Thursday, October 18, 2018

North Carolina Companies Pretax Earnings Up By a Very Modest 1% in the Second Quarter 2018, a Massive Earnings Growth Deceleration From Their 18% Pretax Earnings Growth in the First Quarter 2018. When There is Such a Huge Earnings Growth Deceleration in Only a One Quarter Period of Time, Many Financially-Savvy North Carolinians Have To Be Very Concerned

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On the Positive Side From a Longer Term Perspective, North Carolina Companies Excluding Utility Giant Duke Energy Had Their Total After-Tax Net Income Increase By 448% During the Entire Span of the Obama Administration From 2008, the Year Before Barack Obama Took Office, to 2016, Obama's Last Year in Office.

 Also, These North Carolina Companies Generated 2016 Total Net Income Which Increased by a Superb 27% Over That in 2015.

 Further, These North Carolina Companies Generated 2015 Total Net Income Which Increased by an Off-the-Charts 61% Over That in 2014.
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From a review of US SEC filings, there were 38 Companies headquartered in North Carolina with stock market caps of more than $1 Bil recently.

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 happen with North Carolina Cos in the most recent Second Quarter of 2018, especially since the earnings growth deceleration was so pronounced. 

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 38 North Carolina 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
North Carolina 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 $
Bank of America              8,498              8,121 5%          8,394         7,320 15%
Lowes              2,010              2,223 -10%          1,305            934 40%
BB&T Corp              1,024                 978 5%             977            530 84%
Nucor Corp                 914                 508 80%             516            549 -6%
Duke Energy                 607              1,018 -40%             803         1,061 -24%
Ingersoll Rand plc                 587                 492 19%             167            156 7%
Albemarle                 391                 137 185%             159              75 112%
Laboratory Corp of America                 313                 279 12%             242            265 -9%
Martin Marietta Materials                 238                 194 23%               12              57 -79%
Old Dominion Freight Line                 221                 160 38%             147            107 37%
V F Corp                 186                 136 37%             294            269 9%
Hanesbrands                 165                 183 -10%               94              78 21%
Red Hat                 135                 132 2%             111              87 28%
First Citizens Bancshares                 123                 212 -42%             131            105 25%
Sealed Air                 117                   85 38%             114              83 37%
CommScope Holdings                 103                   80 29%               46              36 28%
Premier Inc                 102                   88 16%               90              79 14%
Curtiss-Wright                   96                   73 32%               61              41 49%
IQVIA Holdings                   92                   52 77%               92            126 -27%
Extended Stay America                   80                   66               37              20
PRA Health Sciences                   60                   40               57              33
JELD-WEN Holding                   59                   64               36                9
Highwoods Properties                   53                   40               34              33
SPX FLOW                   35                   13               16               (7)
Syneos Health                   30                     0              (34)              28
First Bancorp                   29                   17               27              11
Tanger Factory Outlet Centers                   24                   31               24              24
SPX Corp                   20                   (2)               16              13
James River Group Hldgs Ltd                   19                   16               17              20
LendingTree                   15                     8               12                7
Live Oak Bancshares                   15                   10               12                7
Enpro Industries                   14                   11               25                9
Coca-Cola Bottling                   (3)                   11              (27)               (8)
G1 Therapeutics                 (21)                 (15)              (20)             (12)
Cree Inc                 (25)                   (4)            (278)             (10) -2680%
Aeri Pharmaceuticals                 (55)                 (28)              (41)             (26)
Qorvo                 (62)                 (40)              (44)             (37)
Brighthouse Financial               (317)                 321 -199%            (113)           (590) 81%
Total all 38 North Carolina Companies            15,892            15,710 1%        13,512       11,482 18%

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, Annual 2015, Annual 2014 and Annual 2008, spanning the entire Obama Administration, for the 34 North Carolina Companies which reported both their 2016 and 2008 After-Tax Net Income (Loss) to the SEC.
Year
Obama Obama Before
Obama Second Third Obama
Last Last Last First
Year Year Year Year
in in in in
Office Office Office Office
2016 2015 2014 2008
Audited Audited Audited Audited
Net Net Net Net
North Carolina Non-Utility Companies City State 2016 Income Income Income Income
Market Caps Above $1 Bil HQs HQs FYE (Loss) (Loss) (Loss) (Loss)
 $ mils  $ mils  $ mils  $ mils
Bank of America
 Charlotte NC Dec16            17,906            15,836              5,520         4,008
………. 2016 Earnings % Above 2015
 13%
………. 2015 Earnings % Above 2014
 187%
………. 2016 Earnings % Above 2008
 347%
Reynolds American Winston Salem NC Dec16              6,073              3,253              1,445            444
Lowe's Companies Mooresville NC Jan17              3,093              2,546              2,698         2,195
BB&T Corp Winston Salem NC Dec16              2,442              2,123              2,206         1,529
Ingersoll-Rand plc Davidson NC Dec16              1,460                 707                 916        (2,508)
VFC Corp Greensboro NC Dec16              1,173              1,315              1,328            603
Nucor Corp Charlotte NC Dec16                 900                 193                 779         2,145
Laboratory Corp of America Burlington NC Dec16                 733                 439                 513            478
Hanesbrands Winston Salem NC Dec16                 537                 429                 405            107
Sealed Air Charlotte NC Dec16                 486                 335                 258            180
Albemarle Corp Charlotte NC Dec16                 479                 328                 230              91
Martin Marietta Materials Raleigh NC Dec16                 425                 289                 154            175
Old Dominion Freight Line Thomasville NC Dec16                 296                 305                 268              69
Red Hat Raleigh NC Feb17                 254                 199                 180              79
First Citizens BancShares Raleigh NC Dec16                 225                 210                 139              91
Commscope Holding Co Hickory NC Dec16                 223                 (71)                 237           (229)
Tanger Factory Outlet Ctrs Greensboro NC Dec16                 204                 222                   78              30
Curtiss-Wright Corp Charlotte NC Dec16                 189                 192                 170            102
Extended Stay America Charlotte NC Dec16                 163                 283                 151           (891)
Quintiles IMS Holdings Durham NC Dec16                 130                 388                 357              33
Highwoods Properties Inc Raleigh NC Dec16                 123                   86                   97              32
Sonic Automotive Inc Charlotte NC Dec16                   95                   88                   99           (634)
Ply Gem Holdings Inc Cary NC Dec16                   75                   32                 (31)           (498)
BNC Bancorp High Point NC Dec16                   63                   44                   29                4
Coca-Cola Bottling Co Charlotte NC Dec16                   57                   65                   36              11
Yadkin Financial Corp Raleigh NC Dec16                   55                   45                   22                4
Snyder's-Lance Charlotte NC Dec16                   42                   51                   59              19
Patheon NV Durham NC Oct16                   35                   35               (117)              20
Lendingtree Inc Charlotte NC Dec16                   31                   51                   (0)           (202)
SPX Corp Charlotte NC Dec16                   30               (152)                 115            226
First Bancorp Troy NC Dec16                   28                   27                   25              22
Qorvo Greensboro NC Mar17                 (17)                 (29)                 196           (888)
EnPro Industries Inc Charlotte NC Dec16                 (40)                 (21)                   22              33
Cree Inc Durham NC Jun17                 (98)                 (22)                 (65)              31
Total all 33 North Carolina Cos (No BankAmerica)
            19,964            13,985            12,998         2,903
………. 2016 Total Earnings % Above 2015
 43%
………. 2016 Total Earnings % Above 2008
 588%
Total all 34 North Carolina Cos
            37,875            29,821            18,518         6,911
………. 2016 Total Earnings % Above 2015
 27%
………. 2015 Total Earnings % Above 2014
 61%
………. 2016 Total Earnings % Above 2008
 448%


  



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