Sunday, October 7, 2018

Massachusetts Companies Earnings Up a Robust 10% in 2016, Obama's Last Year in Office. Then in 2017, Trump's First Year in Office, These Same Massachusetts Companies Earnings Went Down the Tubes, Declining By 38% in 2017 ......................................................................................

From a review of US SEC filings, there were 76 Companies headquartered in Massachusetts with stock market caps of more than $2 bil recently.

These fine 76 Massachusetts Cos posted Audited Gold-Standard US GAAP Total Pretax Income From Continuing Operations of $21.331 Bil in Fiscal Year Ended (FYE) 2017, Down a Huge 38% from their similar Total Pretax Income of $34.309 Bil in FYE 2016. 

This 38% Earnings Decline in 2017 was a sharp earnings growth reversal.

In 2016 in Obama’s last year in office, these same 76 Massachusetts Cos posted Audited Total Pretax Income From Continuing Operations of $34.309 Bil in FYE 2016, an Increase of 10% from their similar Total Pretax Income of $31.126 Bil in FYE 2015.

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 didn't even come close to happening for Massachusetts Cos in 2017.

It’s clear to me why Obama is now respected by many Massachusetts financially savvy citizens.  For Trump, not so much.

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 Years Ended 2017, 2016 and 2015 for the 76 Massachusetts Companies with stock market caps above $2 bil recently.
Trump Obama  
First Last Obama
Year Year Year
2017 2016 2015
Audited Audited Audited
Pretax Pretax Pretax
Income Income Income
  (Loss) (Loss) (Loss)
    From From From
Massachusetts Companies City State 2017 Continuing Continuing Continuing
Stock Market Caps Above $2 Bil HQs HQs FYE Operations Operations Operations
   $ mils  $ mils  $ mils
Biogen Cambridge MA Dec 17                5,128                4,933                4,755
TJX Cos Framingham MA Jan 18                3,857                3,723                3,658
Raytheon Waltham MA Dec 17                3,113                3,085                2,841
State Street Corp Boston MA Dec 17                2,899                2,120                2,298
Thermo Fisher Scientific Waltham MA Dec 17                2,429                2,024                1,936
Eversource Energy Springfield MA Dec 17                1,574                1,505                1,426
Skyworks Solutions Woburn MA Sep 17                1,257                1,201                1,024
American Tower Boston MA Dec 17                1,256                1,126                   830
Hologic Marlborough MA Sep 17                1,231                   415                   177
Boston Scientific Marlborough MA Dec 17                   933                   177                  (650)
Analog Devices Norwood MA Oct 17                   828                   957                   810
Waters Corp Milford MA Dec 17                   641                   600                   542
Boston Properties Boston MA Dec 17                   562                   570                   800
IPG Photonics Oxford MA Dec 17                   552                   367                   342
Teradyne North Reading MA Dec 17                   524                    (55)                   253
Eaton Vance Boston MA Oct 17                   469                   408                   369
MKS Instruments Andover MA Dec 17                   448                   128                   159
Sensata Technologies plc Attleboro MA Dec 17                   402                   321                   206
LPL Financial Holdings Boston MA Dec 17                   365                   298                   283
Dunkin Brands Group Canton MA Dec 17                   339                   313                   202
Akamai Technologies Cambridge MA Dec 17                   316                   459                   457
Hanover Insurance Group Worchester MA Dec 17                   302                   192                   439
PerkinElmer Waltham MA Dec 17                   297                   244                   209
Charles River Labs Wilmington MA Dec 17                   297                   223                   195
Cabot Boston MA Dec 17                   295                   197                  (373)
Cognex Natick MA Dec 17                   267                   169                   127
Hospitality Properties Trust Newton MA Dec 17                   212                   227                   168
Aspen Technology Bedford MA Dec 17                   203                   210                   211
Bruker Billerica MA Dec 17                   198                   178                   128
Entegris Billerica MA Dec 17                   185                   120                     94
Iron Mountain Boston MA Dec 17                   163                   149                   218
Bright Horizons Family Solutions Watertown MA Dec 17                   161                   143                   140
Abiomed Danvers MA Mar 18                   160                     91                     66
Watts Water Technologies North Andover MA Dec 17                   143                   128                  (111)
RMR Group Newton MA Sep 17                   137                   147                     82
Independent Bank Corp Rockland MA Dec 17                   135                   112                     92
Boston Beer Boston MA Dec 17                   116                   137                   155
UniFirst Wilmington MA Aug 17                   115                   203                   201
TripAdvisor Needham MA Dec 17                   110                   151                   239
Senior Housing Properties Trust Newton MA Dec 17                   106                   138                   126
iRobot Corp Bedford MA Dec 17                     76                     61                     63
Novanta Bedford MA Dec 17                     76                     33                     46
Brooks Automation Chelmsford MA Sep 17                     75                       6                     18
Altra Industrial Motion Braintree MA Dec 17                     71                     34                     51
Cimpress NV Boston MA Jun 18                     66                    (79)                     66
athenahealth Watertown MA Dec 17                     64                     21                     19
Haemonetics Braintree MA Mar 18                     60                    (27)                    (53)
Clean Harbors Norwell MA Dec 17                     59                       9                   110
Mercury Systems Andover MA Jun 18                     43                     31                     25
Pegasystems Cambridge MA Dec 17                     37                     35                     61
Stag Industrial Boston MA Dec 17                     32                     36                    (29)
BJ's Wholesale Club Westborough MA Jan 18                     24                     73                     37
CarGurus Cambridge MA Dec 17                     16                       9                      (3)
Repligen Waltham MA Dec 17                       7                     12                     13
PTC Inc Needham MA Dec 17                      (1)                    (67)                     27
Mimecast Ltd Boston MA Dec 17                    (10)                      (3)                      (2)
LogMein Boston MA Dec 17                    (12)                       3                     18
Vertex Pharmaceutical Boston MA Dec 17                    (16)                    (67)                  (558)
Insulet Billerica MA Dec 17                    (27)                    (27)                    (61)
Sarepta Therapeutics Cambridge MA Dec 17                    (49)                  (267)                  (220)
Hub Spot Cambridge MA Dec 17                    (50)                    (45)                    (46)
Beigene Ltd Cambridge MA Dec 17                    (91)                  (119)                    (57)
Akcea Therapeutics Cambridge MA Dec 17                  (108)                    (83)                    (61)
Acceleron Pharma Cambridge MA Dec 17                  (108)                    (57)                    (64)
Ironwood Pharmaceuticals Cambridge MA Dec 17                  (116)                    (82)                  (143)
Nuance Communications Burlington MA Dec 17                  (119)                       2                    (80)
Alkermes Waltham MA Dec 17                  (143)                  (214)                  (224)
Blueprint Medicines Cambridge MA Dec 17                  (148)                    (72)                    (53)
Foundation Medicine Cambridge MA Dec 17                  (161)                  (113)                    (90)
Wayfair Boston MA Dec 17                  (244)                  (194)                    (77)
Sage Therapeutics Cambridge MA Dec 17                  (270)                  (159)                    (94)
Agios Pharmaceuticals Cambridge MA Dec 17                  (315)                  (198)                  (118)
bluebird bio Cambridge MA Dec 17                  (335)                  (264)                  (167)
Alnylam Pharmaceuticals Cambridge MA Dec 17                  (491)                  (410)                  (290)
Tesaro Waltham MA Dec 17                  (495)                  (373)                  (248)
General Electric Boston MA Dec 17               (8,791)                9,030                8,186
Total all 76 Massachusetts Cos              21,331              34,309              31,126
Trump's First Year 2017  
….. Pretax Income % Decrease 2017 vs 2016 -38%
Obama's Last Year 2016
….. Pretax Income % Increase 2016 vs 2015 10%


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