These 13 Mississippi Cos posted a Gold-Standard US GAAP Total Pretax Income from Continuing Operations of $449.4 mil in the most recent calendar September 2018 Quarter, a surprising decline of 24% from the $592.6 mil in the calendar September 2017 Quarter.
And this 3Q 2018 profit
decline was widespread with 8 of these 13 Mississippi Companies suffering Pretax
Income declines.
Further, this follows an Audited
Gold-Standard US GAAP Total Pretax Loss From Continuing Operations of $1.159
Bil in annual Fiscal Year Ended (FYE) 2017, the Trump Administration’s first
year in office, an earnings deterioration of $2.211 Bil from FYE 2016.
In contrast, in each of the three preceding years (in 2016, in 2015
and in 2014), these same 13 Mississippi Companies posted annual Total Pretax
Income of in excess of $1 Bil.
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 even come close to happening for Mississippi
Companies in either the most recent 3Q 2018 or in annual 2017.
There is something clearly going wrong with the Mississippi
economy that needs to be addressed, instead of just being swept under the
rug.
My Focus is on Pretax Income rather than on After-Tax Net Income
because Corporate 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 calendar
September 2018 and 2017 Quarters for these 13 Mississippi Companies.
| Most | 3Q 2018 | 3Q 2017 | |||||
| Recent | US GAAP | US GAAP | |||||
| Company | Pretax | Pretax | |||||
| Sept | Income | Income | |||||
| 2018 | (Loss) | (Loss) | |||||
| Calendar | From | From | |||||
| City | State | Quarter | Continuing | Continuing | Better | Better | |
| Mississippi Companies | HQs | HQs | End | Operations | Operations | (Worse) | (Worse) |
| $ mils | $ mils | $ mils | % Change | ||||
| Hancock Whitney | Gulfport | MS | Sept 18 | 101.7 | 79.3 | 22.4 | 28% |
| BancorpSouth | Tupelo | MS | Sept 18 | 71.3 | 59.1 | 12.2 | 21% |
| Mississippi Power Co | Gulfport | MS | Sept 18 | 61.0 | 64.0 | (3.0) | -5% |
| Trustmark Corp | Jackson | MS | Sept 18 | 40.6 | 43.3 | (2.7) | -6% |
| Renasant Corp | Tupelo | MS | Sept 18 | 40.5 | 40.6 | (0.1) | 0% |
| Callon Petroleum | Natchez | MS | Sept 18 | 39.4 | 17.3 | 22.1 | 128% |
| Entergy Mississippi | Jackson | MS | Sept 18 | 34.6 | 74.9 | (40.3) | -54% |
| East Group Properties | Ridgeland | MS | Sept 18 | 23.0 | 16.0 | 7.0 | 44% |
| Cal-Maine Foods | Jackson | MS | Aug 18 | 16.5 | (24.5) | 41.0 |
NM
|
| Sanderson Farms | Laurel | MS | July 18 | 15.3 | 177.1 | (161.8) | -91% |
| First Bancshares | Hattiesburg | MS | Sept 18 | 6.5 | 6.6 | (0.1) | -2% |
| Citizens Holding Company | Philadelphia | MS | Sept 18 | 1.8 | 2.0 | (0.2) | -10% |
| System Energy Resources | Jackson | MS | Sept 18 | (2.8) | 36.9 | (39.7) | -108% |
| Total all 13 Mississippi Companies | 449.4 | 592.6 | (143.2) | -24% |
