For a Longer-Term Perspective, Los Angeles, California Area Companies Had Their Total Pretax Earnings Increase By 464% During the Obama Administration, Going From $7.510 Bil in 2008, the Bush Administration's Last Year in Office, to $42.381 Bil in 2016, the Obama Administration's Last Year in Office
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The Good and Dirty Breakdown of First Half 2018 Pretax Earnings By Sector
- · Big Two Cos Comprising 53% of Total Pretax Income of all 117 Southern Cal Cos: Disney Up 6% and Amgen Up 5%
- · 15 Technology Cos: Up an Off-the-Charts 7,558% Due Mainly to Snap's Huge Loss in the First Half of 2017
- · 37 Financial Companies: Up 13%
- · But 12 Manufacturing Cos: Down 20%
- · And But 50 Other Sector Cos: Down 29%
From a review of US SEC filings, there were 117 Companies effectively headquartered in the Southern California 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 clearly didn’t even come close to happening
with Southern California Cos in the Manufacturing Sector and in Many Other
Sectors in both the First Half of 2018 and in Annual Fiscal Year Ended 2017.
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 First Six Months of 2018 and 2017 for these 117 Southern California Companies.
Also from a review of SEC filings, the chart below shows the Gold-Standard US GAAP Audited Pretax Income (Loss) From Continuing Operations for Annual 2016 and Annual 2008, spanning the entire Obama Administration, for the 67 Los Angeles Are Companies which reported both their 2016 and 2008 Pretax Income (Loss) to the SEC.
From a review of SEC filings, the chart below shows the Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the First Six Months of 2018 and 2017 for these 117 Southern California Companies.
| US | US | ||
| GAAP | GAAP | ||
| Pretax | Pretax | ||
| Income | Income | ||
| (Loss) | (Loss) | ||
| California Companies | 6 Months | 6 Months | |
| Southern California | June | June | Better |
| Market Caps Above $1 Bil | July | July | (Worse) |
| Releasing August 2018 | or Aug | or Aug | % |
| Qtr Earnings By 10-15-18 | 2018 | 2017 | Change |
| mils $ | mils $ | ||
| Big Two Southern California Cos | |||
| Walt Disney | 7,782 | 7,369 | 6% |
| Amgen | 5,266 | 5,002 | 5% |
| Total Big Two Southern California Cos | 13,048 | 12,371 | 5% |
| Technology Cos | |||
| QUALCOMM | 1,314 | 1,715 | -23% |
| Activision Blizzard | 975 | 746 | 31% |
| Teledyne Technologies | 186 | 117 | 59% |
| CoreLogic | 103 | 79 | 30% |
| Stamps.com | 95 | 75 | 27% |
| Trade Desk | 34 | 20 | 74% |
| Semtech | 26 | 32 | -19% |
| AppFolio | 12 | 3 | 238% |
| QAD Inc | 5 | (2) | |
| Kratos Defense&Security | (2) | (14) | |
| Maxlinear | (3) | (8) | |
| Blackline | (15) | (17) | |
| TrueCar Inc | (16) | (15) | |
| Alteryx | (16) | (13) | |
| Cornerstone On Demand | (27) | (37) | |
| Snap | (736) | (2,655) | 72% |
| Total all 16 Technology Cos | 1,934 | 25 | 7558% |
| Financial Cos | |||
| Public Storage | 749 | 699 | 7% |
| Molina Health Care | 484 | (183) | 364% |
| East West Bancorp | 409 | 386 | 6% |
| PacWest Bancorp | 321 | 275 | 17% |
| First American Financial | 295 | 268 | 10% |
| Air Lease | 288 | 290 | -1% |
| Sabra Health Care REIT | 264 | 40 | 560% |
| Oaktree Capital Group LLC | 215 | 475 | -55% |
| Alexandria Real Estate Equities | 203 | 89 | 128% |
| Realty Income Corp | 180 | 170 | 6% |
| PS Business Parks | 174 | 91 | 91% |
| Cathay General Bancorp | 168 | 136 | 24% |
| Hope Bancorp | 133 | 125 | 6% |
| BofI Holding | 128 | 127 | 1% |
| HCP Inc | 126 | 477 | -74% |
| Ares Management LP | 113 | (75) | 251% |
| Green Dot | 111 | 84 | 32% |
| Houlihan Lokey | 103 | 105 | -2% |
| CVB Financial | 98 | 90 | 9% |
| LTC Properties | 89 | 47 | 89% |
| PennyMac Mortgage Invest Trust | 80 | 55 | 45% |
| Pacific Premier Bancorp | 74 | 36 | 106% |
| Kilroy Realty | 73 | 72 | 1% |
| Hudson Pacific Properties | 72 | 31 | 132% |
| Encore Capital Group | 71 | 60 | 18% |
| Douglas Emmett | 70 | 44 | 59% |
| American Homes 4 Rent | 47 | 27 | 74% |
| Preferred Bank | 47 | 35 | 34% |
| Opus Bank | 37 | 42 | -12% |
| Caretrust REIT | 28 | 12 | 133% |
| Rexford Industrial Realty | 23 | 26 | -12% |
| Retail Opportunity Invest Corp | 20 | 20 | 0% |
| Colony Credit Real Estate | 13 | 65 | -80% |
| Mercury General | 13 | 100 | -87% |
| American Assets Trust | 3 | 18 | |
| Macerich | (25) | 104 | |
| Colony Capital | (101) | 149 | |
| Total all 37 Financial Cos | 5,196 | 4,612 | 13% |
| Manufacturing Cos | |||
| Monster Beverage | 640 | 612 | 5% |
| Avery Dennison | 298 | 286 | 4% |
| Skechers USA | 227 | 212 | 7% |
| Callaway Golf | 158 | 87 | 82% |
| Kaiser Aluminum | 60 | 62 | -3% |
| AeroVironment | 52 | 29 | 79% |
| TTM Technologies Inc | 32 | 63 | -49% |
| Guess? | 6 | - | |
| Cubic | 3 | (19) | |
| Deckers Outdoor | (21) | (89) | |
| Viasat | (102) | (15) | |
| Mattel | (548) | (220) | |
| Total all 12 Manufacturing Cos | 805 | 1,008 | -20% |
| Cos in All Other Sectors | |||
| Reliance Steel | 532 | 321 | 66% |
| Edwards Lifesciences | 515 | 499 | 3% |
| Edison Intl | 500 | 687 | -27% |
| CBRE Group | 496 | 466 | 6% |
| Illumina | 453 | 644 | -30% |
| Resmed | 271 | 230 | 18% |
| Herbalife Nutrition Ltd | 234 | 280 | -16% |
| KB Home | 193 | 131 | 47% |
| Kennedy-Wilson Holdings | 193 | 28 | 589% |
| Ligand Pharmaceuticals | 151 | 14 | 979% |
| TRI Pointe Group | 143 | 65 | 120% |
| Masimo | 109 | 97 | 12% |
| Jack in the Box | 101 | 97 | 4% |
| AMN Healthcare Services | 98 | 98 | 0% |
| Tetra Tech | 90 | 83 | 8% |
| Sunstone Hotel Investors | 89 | 116 | -23% |
| ASGN Inc | 84 | 88 | -5% |
| J2 Global | 67 | 76 | -12% |
| Cheesecake Factory | 62 | 91 | -32% |
| Live Nation Entertainment | 61 | 49 | 24% |
| Emerald Expositions Events | 58 | 37 | 57% |
| Ensign Group | 58 | 23 | 152% |
| Marcus & Millichap | 54 | 45 | 20% |
| Dine Brands Global | 48 | 67 | -28% |
| Wesco Aircraft Holdings | 38 | (274) | 114% |
| Calavo Growers | 35 | 34 | 3% |
| American States Water | 34 | 57 | -40% |
| ICU Medical | 34 | 7 | 386% |
| BJ's Restaurants | 33 | 24 | 38% |
| Quidel | 30 | 2 | 1400% |
| Inogen | 24 | 15 | 60% |
| Dexcom | 6 | (54) | |
| Staar Surgical | 4 | (3) | |
| Korn/Ferry Intl | 3 | 77 | |
| Glaukos | (8) | (2) | |
| Nuvasive | (21) | 32 | |
| AECOM | (24) | 228 | |
| AnaptysBio | (29) | (14) | |
| Retrophin | (40) | (28) | |
| Lions Gate Entertainment | (42) | 226 | |
| Mirati Therapeutics | (43) | (36) | |
| Neurocrine Biosciences | (48) | (138) | |
| Halozyme Therapeutics | (50) | (63) | |
| California Resources | (54) | 5 | |
| Arena Pharmaceuticals | (63) | (47) | |
| Ionis Pharmaceuticals | (67) | 6 | |
| Puma Biotechnology | (68) | (151) | |
| Acadia Pharmaceuticals | (116) | (155) | |
| Sempra Energy | (466) | 1,162 | |
| Xencor | (55) | (22) | |
| Total all 50 Cos in Other Sectors | 3,706 | 5,220 | -29% |
| Total all 117 Southern California Cos | 24,690 | 23,236 | 6% |
Also from a review of SEC filings, the chart below shows the Gold-Standard US GAAP Audited Pretax Income (Loss) From Continuing Operations for Annual 2016 and Annual 2008, spanning the entire Obama Administration, for the 67 Los Angeles Are Companies which reported both their 2016 and 2008 Pretax Income (Loss) to the SEC.
| Obama | Bush | ||||||
| Last | Last | ||||||
| Year | Year | ||||||
| in | in | ||||||
| Office | Office | ||||||
| 2016 | 2008 | ||||||
| Audited | Audited | Better | |||||
| Pretax | Pretax | (Worse) | |||||
| Los Angeles Area Companies | City | State | 2016 | Income | Income | Better | % |
| Stock Market Caps Above $1 Bil | HQs | HQs | FYE | (Loss) | (Loss) | (Worse) | Change |
| $ mils | $ mils | $ mils | |||||
| Walt Disney Co | Burbank | CA | Sep 16 | 14,868 | 7,402 | 7,466 | 101% |
| Amgen | Thousand Oaks | CA | Dec 16 | 9,163 | 5,015 | 4,148 | 83% |
| Edison Intl | Rosemead | CA | Dec 16 | 1,590 | 1,944 | (354) | -18% |
| Public Storage | Glendale | CA | Dec 16 | 1,460 | 982 | 478 | 49% |
| Activision Blizzard | Santa Monica | CA | Dec 16 | 1,106 | (187) | 1,293 | 691% |
| Monster Beverage | Corona | CA | Dec 16 | 1,080 | 173 | 907 | 524% |
| CBRE Group | Los Angeles | CA | Dec 16 | 881 | (1,026) | 1,907 | 186% |
| CalAtlantic Group | Irvine | CA | Dec 16 | 753 | (1,237) | 1,990 | 161% |
| Edwards Lifesciences | Irvine | CA | Dec 16 | 738 | 164 | 574 | 350% |
| Oaktree Capital Group LLC | Los Angeles | CA | Dec 16 | 609 | (7,621) | 8,230 | 108% |
| East West Bancorp | Pasadena | CA | Dec 16 | 572 | (97) | 669 | 690% |
| PacWest Bancorp | Brea | CA | Dec 16 | 558 | (708) | 1,266 | 179% |
| Macerich | Santa Monica | CA | Dec 16 | 556 | 88 | 468 | 532% |
| First American Financial | Santa Ana | CA | Dec 16 | 478 | (116) | 594 | 512% |
| Avery Denison | Glendale | CA | Dec 16 | 477 | 271 | 206 | 76% |
| Reliance Steel & Aluminum | Los Angeles | CA | Dec 16 | 429 | 767 | (338) | -44% |
| Masimo Corp | Irvine | CA | Dec 16 | 418 | 72 | 346 | 481% |
| Mattel | El Segundo | CA | Dec 16 | 410 | 488 | (78) | -16% |
| HCP Inc | Irvine | CA | Dec 16 | 379 | 229 | 150 | 66% |
| Herbalife Ltd | Los Angeles | CA | Dec 16 | 365 | 319 | 46 | 14% |
| Skechers USA Inc | Manhattan Beach | CA | Dec 16 | 359 | 61 | 298 | 489% |
| VCA Inc | Los Angeles | CA | Dec 16 | 353 | 223 | 130 | 58% |
| Kilroy Realty Corp | Los Angeles | CA | Dec 16 | 304 | 46 | 258 | 561% |
| Jacob's Engineering Group | Pasadena | CA | Sep 16 | 287 | 658 | (371) | -56% |
| Cathay General Bancorp | Los Angeles | CA | Dec 16 | 242 | 71 | 171 | 241% |
| Teledyne Technologies Inc | Thousand Oaks | CA | Dec 16 | 241 | 188 | 53 | 28% |
| J2 Global Inc | Los Angeles | CA | Dec 16 | 211 | 102 | 109 | 107% |
| Molina Healthcare | Long Beach | CA | Dec 16 | 205 | 94 | 111 | 118% |
| Cheesecake Factory | Calabasas Hills | CA | Dec 16 | 192 | 73 | 119 | 163% |
| Hope Bancorp | Los Angeles | CA | Dec 16 | 191 | 4 | 187 | 4675% |
| Corelogic | Irvine | CA | Dec 16 | 164 | 46 | 118 | 257% |
| CVB Financial | Ontario | CA | Dec 16 | 162 | 86 | 76 | 88% |
| On Assignment | Calabasas | CA | Dec 16 | 157 | 34 | 123 | 362% |
| DineEquity Inc | Glendale | CA | Dec 16 | 153 | (188) | 341 | 181% |
| Banc of California | Santa Ana | CA | Dec 16 | 149 | (2) | 151 | 7550% |
| KB Home | Los Angeles | CA | Nov 16 | 149 | (968) | 1,117 | 115% |
| Tutor Perini Corp | Sylmar | CA | Dec 16 | 149 | (20) | 169 | 845% |
| Kaiser Aluminum Corp | Foothill Ranch | CA | Dec 16 | 147 | (91) | 238 | 262% |
| PS Business Parks | Glendale | CA | Dec 16 | 145 | 85 | 60 | 71% |
| Sunstone Hotel Investors | Aliso Viejo | CA | Dec 16 | 140 | 29 | 111 | 383% |
| Aecom | Los Angeles | CA | Sep 16 | 126 | 236 | (110) | -47% |
| Wesco Aircraft Holdings | Valencia | CA | Sep 16 | 126 | 103 | 23 | 22% |
| Tetra Tech | Pasadena | CA | Sep 16 | 124 | 103 | 21 | 20% |
| Stamps.com | El Segundo | CA | Dec 16 | 117 | 7 | 110 | 1571% |
| Korn/Ferry Intl | Los Angeles | CA | Apr 17 | 116 | (10) | 126 | 1260% |
| Douglas Emmett Inc | Santa Monica | CA | Dec 16 | 96 | (36) | 132 | 367% |
| American States Water | San Dimas | CA | Dec 16 | 94 | 42 | 52 | 124% |
| Kennedy-Wilson Holdings | Beverly Hills | CA | Dec 16 | 91 | 1 | 90 | 9000% |
| Ensign Group | Mission Viejo | CA | Dec 16 | 86 | 45 | 41 | 91% |
| LTC Properties Inc | Westlake Village | CA | Dec 16 | 85 | 43 | 42 | 98% |
| Semtech Corp | Camarillo | CA | Jan 17 | 73 | 46 | 27 | 59% |
| Mercury General Corp | Los Angeles | CA | Dec 16 | 71 | (451) | 522 | 116% |
| TTM Technologies Inc | Costa Mesa | CA | Dec 16 | 67 | (61) | 128 | 210% |
| Pacific Premier Bancorp Inc | Irvine | CA | Dec 16 | 65 | 1 | 64 | 6400% |
| Green Dot Corp | Pasadena | CA | Dec 16 | 62 | 30 | 32 | 107% |
| BJ's Restaurants | Huntington Beach | CA | Dec 16 | 61 | 13 | 48 | 369% |
| Calavo Growers Inc | Santa Ana | CA | Oct 16 | 60 | 12 | 48 | 400% |
| Live Nation Entertainment | Beverly Hills | CA | Dec 16 | 48 | (358) | 406 | 113% |
| Hudson Pacific Properties | Los Angeles | CA | Dec 16 | 44 | (3) | 47 | 1567% |
| Guess? Inc | Los Angeles | CA | Jan 17 | 28 | 319 | (291) | -91% |
| AeroVironment | Monrovia | CA | Apr 17 | 21 | 34 | (13) | -38% |
| Ixia | Calabasas | CA | Dec 16 | 17 | (16) | 33 | 206% |
| Staar Surgical | Monrovia | CA | Dec 16 | (12) | (24) | 12 | 50% |
| Microsemi Corp | Aliso Viejo | CA | Sep 16 | (25) | 66 | (91) | -138% |
| Alexandria Real Estate Equities | Pasadena | CA | Dec 16 | (50) | 101 | (151) | -150% |
| Cornerstone OnDemand | Santa Monica | CA | Dec 16 | (66) | (10) | (56) | -560% |
| Lions Gate Entertainment | Santa Monica | CA | Mar 17 | (134) | (176) | 42 | 24% |
| Total all 66 Los Angeles Area Cos (No Disney) | 27,513 | 108 | 27,405 | 25,375% | |||
| Total all 67 Los Angeles Area Cos | 42,381 | 7,510 | 34,871 | 464% |
