From a review of US SEC filings, there were 55 Companies headquartered
in Indiana with a stock market cap or Total Equity of more than $100 mil
recently.
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. This just didn't happen in 2017 for Indiana Companies.
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 Audited
Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the
Fiscal Years Ended 2017, 2016 and 2015 for these 55 Indiana Companies.
| FYE | FYE | ||||||||
| FYE | FYE | FYE | 2017 | 2016 | |||||
| 2017 | 2017 | 2017 | Better | Better | |||||
| Audited | Audited | Audited | (Worse) | (Worse) | |||||
| Pretax | Pretax | Pretax | Than | Than | |||||
| Indiana Companies | Income | Income | Income | 2016 | 2015 | ||||
| Stock Market Caps Above $100 Mil | FYE | (Loss) | (Loss) | (Loss) | % | % | |||
| 2017 | $ mils | $ mils | $ mils | Change | Change | ||||
| 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% | |
| Lincoln National Life Insurance | Fort Wayne | IN | Dec 17 | 731 | 1,440 | 1,468 | -49% | -2% | |
| Thor Industries Inc | Elkhart | IN | Jul 17 | 556 | 383 | 293 | 45% | 31% | |
| 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% | |
| Berry Plastics Group | Evansville | IN | Sep 17 | 449 | 308 | 122 | 46% | 152% | |
| 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% | |
| Hillenbrand Inc | Batesville | IN | Sep 17 | 188 | 164 | 162 | 15% | 1% | |
| Old National Bancorp | Evansville | IN | Dec 17 | 169 | 200 | 163 | -16% | 23% | |
| IPALCO Enterprises | Indianapolis | IN | Dec 17 | 158 | 192 | 91 | -18% | 111% | |
| 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% | |
| Merchant's Bancorp | Carmel | IN | Dec 17 | 77 | 55 | 47 | 40% | 17% | |
| MainSource Financial Group Inc | Greensburg | IN | Dec 17 | 62 | 50 | 46 | 24% | 9% | |
| German American Bancorp Inc | Jasper | IN | Dec 17 | 52 | 49 | 42 | 6% | 17% | |
| Kimball Intl Inc | Jasper | IN | Jun 18 | 52 | 58 | 33 | -10% | 76% | |
| First Financial Corp | Terre Haute | IN | Dec 17 | 50 | 58 | 41 | -14% | 41% | |
| Horizon Bancorp | Michigan City | IN | Dec 17 | 48 | 33 | 28 | 45% | 18% | |
| Kimball Electronics Inc | Jasper | IN | Jun 18 | 45 | 44 | 28 | 2% | 57% | |
| Skyline Champion Corp | Elkhart | IN | May 18 | 43 | 28 | 13 | 54% | 115% | |
| Shoe Carnival | Evansville | IN | Jan 18 | 37 | 38 | 47 | -3% | -19% | |
| First Internet Bancorp | Indianapolis | IN | Dec 17 | 23 | 18 | 14 | 28% | 29% | |
| Hurco Companies Inc | Indianapolis | IN | Oct 17 | 21 | 19 | 24 | 11% | -21% | |
| MutualFirst Financial Inc | Muncie | IN | Dec 17 | 19 | 18 | 17 | 6% | 6% | |
| Escalade Inc | Evansville | IN | Dec 17 | 16 | 16 | 16 | 0% | 0% | |
| Vera Bradley | Roanoke | IN | Jan 18 | 15 | 28 | 46 | -46% | -39% | |
| Kite Realty Trust | Indianapolis | IN | Dec 17 | 14 | 4 | 29 | 250% | -86% | |
| Cardinal Ethanol LLC | Union City | IN | Sep 17 | 13 | 14 | 39 | -7% | -64% | |
| Northwest Indiana Bancorp | Munster | IN | Dec 17 | 12 | 12 | 10 | 0% | 20% | |
| First Savings Financial Group | Clarksville | IN | Sep 17 | 12 | 6 | 8 | 100% | -25% | |
| First Capital Inc | Corydon | IN | Dec 17 | 11 | 9 | 7 | 22% | 29% | |
| Protective Insurance | Carmel | IN | Dec 17 | 10 | 43 | 34 | -77% | 26% | |
| Finish Line | Indianapolis | IN | Feb 18 | 9 | 54 | 42 | -83% | 29% | |
| Orthopediatrics | Warsaw | IN | Dec 17 | (9) | (7) | (8) | NM | NM | |
| Haynes Intl Inc | Kokomo | IN | Sep 17 | (17) | 4 | 47 | NM | NM | |
| Calumet Speciality Products Partners LP | Indianapolis | IN | Dec 17 | (31) | (297) | (85) | NM | NM | |
| Assembly Biosciences | Carmel | IN | Dec 17 | (52) | (45) | (28) | NM | NM | |
| Endocyte | Lafayette | IN | Dec 17 | (55) | (44) | (41) | NM | NM | |
| Elanco Animal Health | Greenfield | IN | Dec 17 | (233) | (22) | (260) | NM | NM | |
| Total all 55 Indiana Companies | 18,773 | 19,568 | 16,511 | -4% | 19% |
