From a Longer-Term Perspective, Iowa Companies Had Their Total Pretax Earnings Increase By An Exceptional 549% During the Obama Administration, Going From $621 Mil in 2008 to $4.029 Bil in 2016
......................................................................
From
a review of US SEC filings, there were 15 Companies effectively headquartered
in Iowa 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
of 2018 and 2017 for these 15 Iowa Companies.
| US | US | ||
| GAAP | GAAP | ||
| Pretax | Pretax | ||
| Income | Income | ||
| (Loss) | (Loss) | ||
| June Qtr | June Qtr | % | |
| July Qtr | July Qtr | Change | |
| Iowa Companies | or Aug Qtr | or Aug Qtr | Better |
| Market Caps Above $1 Bil | 2018 | 2017 | (Worse) |
| mils $ | mils $ | ||
| Des Moines Insurance Corps | |||
| Principal Financial | 515 | 366 | 41% |
| Athene Holding Ltd | 330 | 337 | |
| American Equity Investment Life | 114 | 40 | 185% |
| FBL Financial Group | 39 | 46 | |
| FGL Holdings | 28 | 48 | |
| Total all 5 Des Moines Insurance Corps | 1,026 | 837 | 23% |
| Rockwell Collins | 269 | 221 | 22% |
| Casey's General Stores | 89 | 92 | |
| Winnebago Industries | 42 | 38 | |
| Renewable Energy Group | 38 | (33) | |
| Heartland USA | 35 | 30 | |
| Meredith | 32 | 64 | |
| HNI Corp | 24 | 21 | |
| Heartland Express | 23 | 22 | |
| United Fire Group | (2) | (4) | |
| Workiva | (22) | (10) | |
| Total all 15 Iowa Companiess | 1,555 | 1,277 | 22% |
Also from a review of SEC filings, the chart below shows the Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for Annual 2016 and for Annual 2008 for the 13 Iowa Companies that Reported 2008 Pretax Income (Loss) with the SEC.
| FYE | Year | FYE | |||||||
| 2016 | Before | 2008 | |||||||
| Obama | Audited | Obama | Audited | FYE | FYE | ||||
| Last | Pretax | First | Pretax | 2016 | 2016 | ||||
| Year | Income | Year | Income | vs | vs | ||||
| in | (Loss) | in | (Loss) | FYE | FYE | ||||
| Iowa Companies | Office | From | Office | From | 2008 | 2008 | |||
| Stock Market Caps Above $1 Bil | City | State | 2016 | Continuing | 2008 | Continuing | Better | Better | |
| HQs | HQs | FYE | Operations | FYE | Operations | (Worse) | (Worse) | ||
| $ mils | $ mils | $ mils | % | ||||||
| Principal Financial | Des Moines | IA | Dec 16 | 1,592 | Dec 08 | 461 | 1,131 | 245% | |
| Rockwell Collins | Cedar Rapids | IA | Sep 16 | 935 | Sep 08 | 953 | (18) | -2% | |
| Meredith | Des Moines | IA | Jun 17 | 290 | Jun 09 | (152) | 442 | 291% | |
| Casey's General Stores | Ankeny | IA | Apr 17 | 270 | Apr 09 | 139 | 131 | 94% | |
| FBL Financial Group | West Des Moines | IA | Dec 16 | 153 | Dec 08 | (32) | 185 | 578% | |
| Fidelity & Guaranty Life | Des Moines | IA | Sep 16 | 153 | Dec 08 | (961) | 1,114 | 116% | |
| American Equity Investment Life | West Des Moines | IA | Dec 16 | 130 | Dec 08 | 77 | 53 | 69% | |
| HNI Corp | Muscatine | IA | Dec 16 | 129 | Dec 08 | 77 | 52 | 68% | |
| Heartland USA | Dubuque | IA | Dec 16 | 117 | Dec 08 | 14 | 103 | 736% | |
| Heartland Express | North Liberty | IA | Dec 16 | 86 | Dec 08 | 107 | (21) | -20% | |
| Winnebago Industries | Forest City | IA | Aug 16 | 66 | Aug 08 | (5) | 71 | 1420% | |
| United Fire Group | Cedar Rapids | IA | Dec 16 | 59 | Dec 08 | (33) | 92 | 279% | |
| Renewable Energy Group | Ames | IA | Dec 16 | 49 | Dec 08 | (24) | 73 | 304% | |
| Total all 13 Iowa Companies | 4,029 | 621 | 3,408 | 549% |
