........................................................................
Dallas Area Non-Oil & Gas Companies Total Pretax Income in
the First Half of 2018 Was Up By 7%.
AT&T Was Excluded Since Its Reported Pretax Income in the First Half
of 2018 Increased By $1.5 Bil and Its Other Income Component of Pretax Income
Increased By an Even Higher $2.6 Bil
........................................................................
Austin Area Non-Oil & Gas Companies Total Pretax Income
Declined By 11% in the First Half of 2018
........................................................................
San Antonio Area Non-Oil & Gas Companies Total Pretax
Income Declined By 10% in the First Half of 2018
........................................................................
From a review of US SEC filings, there were a
huge number of 122 Non-Oil & Gas Companies effectively headquartered in Texas with
stock market caps of more than $1 Bil several months ago.
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 Half of
2018 and 2017 for these 122 Texas Non-Oil & Gas Companies, broken down by their
Texas HQs Area.
| US | US | ||
| GAAP | GAAP | ||
| Pretax | Pretax | ||
| Income | Income | ||
| (Loss) | (Loss) | ||
| 6 Months | 6 Months | ||
| Ended | Ended | ||
| June | June | Better | |
| Texas Companies | July | July | (Worse) |
| Non-Oil & Gas Cos | or Aug | or Aug | % |
| Market Caps Above $1 Bil | 2018 | 2017 | Change |
| mils $ | mils $ | ||
| Dallas Area Cos | |||
| AT&T | 12,921 | 11,448 | 13% |
| Texas Instruments | 3,259 | 2,741 | 19% |
| Southwest Air | 1,562 | 1,697 | -8% |
| D R Horton | 1,061 | 799 | 33% |
| American Air Lines | 1,042 | 1,924 | -46% |
| Celanese | 874 | 521 | 68% |
| Kimberly Clark | 804 | 1,524 | -47% |
| Comerica | 754 | 570 | 32% |
| Santander Consumer USA | 748 | 569 | 31% |
| Yum China Holdings | 606 | 475 | 28% |
| Alliance Data Systems | 474 | 441 | |
| Torchmark | 440 | 394 | |
| Tenet Healthcare | 410 | 23 | |
| Jacobs Engineering Group | 315 | 187 | |
| CoPart | 304 | 237 | |
| Nationstar Mortgage Holdings | 285 | (26) | 1196% |
| Match Group | 230 | 88 | |
| Lennox Intl | 229 | 220 | |
| Sabre | 220 | 90 | |
| Kronos Worldwide | 210 | 113 | |
| Cinemark Holdings | 188 | 205 | |
| Nexstar Broadcasting Group | 185 | 80 | |
| Texas Capital Bancshares | 181 | 142 | |
| Fluor | 175 | 69 | |
| Sally Beauty Holdings | 164 | 195 | |
| CyrusOne | 151 | (30) | |
| Valhi | 148 | 105 | |
| Trinity Industries | 142 | 164 | |
| Eagle Materials | 134 | 134 | |
| Brinker Intl | 114 | 128 | |
| Builders FirstSource | 101 | 62 | |
| Dave & Busters Entertainment | 98 | 99 | |
| FirstCash | 98 | 74 | |
| Michaels Companies | 82 | 165 | |
| Tyler Technologies | 78 | 74 | |
| Hilltop Holdings | 77 | 130 | |
| Darling Ingredients | 74 | 27 | |
| Independent Bank Group | 73 | 49 | |
| TPG Specialty Lending | 68 | 60 | |
| LegacyTexas Financial Group | 67 | 69 | |
| Spirit Realty Capital | 63 | (3) | |
| Diodes Inc | 63 | 22 | |
| Flowserve | 53 | 127 | |
| Gamestop | 51 | 116 | |
| HFF | 51 | 64 | |
| Integer Holdings | 50 | 14 | |
| Sunoco LP | 45 | (76) | |
| KMG Chemicals | 39 | 15 | |
| Encore Wire | 38 | 37 | |
| Six Flags Entertainment | 36 | 13 | |
| AZZ Inc | 34 | 31 | |
| Triumph Bancorp | 32 | 32 | |
| Atrion | 22 | 22 | |
| Primoris Services | 22 | 50 | |
| RealPage | 19 | 12 | |
| US Concrete | 18 | 18 | |
| Wingstop | 15 | 14 | |
| Orthofix Intl NV | 13 | 10 | |
| HMS Holdings | 6 | 14 | |
| Tier REIT | - | 102 | |
| At Home Group | (0) | 31 | |
| Howard Hughes Corp | (6) | 34 | |
| Invitation Homes | (32) | (36) | |
| CorePoint Lodging | (37) | 43 | |
| Vistra Energy | (364) | 85 | -528% |
| Total all 64 Dallas Area Cos (No AT&T) | 16,457 | 15,380 | 7% |
| Houston Area Cos | |||
| LyondellBasell Industries | 3,168 | 2,713 | 17% |
| Waste Management | 1,120 | 1,004 | 12% |
| Sysco Corp | 958 | 844 | 14% |
| Westlake Chemical | 767 | 428 | 79% |
| Huntsman Corp | 582 | 280 | 108% |
| Venator Materials plc | 343 | 25 | |
| Waste Connections | 338 | 175 | |
| Crown Castle | 303 | 240 | |
| KBR Inc | 253 | 151 | |
| Service Corp Intl | 229 | 200 | |
| Weingarten Realty Investors | 229 | 105 | |
| Prosperity Bancshares | 195 | 203 | |
| Quanta Services | 161 | 176 | |
| CenterPoint Energy | 124 | 510 | |
| Group 1 Automotive | 121 | 113 | |
| Cadence Bancorp | 106 | 81 | |
| Insperity | 99 | 76 | |
| LGI Homes | 94 | 66 | |
| Main Street Capital | 90 | 82 | |
| Kirby | 88 | 84 | |
| Blucora Inc | 84 | 40 | |
| Camden Property Trust | 81 | 76 | |
| Tailored Brands | 77 | 93 | |
| Comfort Systems USA | 62 | 39 | |
| MRC Global | 55 | 16 | |
| NCI Building Systems | 42 | 54 | |
| Conn's | 38 | 3 | |
| US Physical Therapy | 29 | 17 | |
| Stewart Info Services Group | 28 | 39 | |
| Genesis Energy LP | 19 | 61 | |
| Exterran | 18 | 2 | |
| McDermott | 16 | 95 | |
| Kraton | 8 | 32 | |
| Cardtronics plc | 3 | 16 | |
| Pros Holdings | (36) | (39) | |
| Lexicon Pharmaceuticals | (77) | (79) | |
| Calpine | (288) | (262) | |
| Total all 37 Houston Area Cos | 9,527 | 7,759 | 23% |
| Austin Area Cos | |||
| American Campus Communities | 75 | 32 | 134% |
| National Western Life Group | 74 | 74 | |
| National Instruments | 65 | 52 | |
| Summit Hotel Properties | 48 | 69 | |
| Silicon Labs | 37 | 31 | |
| Luminex | 24 | 21 | |
| Cirrus Logic | 18 | 93 | -81% |
| SailPoint Technoligies | (11) | (6) | |
| Q2 Holdings | (15) | (15) | |
| Total all 9 Austin Area Cos | 314 | 351 | -11% |
| San Antonio Area Cos | |||
| Cullen/Frost Bankers | 242 | 195 | 24% |
| Argo Group Intl | 82 | 94 | |
| Rush Enterprises | 67 | 57 | |
| Alamo Group | 45 | 37 | |
| Clear Channel Outdoor Holdings | (124) | (35) | -254% |
| Total all 5 San Antonio Area Cos | 312 | 348 | -10% |
| El Paso | |||
| Helen of Troy | 89 | 63 | 41% |
| El Paso Electric | 34 | 50 | |
| Laredo | |||
| Intl Bancshares | 134 | 102 | 31% |
| Galveston | |||
| American National Insurance | 125 | 102 | 23% |
| Abilene | |||
| First Financial Bankshares | 86 | 71 | 21% |
| Tyler | |||
| Southside Bancshares | 42 | 36 | 17% |
| Total all 121 Texas Non-Oil & Gas Cos (No AT&T) | 27,120 | 24,262 | 12% |
