Kentucky Companies Pretax Earnings Decline By 50% in the Second Quarter 2018, Even Much Worse Than Their 30% Decline in the First Quarter 2018 ...............................................................................

From a review of US SEC filings, there were 10 Companies effectively headquartered in Kentucky 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 and First Quarters of both 2018 and 2017 for these 10 Kentucky Companies.

	US	US			US	US
	GAAP	GAAP			GAAP	GAAP
	Pretax	Pretax			Pretax	Pretax
	Income	Income			Income	Income
	(Loss)	(Loss)			(Loss)	(Loss)
	June Qtr	June Qtr	%		Mar Qtr	Mar Qtr	%
	July Qtr	July Qtr	Change		Apr Qtr	Apr Qtr	Change
Kentucky Companies	or Aug Qtr	or Aug Qtr	Better		or May Qtr	or May Qtr	Better
Market Caps Above $1 Bil	2018	2017	(Worse)		2018	2017	(Worse)
	mils $	mils $			mils $	mils $
Yum! Brands	357	311	15%		509	347	47%
Humana	19	1,042	-98%		707	1,689	-58%
Brown Forman	242	229	6%		197	128	54%
Valvoline	97	94			94	109
Churchill Downs	136	120			17	3
Texas Roadhouse	54	54			65	49
Ashland Global Holdings	31	(20)			67	24
Tempur Sealy	30	35			33	47
Papa John's Intl	20	35			22	42
Apellis Pharmaceuticals	(33)	(12)			(22)	(9)
Total all 10 Kentucky Companies	953	1,888	-50%		1,689	2,429	-30%