            106             275             224
Global Payments                 146                   85             122              65             268             150
Acuity Brands                 137                 142               99            125             236             267
Primerica                 114                   96               83              75             197             171
AGCO Corp                 129                 129               36                3             165             132
Rollins Inc                   90                   86               59              57             149             143
RPC Inc                   79                   69               66                2             146               71
Invesco Mortgage Capital                   92                   53               53              94             145             147
Graphic Packaging                   85                   66               48              55             133             121
Flowers Foods                   50                   67               70              95             120             162
Aaron's                   50                   57               67              82             117             139
Asbury Automotive Group                   58                   51               53              53             111             104
United Community Banks                   53                   45               49              42             102               87
Carters Inc                   48                   58               53              72             101             130
Cotiviti Holdings                   24                   29               70              26               93               55
Gray Television                   56                 118               26              18               82             136
BMC Stock Holdings                   53                   27               20                5               73               32
Piedmont Office Realty Trust                   11                   24               58              15               69               39
Floor & Décor Holdings                   35                   25               34              17               69               42
Saia Inc                   40                   28               26              16               66               44
Manhattan Associates                   37                   49               29              41               65               91
Oxford Industries                   36                   36               28              29               64               65
Schweitzer-Mauduit Intl                   34                   32               28              21               62               53
EBIX Inc                   31                   24               29              27               60               51
Site One Landscape Supply                   78                   70              (27)             (18)               51               52
State Bank Financial                   25                   23               23              18               48               41
Interface                   28                   31               20              13               48               44
Ameris Bancorp                   12                   33               34              31               46               64
National Vision Holdings                   16                   (1)               30              26               46               25
Mueller Water Products                   21                   38               24                6               45               44
Cousins Properties                   22                 171               16                5               38             176
Chart Industries                   18                     6                 9               (5)               27                 1
GMS Inc                   11                   25               15              25               26               50
Americold Realty Trust                   29                   (8)                (9)                6               20                (2)
Neenah                   (8)                   26               21              24               13               50
ARRIS Intl plc                   25                   20              (14)             (31)               11              (11)
Columbia Property Trust                   (3)                     1                 1              75                (2)               76
Avanos Medical                     1                 (19)              (15)             (25)              (14)              (44)
SecureWorks                 (13)                 (16)              (17)             (20)              (30)              (36)
NCR               (156)                 130 -220%               63              71              (93)             201
Total all 57 Georgia Cos            17,394            15,490 12%        14,224       13,424 6%        31,618        28,913 9%
Southern Co               (266)            (1,935) 86%          1,049            980 7%             783            (955)
Total all 56 Georgia Cos (No Southern Co)            17,660            17,425 1%        13,175       12,444 6%        30,835        29,868 3%

Also from a review of SEC filings, the chart below shows the Gold-Standard US GAAP Audited Pretax Income (Loss) From Continuing Operations for Annual 2016 and Annual 2008, spanning the entire Obama Administration, for the 50 Georgia Companies which reported both their 2016 and 2008 Pretax Income (Loss) to the SEC.
  Year
`   Before
Obama Obama
Last First
Year Year
in in
Office Office
2016 2008
  Audited Audited Better
    Pretax Pretax (Worse)
Georgia Companies City State 2016 Income Income Better %
Stock Market Caps Above $1 Bil HQs HQs FYE (Loss) (Loss) (Worse) Change
   $ mils  $ mils  $ mils
Giant Utility Company
….. Southern Co Atlanta GA Dec 16              3,480              2,722                 758 28%
   
Home Depot Atlanta GA Jan 17            12,491              3,590              8,901 248%
Coca-Cola Atlanta GA Dec 16              8,136              7,506                 630 8%
Delta Air Lines Atlanta GA Dec 16              6,636            (9,041)            15,677 173%
United Parcel Services Atlanta GA Dec 16              5,136              1,252              3,884 310%
AFLAC Columbus GA Dec 16              4,067              1,914              2,153 112%
SunTrust Banks Atlanta GA Dec 16              2,692                 740              1,952 264%
IntercontinentalExchange Atlanta GA Dec 16              2,029                 474              1,555 328%
Mohawk Industries Calhoun GA Dec 16              1,241            (1,272)              2,513 198%
Invesco Ltd Atlanta GA Dec 16              1,207                 657                 550 84%
Genuine Parts Atlanta GA Dec 16              1,074                 768                 306 40%
PulteGroup Atlanta GA Dec 16                 934            (1,683)              2,617 155%
Newell Brands Atlanta GA Dec 16                 815                     4                 811 20275%
Equifax Atlanta GA Dec 16                 728                 374                 354 95%
Fleetcor Technologies Norcross GA Dec 16                 643                 135                 508 376%
Total Systems Services Columbus GA Dec 16                 487                 384                 103 27%
Acuity Brands Atlanta GA Aug 16                 445                 231                 214 93%
Carters Inc Atlanta GA Dec 16                 396                 122                 274 225%
Synovus Financial Columbus GA Dec 16                 388               (661)              1,049 159%
NCR Atlanta GA Dec 16                 379                 316                   63 20%
Global Payments Atlanta GA Dec 16                 361                 292                   69 24%
Primerica Duluth GA Dec 16                 338                 353                 (15) -4%
Graphic Packaging Atlanta GA Dec 16                 321                 (64)                 385 602%
Asbury Automotive Group Duluth GA Dec 16                 268               (463)                 731 158%
Rollins Inc Atlanta GA Dec 16                 261                 113                 148 131%
Invesco Mortgage Capital Atlanta GA Dec 16                 258                   (0)                 258 NM
AGCO Corp Duluth GA Dec 16                 252                 550               (298) -54%
Flowers Foods Thomasville GA Dec 16                 250                 190                   60 32%
WestRock Atlanta GA Sep 16                 245                 131                 114 87%
Aaron's Atlanta GA Dec 16                 218                 140                   78 56%
Manhattan Associates Atlanta GA Dec 16                 196                   32                 164 513%
United Community Banks Blairsville GA Dec 16                 163               (102)                 265 260%
HD Supply Holdings Atlanta GA Jan 17                 117            (1,477)              1,594 108%
Gray Television Atlanta GA Dec 16                 106               (313)                 419 134%
Ameris Bancorp Moultrie GA Dec 16                 105                   (6)                 111 1850%
Neenah Alpharetta GA Dec 16                 103                 (42)                 145 345%
Piedmont Office Realty Trust Atlanta GA Dec 16                 100                 127                 (27) -21%
Schweitzer-Mauduit Intl Alpharetta GA Dec 16                   98                   23                   75 326%
EBIX Inc Johns Creek GA Dec 16                   96                   29                   67 231%
Oxford Industries Atlanta GA Jan 17                   86               (298)                 384 129%
Columbia Property Trust Atlanta GA Dec 16                   84                 (23)                 107 -465%
Interface Atlanta GA Dec 16                   79                     9                   70 778%
Saia Inc Johns Creek GA Dec 16                   75                 (23)                   98 426%
State Bank Financial Atlanta GA Dec 16                   74                   (1)                   75 7500%
Popeyes Louisiana Kitchen Atlanta GA Dec 16                   70                   32                   38 119%
Mueller Water Products Atlanta GA Sep 16                   69                   74                   (5) -7%
Cousins Properties Atlanta GA Dec 16                   61                   14                   47 336%
Chart Industries Ball Ground GA Dec 16                   38                 110                 (72) -65%
ARRIS Intl plc Suwanee GA Dec 16                   24               (127)                 151 119%
RPC Inc Atlanta GA Dec 16               (239)                 138               (377) -273%
Total 49 Georgia Cos (No Utility Giant Southern Co)            54,201              5,228            48,973 937%
Total all 50 Georgia Companies            57,681              7,950            49,731 626%











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