From a review of US SEC filings, there were 15 Companies effectively
headquartered in Iowa with a stock market cap of more than $1 Bil recently.
Here’s the almost unbelievable news on 2017 Earnings of these 15
Iowa Companies.
There are 5 Insurance Cos in the Des Moines Insurance Corridor
and these Companies Posted Total Pretax Income Growth of 67% in 2017 above that
in 2016.
There are 2 Cos in the Des Moines Area which are not Insurance
Cos and They Posted a Total Pretax Income Decline of 64% in 2017 below that in
2016.
And there are 8 Iowa Cos Outside of the Des Moines Area and They
Posted a Total Pretax Income Decline of 17% in 2017 below that in 2016.
Something Really Smells Here. The Chicago Cubs should take a look at its Triple A Affiliate because not exactly courageous Iowa politicians appear to have no interest investigating here.
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.
These reasonably healthy profits just didn't even come close to happening in 2017 for Iowa Cos located outside of the Des Moines Insurance Corridor and also for Iowa Non-Insurance Cos located inside the Des Moines Insurance Corridor.
And the Insurance Cos located in the Des Moines Corridor likewise didn't get reasonably healthy profits in 2017, instead they got clearly unreasonably excessive profits. No one has better Insurance Cos than the ones in New York and how did the Top 13 there perform on the earnings front in 2017? Their Total Pretax Income dropped by 12% in 2017 from that in 2016. Just saying.
These reasonably healthy profits just didn't even come close to happening in 2017 for Iowa Cos located outside of the Des Moines Insurance Corridor and also for Iowa Non-Insurance Cos located inside the Des Moines Insurance Corridor.
And the Insurance Cos located in the Des Moines Corridor likewise didn't get reasonably healthy profits in 2017, instead they got clearly unreasonably excessive profits. No one has better Insurance Cos than the ones in New York and how did the Top 13 there perform on the earnings front in 2017? Their Total Pretax Income dropped by 12% in 2017 from that in 2016. Just saying.
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 15 Iowa Companies.
| FYE | FYE | FYE | FYE | FYE | |||||
| 2017 | 2016 | 2015 | 2017 | 2016 | |||||
| Audited | Audited | Audited | Better | Better | |||||
| Pretax | Pretax | Pretax | (Worse) | (Worse) | |||||
| Iowa Companies | City | State | 2017 | Income | Income | Income | Than | Than | |
| Stock Market Caps Above $1 Bil | HQs | HQs | FYE | (Loss) | (Loss) | (Loss) | 2016 | 2015 | |
| $ mils | $ mils | $ mils | % | % | |||||
| Cos Outside of Des Moines Insurance Corridor | |||||||||
| Rockwell Collins | Cedar Rapids | IA | Sep 17 | 931 | 935 | 962 | 0% | -3% | |
| Heartland USA | Dubuque | IA | Dec 17 | 119 | 117 | 81 | 2% | 44% | |
| Winnebago Industries | Forest City | IA | Aug 17 | 108 | 66 | 60 | 64% | 10% | |
| HNI Corp | Muscatine | IA | Dec 17 | 71 | 129 | 157 | -45% | -18% | |
| Heartland Express | North Liberty | IA | Dec 17 | 64 | 86 | 117 | -26% | -26% | |
| United Fire Group | Cedar Rapids | IA | Dec 17 | 16 | 57 | 115 | -72% | -50% | |
| Workiva | Ames | IA | Dec 17 | (44) | (44) | (43) | 0% | -2% | |
| Renewable Energy Group | Ames | IA | Dec 17 | (110) | 49 | (160) | -324% | 131% | |
| Total all 8 Cos Outside Des Moines Area | 1,155 | 1,395 | 1,289 | -17% | 8% | ||||
| Des Moines Area | |||||||||
| Des Moines Area Insurance Cos | |||||||||
| Principal Financial | Des Moines | IA | Dec 17 | 2,252 | 1,592 | 1,431 | 41% | 11% | |
| Athene Holding Ltd | West Des Moines | IA | Dec 17 | 1,535 | 716 | 590 | 114% | 21% | |
| FGL Holdings | Des Moines | IA | Sep 17 | 333 | 153 | 182 | 118% | -16% | |
| American Equity Investment Life | West Des Moines | IA | Dec 17 | 316 | 130 | 337 | 143% | -61% | |
| FBL Financial Group | West Des Moines | IA | Dec 17 | 154 | 153 | 161 | 1% | -5% | |
| Total all 5 Des Moines Area Insurance Cos | 4,590 | 2,744 | 2,701 | 67% | 2% | ||||
| Des Moines Area Non-Insurance Cos | |||||||||
| Casey's General Stores | Ankeny | IA | Apr 17 | 214 | 270 | 349 | -21% | -23% | |
| Meredith | Des Moines | IA | Jun 18 | (10) | 290 | 110 | -103% | 164% | |
| Total 2 Des Moines Area Non-Insurance Cos | 204 | 560 | 459 | -64% | 22% | ||||
| Total all 15 Iowa Cos | 5,949 | 4,699 | 4,449 | 27% | 6% |
