But for a bit of good news from a historic perspective, Minnesota Companies had their Total After-Tax Earnings increase By 104% During the Obama Administration from Annual 2008 to Annual 2016.
At first glance, that doesn't seem like much over an 8 year period. And nearly every other US State I researched had higher earnings growth rates.
But you have to look at the details to understand what really happened here.
Minnesota is blessed with having very resilient Companies.
Nearly every other US State had their State's Total Companies Earnings just crushed in 2008 with the US financial meltdown.
In Minnesota's case, its Total Companies Earnings dropped by only 36% in 2008 from 2007 with the US financial meltdown. This 36% decline was lower than that of any other US State's Companies decline that I can think of, and by a significant amount.
Thus Minnesota's 2008 Total Base Companies Earnings weren't nearly as low as that of other US State's Companies.
Because of Minnesota Companies much higher 2008 Base Total Earnings, it only makes sense that Minnesota Companies Total Earnings will not increase nearly as much from 2008 to 2016 as that of other US State's Companies.
The fact of the matter is that in the year after the 2008 US financial meltdown, Minnesota Companies Total Earnings increased by 44% in 2009. And Minnesota Companies Total Earnings in 2012 exceeded by 9% its previously high 2007 pre-US financial meltdown Total Earnings. Also, this widened from 9% to 29% higher by 2016 as compared to 2007.
Overall, I feel pretty good about how Minnesota Companies came out of the 2008 US financial meltdown.
......................................................................
From
a review of US SEC filings, there were 41 Companies headquartered effectively
in Minnesota with stock market caps or Total Equity of more than $1 Bil recently.The fact of the matter is that in the year after the 2008 US financial meltdown, Minnesota Companies Total Earnings increased by 44% in 2009. And Minnesota Companies Total Earnings in 2012 exceeded by 9% its previously high 2007 pre-US financial meltdown Total Earnings. Also, this widened from 9% to 29% higher by 2016 as compared to 2007.
Overall, I feel pretty good about how Minnesota Companies came out of the 2008 US financial meltdown.
......................................................................
From a review of SEC filings, the chart below shows the Gold-Standard
US GAAP Pretax Income (Loss) From Continuing Operations for the First Half of
2018 and 2017 for these 41 Minnesota Companies.
Also from a review of SEC filings, the chart below shows the Gold-Standard US GAAP Audited After-Tax Net Income (Loss) From Continuing Operations for Annual 2016, 2015, 2012, 2009, 2008 and 2007, spanning the entire Obama Administration and then some, for the 45 Minnesota Companies which reported both their 2016 and 2008 After-Tax Net Income (Loss) to the SEC and also which had stock market caps or Total Equity of more than $1 Bil.
| US | US | ||
| GAAP | GAAP | ||
| Pretax | Pretax | ||
| Income | Income | ||
| (Loss) | (Loss) | ||
| 6 Months | 6 Months | ||
| Ended | Ended | ||
| June | June | Better | |
| July | July | (Worse) | |
| Minnesota Companies | or Aug | or Aug | % |
| Market Caps Above $1 Bil | 2018 | 2017 | Change |
| mils $ | mils $ | ||
| UnitedHealth Group | 7,584 | 6,560 | 16% |
| US Bancorp | 4,243 | 4,048 | 5% |
| 3M | 3,315 | 3,879 | -15% |
| Medtronic plc | 2,905 | 2,630 | 10% |
| Target | 1,949 | 2,007 | -3% |
| Travelers Companies | 1,409 | 1,550 | -9% |
| Ameriprise Financial | 1,244 | 986 | 26% |
| General Mills | 952 | 1,137 | -16% |
| Ecolab | 775 | 688 | |
| XCEL Energy | 669 | 685 | |
| Wells Fargo Real Estate Investment Corp | 626 | 577 | |
| Best Buy | 586 | 602 | |
| Hormel Foods | 555 | 594 | |
| Fastenal | 498 | 446 | |
| CH Robinson Worldwide | 395 | 351 | |
| Toro Co | 262 | 246 | |
| Graco | 212 | 177 | |
| Donaldson Co | 203 | 176 | |
| Polaris Industries | 187 | 92 | |
| TCF Financial | 177 | 159 | |
| Pentair plc | 172 | 27 | |
| Deluxe | 162 | 170 | |
| Two Harbors | 133 | 3 | |
| nVent Electric plc | 115 | 154 | |
| HB Fuller | 105 | 71 | |
| Bio-Techne | 81 | 69 | |
| ALLETE | 73 | 106 | |
| Mosaic | 62 | 84 | |
| Otter Tail | 52 | 49 | |
| Apogee Enterprises | 47 | 50 | |
| Proto Labs | 45 | 36 | |
| Capella Education | 34 | 33 | |
| Sleep Number | 27 | 33 | |
| Patterson Cos | 25 | 133 | |
| Tennant | 17 | (7) | |
| Piper Jaffray | 13 | 43 | |
| SPS Commerce | 11 | 7 | |
| Cardiovascular Systems | 4 | (1) | |
| Stratasys Ltd | (16) | (18) | |
| Ceridian HCM Holding | (50) | (32) | |
| Northern Oil & Gas | (94) | 31 | |
| SUPERVALU Inc | (117) | 19 | |
| Total all 40 Minnesota Cos (No UnitedHealth Group) | 22,063 | 22,090 | -0.1% |
| Total all 41 Minnesota Companies | 29,647 | 28,650 | 3.5% |
Also from a review of SEC filings, the chart below shows the Gold-Standard US GAAP Audited After-Tax Net Income (Loss) From Continuing Operations for Annual 2016, 2015, 2012, 2009, 2008 and 2007, spanning the entire Obama Administration and then some, for the 45 Minnesota Companies which reported both their 2016 and 2008 After-Tax Net Income (Loss) to the SEC and also which had stock market caps or Total Equity of more than $1 Bil.
| 2016 | 2015 | 2012 | 2009 | 2008 | 2007 | ||||
| Audited | Audited | Audited | Audited | Audited | Audited | ||||
| Net | Net | Net | Net | Net | Net | ||||
| Minnesota Companies | City | State | 2016 | Income | Income | Income | Income | Income | Income |
| Market Caps Above $1 Bil | HQs | HQs | FYE | (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | (Loss) |
| $ mils | $ mils | $ mils | $ mils | $ mils | $ mils | ||||
| UnitedHealth Group | Minnetonka | MN | Dec16 | 7,017 | 5,813 | 5,526 | 3,822 | 2,977 | 4,654 |
| US Bancorp | Minneapolis | MN | Dec16 | 5,944 | 5,933 | 5,490 | 2,237 | 3,012 | 4,403 |
| 3M | St Paul | MN | Dec16 | 5,050 | 4,833 | 4,444 | 3,193 | 3,460 | 4,096 |
| Medtronic plc | Minneapolis | MN | Apr17 | 4,024 | 3,538 | 3,467 | 3,083 | 2,088 | 2,152 |
| Travelers Cos | St Paul | MN | Dec16 | 3,014 | 3,439 | 2,473 | 3,622 | 2,924 | 4,601 |
| Target Corp | Minneapolis | MN | Jan17 | 2,669 | 3,321 | 3,315 | 2,488 | 2,214 | 2,849 |
| General Mills | Minneapolis | MN | May17 | 1,658 | 1,697 | 1,855 | 1,531 | 1,304 | 1,295 |
| Ameriprise Financial | Minneapolis | MN | Dec16 | 1,314 | 1,687 | 899 | 736 | (100) | 813 |
| Ecolab | St Paul | MN | Dec16 | 1,247 | 1,017 | 701 | 419 | 448 | 429 |
| Best Buy | Richfield | MN | Jan17 | 1,207 | 807 | (259) | 1,495 | 1,150 | 1,426 |
| XCEL Energy | Minneapolis | MN | Dec16 | 1,123 | 984 | 905 | 686 | 646 | 576 |
| Hormel Foods | Austin | MN | Oct16 | 891 | 687 | 505 | 346 | 289 | 304 |
| Allianz Life Insurance Co of North America | Minneapolis | MN | Dec16 | 788 | 600 | (42) | 406 | (1,094) | - |
| Wells Fargo Real Estate Investment Corp | Minneapolis | MN | Dec16 | 784 | 646 | 143 | - | - | - |
| CH Robinson Worldwide | Eden Prairie | MN | Dec16 | 513 | 510 | 594 | 361 | 359 | 324 |
| Fastenal | Winona | MN | Dec16 | 499 | 516 | 421 | 184 | 280 | 233 |
| Pentair PLC | Golden Valley | MN | Dec16 | 452 | 397 | (21) | 116 | 256 | 212 |
| Two Harbors | Minnetonka | MN | Dec16 | 353 | 492 | 287 | (9) | 2 | 1 |
| Valspar Corp | Minneapolis | MN | Oct16 | 353 | 400 | 292 | 160 | 151 | 172 |
| Mosaic | Plymouth | MN | Dec16 | 301 | 1,002 | 1,931 | 2,357 | 2,092 | 424 |
| nVent Electric plc | St Louis Park | MN | Dec16 | 259 | 210 | SEP | SEP | SEP | SEP |
| Toro Co | Bloomington | MN | Oct16 | 231 | 202 | 130 | 63 | 120 | 142 |
| Deluxe Corp | Shoreview | MN | Dec16 | 229 | 219 | 170 | 99 | 106 | 145 |
| Polaris Industries | Medina | MN | Dec16 | 213 | 455 | 312 | 101 | 117 | 113 |
| TCF Financial Corp | Wayzata | MN | Dec16 | 212 | 197 | (213) | 94 | 113 | 272 |
| Donaldson Co Inc | Minneapolis | MN | Jul16 | 191 | 208 | 264 | 132 | 172 | 151 |
| Patterson Companies | St Paul | MN | Apr17 | 174 | 186 | 165 | 212 | 200 | 225 |
| ALLETE | Duluth | MN | Dec16 | 156 | 142 | 97 | 61 | 83 | 90 |
| HB Fuller | St Paul | MN | Nov16 | 124 | 88 | 68 | 84 | 19 | 101 |
| OneBeacon Insurance Group | Plymouth | MN | Dec16 | 109 | 38 | 97 | 377 | (372) | 245 |
| Buffalo Wild Wings | Minneapolis | MN | Dec16 | 94 | 95 | 57 | 31 | 24 | 20 |
| Apogee Enterprises Inc | Minneapolis | MN | Feb17 | 86 | 65 | 19 | 31 | 51 | 43 |
| BIO-TECHNE Corp | Minneapolis | MN | Jun17 | 76 | 104 | 113 | 110 | 105 | 104 |
| Otter Tail | Fergus Falls | MN | Dec16 | 62 | 59 | 46 | 25 | 33 | 47 |
| Select Comfort Corp | Minneapolis | MN | Dec16 | 51 | 51 | 78 | 36 | (70) | 28 |
| Tennant Company | Minneapolis | MN | Dec16 | 47 | 32 | 42 | (26) | 11 | 40 |
| Proto Labs Inc | Maple Plain | MN | Dec16 | 43 | 47 | 24 | 4 | 7 | 6 |
| Capella Education | Minneapolis | MN | Dec16 | 42 | 44 | 42 | 43 | 29 | 23 |
| Graco Inc | Minneapolis | MN | Dec16 | 41 | 346 | 149 | 49 | 121 | 153 |
| SUPERVALU Inc | Eden Prairie | MN | Feb17 | 27 | 84 | (418) | 393 | (2,855) | 593 |
| SPS Commerce | Minneapolis | MN | Dec16 | 6 | 5 | 1 | 1 | (2) | (2) |
| Cardiovascular Systems | St Paul | MN | Jun17 | (2) | (56) | (24) | (24) | (32) | (59) |
| Piper Jaffray Companies | Minneapolis | MN | Dec16 | (14) | 58 | 50 | 30 | (185) | 25 |
| Stratasys Ltd | Eden Prairie | MN | Dec16 | (78) | (1,374) | 9 | 4 | 14 | 26 |
| Northern Oil & Gas | Minnetonka | MN | Dec16 | (293) | (975) | 72 | 3 | 2 | (4) |
| Total all 45 Minnesota Cos | 41,287 | 38,849 | 34,276 | 29,166 | 20,269 | 31,491 | |||
| 2016 Total Earnings % Above: | |||||||||
| ….. 2015 Earnings | 6% | ||||||||
| ….. 2008 Earnings | 104% | ||||||||
| 2008 Total Earnings % Below 2007 | -36% | ||||||||
| 2009 Total Earnings % Above 2008 | 44% | ||||||||
| 2012 Total Earnings % Above 2007 | 9% | ||||||||
| 2016 Total Earnings % Above 2007 | 31% |
