Sunday, October 21, 2018

Virginia Companies Total Pretax Income in the Second Quarter of 2018 Increased By a Robust 12%, But a Deceleration From the Very Robust 21% Growth in Their First Quarter of 2018

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For a Longer Term Perspective, Virginia Companies Had Their Total After-Tax Net Income Increase By 1,486% or Increase By $40.1 Bil During the Obama Administration, Going From a Total Net Loss of $2.8 Bil in 2008, the Year Before Barack Obama Took Office, to a Total Net Income of $38.2 Bil in 2016, Obama's Last Year in Office.  Of the $40.1 Bil Total Earnings Improvement During the Obama Administration, $23.5 Bil of It Occurred in the Northern Virginia Area, Predominately in McLean.  The Rest of Virginia Outside of the Northern Virginia Area Posted a 359% After-Tax Net Income Increase During the Obama Administration, and an Increase of a much higher 528% excluding Utility Giant Dominion Energy. 
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Northern Virginia Area Companies, Led By Capital One Financial, Posted Total Pretax Income in the Second Quarter of 2018 Which Increased By an Exceptional 29%, But a Sharp Deceleration From Their Blistering 47% Growth in the First Quarter of 2018
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Richmond Area Companies Total Pretax Earnings Continued Their Downward Slide, Dropping By 7% in the Second Quarter of 2018, Which Was Even Worse Than Their 3% Decline in the First Quarter of 2018
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Hampton Roads Companies, Led By Norfolk Southern, Posted Total Pretax Income Which Increased By 14% in the Second Quarter of 2018, Reversing Their 1% Slide in Earnings in the First Quarter of 2018
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The Rest of Virginia Companies Total Pretax Income Declined By 4% in the Second Quarter of 2018
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From a review of US SEC filings, there were a huge number of 60 Companies effectively headquartered in Virginia with stock market caps of more than $1 Bil several months ago.

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 60 Virginia Companies, broken down by their Virginia HQs Area.
US US US US
GAAP GAAP GAAP GAAP
Pretax Pretax Pretax Pretax
Income Income Income Income
(Loss) (Loss) (Loss) (Loss)
June Qtr June Qtr Better Mar Qtr Mar Qtr Better
July Qtr July Qtr (Worse) Apr Qtr Apr Qtr (Worse)
Virginia Companies or Aug Qtr or Aug Qtr % or May Qtr or May Qtr %
Market Caps Above $1 Bil 2018 2017  Change 2018 2017  Change
mils $ mils $ mils $ mils $
Northern Virginia Area Cos
Capital One Financial              2,492              1,490 67%          1,662            1,109 50%
General Dynamics                 970              1,032 -6%             960            1,010 -5%
Northop Grumman                 849                 812 5%             871               788 11%
DXC Technology                 360                   91 296%             661             (187) 453%
AES Corp                 356                 228 56%          1,009               164 515%
Hilton Worldwide                 298                 250 19%             221                 66 235%
AvalonBay Community                 255                 165 55%             142               236 -40%
NVR Inc                 242                 209 16%             191               132 45%
Park & Hotels & Resorts                 231                   96 141%             149                 69 116%
Leidos Holding                 165                 135 22%             125               108 16%
Verisign                 165                 160 3%             152               148 3%
Booz Allen Hamilton                 137 107 28%             112               108 4%
Tegna                 120                   73 64%               75                 64 17%
Maximus                   85                   83               72                 80
Willis Towers Watson                   74                   49 51%             264               398 -34%
CACI Intl                   71                   68               94                 55
Beacon Roofing Supply                   67                   71              (97)               (15)
Science Applications Intl                   64                   49               55                 52
Graham Holdings                   63                   66               57                 24
Mantech Intl                   28                   25               26                 24
Continental Building Products                   27                   19               18                 18
Chesapeake Lodging Trust                   26                   25                 4                   4
PRA Group                   25                   24               29                 81
ePLUS                   21                   21               18                 19
ICF Intl                   19                   20               16                 15
Engility Holdings                   18                   15                 8                 13
Gannett Co                   16                     2                -                   (7)
Playa Hotels & Resorts NV                   13                   (4)               31                 41
Alarm.com Holdings                     8                     5               12                   5
MicroStrategy Inc                     6                   13                 1                 20
Strategic Education                     5                   14               12                 19
Iridium Communications                     3                   37               15                 56
Evolent Health                 (10)                 (20)              (14)               (23)
Appian                 (11)                 (14)                (9)                 (3)
Intelsat SA                 (46)                 (18)              (43)               (27)
Brink's Co                 (89)                   31 -387%               37                 55
GTT Communications               (137)                   (2) -6750%              (29)               (25)
Total all 37 Northern Virginia Area Cos              6,986              5,426 29%          6,907            4,693 47%
Richmond Area Cos
Altria Group              2,557              2,910 -12%          2,466            2,091 18%
Dominion Energy                 566                 553 2%             661               949 -30%
Markel                 361                 210 72%               43                 94 -54%
Genworth Financial                 360                 401 -10%             228               332 -31%
CarMax                 289                 290 0%             320               338 -5%
Dominion Energy Midstream LP                 132                   32               34                 54
Performance Food Group                   79                   67               45                 33
NewMarket                   70                   85               81                 88
Apple Hospitality REIT                   68                   88               42                 34
Union Bankshares                   61                   24               19                 26
Kinsale Capital Group                   12                   13                 9                   9
Universal Corp                     6                     3               59                 56
Owens & Minor               (191)                   26 -835%               14                 29
Total all 13 Richmond Area Cos              4,370              4,702 -7%          4,021            4,133 -3%
Hampton Roads Area Cos
Norfolk Southern                 924                 780 18%             707               655 8%
Dollar Tree                 338                 344 -2%             207               314 -34%
Huntington Ingalls Industries                 262                 218 20%             195               147 33%
TowneBank                   45                   40               32                 32
Tota; all 4 Hampton Roads Cos              1,569              1,382 14%          1,141            1,148 -1%
Rest of Virginia Cos
Advance Auto Parts                 157                 136             181               166
BWX Technologies                   79                   88               85                 80
Trex Co                   57                   44               47                 42
American Woodward                   32                   31               28                 27
Shenandoah Telecomm                   11                     0                 6                   3
Intrexon                 (68)                 (20)              (51)               (33)
Total all 6 Rest of Virginia Cos                 268                 279 -4%             296               285 4%
Total all 60 Virginia Cos            13,192            11,789 12%        12,365          10,259 21%

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 and Annual 2008, spanning the entire Obama Administration, for the 53 Virginia Companies which reported both their 2016 and 2008 After-Tax Net Income (Loss) to the SEC.  There were three Company Separations included below.
Obama  Bush 
Last Last
Year Year
in in
Office Office
2016 2008
Audited Audited  Better 
Net Net  (Worse) 
Virginia Companies City State 2016 Income Income  Better  %
Market Caps Above $1 Bil HQs HQs FYE (Loss) (Loss)  (Worse)  Change
 $ mils  $ mils  $ mils
Northern Virginia Area Cos
Capital One Financial McLean VA Dec16              3,770                   85              3,685 4335%
General Dynamics Falls Church VA Dec16              3,062              2,478                 584 24%
Northrop Grumman Falls Church VA Dec16              2,200            (1,379)              3,579 260%
Avalon Bay Communities Arlington VA Dec16              1,034                   99                 935 944%
Intelsat SA McLean VA Dec16                 994            (1,196)              2,190 153%
Tegna Inc McLean VA Dec16                 495            (6,620)              7,115 107%
Verisign Reston VA Dec16                 441                   32                 409 1278%
Willis Towers Watson plc Arlington VA Dec16                 438                 323                 115 36%
NVR Inc Reston VA Dec16                 425                 101                 324 321%
Hilton Worldwide Holdings McLean VA Dec16                 364            (5,663)              6,027 106%
AES Corp Arlington VA Dec16                 361              1,929            (1,568) -81%
CSRA Inc Falls Church VA Mar17                 316
 N/A 
                 316
NM
Orbital ATK Inc Dulles VA Dec16                 293                 141                 152 108%
Booz Allen Hamilton Holding McLean VA Mar17                 252               (436)                 688 158%
Leidos Holdings Reston VA Dec16                 246                 447               (201) -45%
MAXIMUS Inc Reston VA Sep16                 180                   29                 151 521%
Graham Holdings Arlington VA Dec16                 169                   96                   73 76%
Neustar Inc Sterling VA Dec16                 169                     4                 165 4125%
CACI International Arlington VA Jun17                 164                   90                   74 82%
Science Applications Intl McLean VA Jan17                 148                 176                 (28) -16%
Iridium Communications Inc McLean VA Dec16                 111                   56                   55 98%
MicroStrategy Inc Tysons Corner VA Dec16                   91                   42                   49 117%
Beacon Roofing Supply Herndon VA Sep16                   90                   40                   50 125%
Mantech Intl Fairfax VA Dec16                   56                   90                 (34) -38%
Gannett Co Inc McLean VA Dec16                   53
 N/A 
                   53
NM
ePLUS Herndon VA Mar17                   51                   13                   38 292%
ICF Intl Inc Fairfax VA Dec16                   47                   29                   18 62%
Strategic Education Herndon VA Dec16                   35                   81                 (46) -57%
GTT Communications Inc McLean VA Dec16                     5                 (42)                   47 112%
Engility Holdings Inc Chantilly VA Dec16                   (6)                 168               (174) -104%
CEB Inc Arlington VA Dec16                 (35)                   45                 (80) -178%
Computer Sciences Corp Tysons VA Mar17               (100)              1,123            (1,223) -109%
Total 32 Northern Virginia Area Cos            15,919            (7,619)            23,538
Rest of Virginia Cos
Altria Group Richmond VA Dec16            14,244              3,090            11,154 361%
Dominion Energy Richmond VA Dec 16              2,212              1,660                 552 33%
Norfolk Southern Norfolk VA Dec16              1,668              1,716                 (48) -3%
Dollar Tree Chesapeake VA Jan17                 896                 230                 666 290%
CarMax Richmond VA Feb17                 627                   59                 568 963%
Huntington Ingalls Industries Newport News VA Dec16                 573            (2,420)              2,993 124%
Advance Auto Parts Roanoke VA Dec16                 460                 238                 222 93%
Markel Corp Glen Allen VA Dec16                 460                 (58)                 518 893%
NewMarket Corp Richmond VA Dec16                 243                   73                 170 233%
BWX Technologies Inc Lynchburg VA Dec16                 184                 324               (140) -43%
Apple Hospitality REIT Richmond VA Dec16                 145                     2                 143 7150%
Universal Corp Richmond VA Mar17                 113                 133                 (20) -15%
Owens & Minor Mechanicsville VA Dec16                 109                 101                     8 8%
Pra Group Norfolk VA Dec16                   91                   45                   46 102%
Union Bankshares Corp Richmond VA Dec16                   77                   15                   62 413%
TowneBank Portsmouth VA Dec16                   72                   24                   48 200%
American Woodward Corp Winchester VA Apr17                   71                   (3)                   74 2467%
Trex Company Inc Winchester VA Dec16                   68                     5                   63 1260%
Brink's Company Richmond VA Dec16                   47                 172               (125) -73%
Shenandoah Telecommunications Edinburg VA Dec16                   (1)                   26                 (27) -104%
Genworth Financial Richmond VA Dec16                 (38)               (572)                 534 93%
Total all 21 Rest of Virginia Cos            22,321              4,860            17,461 359%
Total all 53 Virginia Companies            38,240            (2,759)            40,999 1,486%









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