The Key Smaller US Basic Manufacturing Companies (Stock Market Caps of $1 Bil to $10 Bil) Total Pretax Earnings Growth Up By 9% For the First 9 Months of 2018 But Drops Precipitously During 2018 For the 222 Companies With December, January or February Fiscal Year Ends:

For the 222 Companies With December, January or February Fiscal Year Ends
**** Second Quarter 2018 Total Pretax Income Up an Exceptional 16%
But Very Unexpectedly .....
**** Third Quarter 2018 Total Pretax Income Down By 4%

**********************************************************************
For the 84 Companies With March Through November Fiscal Year Ends, 2018 Pretax Earnings Were a Complete Disaster:

**** First 9 Months 2018 Total Pretax Income Down By 39%
**** First Quarter 2018 Total Pretax Income Down By 59%
**** Third Quarter 2018 Total Pretax Income Down By 55%

****************************************************************
The US Stock Market Was Aware of This Last Half 2018 Real Earnings Disaster Before Anyone and Thus the Huge US Stock Market Decline Rationally Occurred.  

The Stock Market, Not Completely, But Properly Weights US GAAP Earnings.  

On the Other Hand, the Overwhelming Majority of Investment Analysts Simplistically Flat-Out Dismiss US GAAP Earnings and Assume That the Company-Determined, "As-Adjusted" GAAP Earnings Are Meaningful Real Earnings Numbers.  They Are Not.  They Are Clearly Biased By Company CFOs On the Upside.  Many US Company CFOs Consider This To Be Their Primary Value-Added Achievement (?) to Their Company.

Either the SEC or the FASB Should Issue Pronouncements on What Are Proper Items That Should Be Included or Excluded in Converting FASB US GAAP Earnings to Company-Determined As-Adjusted Non-GAAP Earnings.

There is nothing wrong with disclosing accurate financial information that make up some of these earnings reconciling items.  But to add or to subtract them to derive a Single Bottom Line Non-GAAP Artificial Total Earnings amount is very deceptive financial reporting.  And Investment Firms and TV commentators who stress this Single Bottom Line Non-GAAP Artificial Total Earnings amount are also presenting to their audiences highly misleading financial reporting.  Just sayin.   

The Company Asset Impairment and Restructuring Charges could be the highest ever in the upcoming December 2018 Quarter.  Because of the FASB accounting requirements, many more than a few companies report some Asset Impairments in their final quarter of the year, which happens to also be when they are being audited by their external CPA firms.

Particularly, the Substantially Growing US Manufacturing Company Asset Impairment and Restructuring Charges Should Be Very High in the December 2018 Quarter.  Both Ford Motor and General Motors should be posting large ones.  And so should some other companies.  

And Pay Particular Attention to the Huge Fair Market Value Stock Investment Asset Impairment Charges in the December 2018 Quarter Caused By the Substantially Lower Stock Market Coupled With the New 2018 FASB Pronouncement on How It Must Be Accounted For ..... Immediately in Regular US GAAP Earnings.  Berkshire Hathaway (BH) should be reporting a huge earnings charge in its December 2018 quarter related to its hefty amount of Stock Investments, which declined significantly in value in the December 2018 quarter, especially BH's Investment in Apple.  But there were also many other companies, both financial and non-financial companies, whose reported earnings in first nine months of 2018 were aided by very healthy increases in the market value of their stock holdings, which should be reversing some in the December 2018 quarter due to the declining stock market in the latter portion of 2018.     

And There Should Be Some Oil & Gas Company Fairly Large Asset Impairment Charges Due to the Substantial Drop in Oil Prices in the December 2018 Quarter Coupled With the Required Ceiling Test Accounting.  As a comparison, there were also some Oil & Gas Company Fairly Large Asset Impairment Charges in the December 2017 Quarter.

Also, PG&E should be reporting some huge earnings charges in the December 2018 quarter related to the horrific California wild fires.  

********************************************************************** From a review of SEC filings, I found 306 US Basic Manufacturing Companies with stock market caps earlier in 2018 of between $1 Bil and $10 Bil.

I define the key US Basic Manufacturing Companies as all US Companies with Standard Industrial Classification Codes (SICs) in the 2000s and 3000s filing with the US SEC excluding all Oil & Gas Companies, all Technology Companies and all Health Care Companies.  

Of these 306 US Basic Manufacturing Companies, 222 of them have either December, January or February fiscal year ends and thus have Audited Financial Statements earnings amounts shown later below for Annual 2017, 2016 and 2015.  Nearly all of these 222 US Companies have December Fiscal Year Ends.

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.

The Audited Annual 2016 (12 Months Ended December 2016, January 2017 and February 2017), which was overwhelmingly immediately before the Trump Administration took office, showed an exceptional 16% total pretax earnings growth over the Audited Annual 2015 for these 222 US Basic Manufacturing Companies.

Then in 2017, the Trump Administration's first year in office, this Audited Annual Total Pretax Earnings improved a bit to up a blistering 19% from the Audited Annual Total Pretax Earnings Growth of 16% in 2016.

Then in the First Quarter of 2018, this Total Pretax Earnings Growth remained at precisely  Up 19% from the First Quarter of 2017.

The Second Quarter of 2018 reversed course a bit and showed a somewhat decelerated Total Pretax Earnings Growth of 16% from the Second Quarter of 2017.

And finally, these Total Pretax Earnings were just crushed in the most recent Third Quarter of 2018, with Total Pretax Earnings declining precipitously to Down 4% from the Third Quarter of 2017. 

Later I will also be providing the same 2018 Pretax Earnings information for each of the 84 US Basic Manufacturing Companies with Fiscal Year Ends of March through November.  My very preliminary earnings numbers are pretty ugly.


The  first chart below shows the Gold-Standard US GAAP Total Pretax Income (Loss) From Continuing Operations for the 2018 quarters and year-to-date periods as compared to the immediate prior periods for each of these stellar 222 US Basic Manufacturing Companies with December, January or February Fiscal Year Ends.

						US	US			US	US
		US	US			GAAP	GAAP			GAAP	GAAP
		GAAP	GAAP			Pretax	Pretax			Pretax	Pretax
		Pretax	Pretax			Income	Income			Income	Income			US	US
		Income	Income			(Loss)	(Loss)			(Loss)	(Loss)			GAAP	GAAP
		(Loss)	(Loss)			Second	Second			Third	Third			Pretax	Pretax
		Most	Most			Most	Most			Most	Most			Income	Income
		Recent	Recent			Recent	Recent			Recent	Recent			(Loss)	(Loss)
		Quarter	Quarter			Quarter	Quarter			Quarter	Quarter			9 Mos	9 Mos
	Most	Ended	Ended			Ended	Ended			Ended	Ended			Ended	Ended
	Recent	Sep	Sep			June	June			March	March			Sep	Sep
	Audited	Oct	Oct			July	July			April	April			Oct	Oct
US Basic Manufacturing Cos	FYE	or	or			or	or			or	or			or	or
Dec, Jan or Feb FYEs	Fincl	Nov	Nov	%		Aug	Aug	%		May	May	%		Nov	Nov	%
Market Caps $1-10 Bil	Sts	2018	2017	Change		2018	2017	Change		2018	2017	Change		2018	2017	Change
		mils $	mils $			mils $	mils $			mils $	mils $			mils $	mils $
Alcoa	Dec 17	406	288	41%		410	237	73%		412	418	-1%		1,228	943	30%
Chemours Co	Dec 17	269	250	8%		323	225	44%		381	173	120%		973	649	50%
Huntsman Corp	Dec 17	256	151	70%		293	162	81%		289	118	145%		838	431	94%
Goodyear Tire & Rubber	Dec 17	513	162	217%		183	190	-4%		113	239	-53%		809	591	37%
Harley Davidson	Dec 17	141	90	57%		319	394	-19%		230	285	-19%		691	769	-10%
Snap-On	Dec 17	219	194	13%		239	224	7%		224	208	8%		682	626	9%
PVH Corp	Jan 18	253	250	1%		202	151	34%		216	85	154%		671	485	38%
GrafTech Intl Ltd	Dec 17	225	(5)	NM		184	(12)	NM		251	(22)	NM		660	(40)	NM
Crown Holdings	Dec 17	295	287	3%		202	201	0%		152	179	-15%		649	667	-3%
Allison Transmission	Dec 17	218	170	28%		222	146	52%		191	127	50%		631	443	42%
United States Steel	Dec 17	314	147	114%		226	245	-8%		19	(161)	-112%		559	231	142%
Spirit AeroSystems	Dec 17	206	203	1%		181	(92)	-297%		153	206	-26%		539	317	70%
Louisiana-Pacific	Dec 17	168	157	7%		215	131	64%		125	71	76%		505	358	41%
Owens-Corning	Dec 17	229	128	79%		171	163	5%		103	144	-28%		503	435	16%
Ingredion	Dec 17	132	217	-39%		169	191	-12%		182	174	5%		483	582	-17%
Avery Dennison	Dec 17	167	147	14%		140	150	-7%		159	136	17%		465	432	8%
Dana Inc	Dec 17	127	106	20%		123	104	18%		159	110	45%		409	320	28%
Sensata Technologies plc	Dec 17	174	103	69%		129	98	32%		105	86	22%		407	287	42%
Gentex	Dec 17	131	131	0%		129	128	1%		132	135	-2%		391	394	-1%
MKS Instruments	Dec 17	115	101	14%		149	158	-6%		127	77	65%		390	337	16%
Owens-Illinois	Dec 17	168	172	-2%		78	152	-49%		135	73	85%		381	396	-4%
Olin Corp	Dec 17	261	60	335%		74	(22)	-436%		28	18	56%		363	57	537%
Lennox Intl	Dec 17	134	147	-9%		185	167	11%		44	53	-17%		362	368	-2%
Pilgrim's Pride	Dec 17	60	352	-83%		145	360	-60%		156	150	4%		361	862	-58%
WABCO Holdings	Dec 17	93	89	4%		133	106	25%		133	100	33%		359	294	22%
Trinseo SA	Dec 17	94	42	124%		119	79	51%		145	147	-1%		358	267	34%
Hubbell	Dec 17	143	124	15%		134	117	15%		76	91	-16%		352	331	6%
Skechers USA	Dec 17	123	118	4%		75	88	-15%		152	124	23%		350	329	6%
Carlisle Cos	Dec 17	122	124	-2%		146	140	4%		78	84	-7%		346	348	-1%
Sealed Air	Dec 17	109	106	3%		117	85	38%		114	83	37%		339	274	24%
American Axle	Dec 17	76	92	-17%		153	69	122%		107	86	24%		336	247	36%
Timken	Dec 17	97	75	29%		122	74	65%		109	54	102%		328	203	62%
ITT Inc	Dec 17	137	128	7%		79	59	34%		109	55	98%		325	241	35%
Graco	Dec 17	108	96	13%		105	96	9%		107	82	30%		321	274	17%
Leggett & Platt	Dec 17	113	101	12%		108	113	-4%		95	107	-11%		316	321	-2%
Westinghouse Air Brake Tech	Dec 17	103	81	27%		94	97	-3%		114	99	15%		310	277	12%
Polaris Industries	Dec 17	123	109	13%		113	92	23%		74	(0)	NM		310	201	54%
Sonoco Products	Dec 17	91	109	-17%		120	61	97%		98	80	23%		309	250	24%
Crane	Dec 17	118	97	22%		105	100	5%		84	88	-5%		307	285	8%
Middleby	Dec 17	98	113	-13%		111	116	-4%		87	93	-6%		295	322	-8%
Delphi Technologies plc	Dec 17	55	113	-51%		110	78	41%		127	142	-11%		292	333	-12%
Pentair plc	Dec 17	102	83	23%		99	2	4850%		73	26	181%		274	110	149%
Lincoln Electric Holdings	Dec 17	96	131	-27%		94	84	12%		84	78	8%		274	293	-6%
Tenneco	Dec 17	83	115	-28%		93	7	1229%		97	106	-8%		273	228	20%
Brunswick	Dec 17	75	109	-31%		98	167	-41%		100	87	15%		273	362	-25%
Graphic Packaging	Dec 17	140	73	92%		85	66	29%		48	55	-13%		272	193	41%
AGCO Corp	Dec 17	95	78	22%		129	129	0%		36	3	1100%		260	209	24%
Kronos Worldwide	Dec 17	47	80	-41%		110	65	69%		100	48	108%		257	193	33%
Hexcel	Dec 17	88	83	6%		89	84	6%		76	73	4%		252	240	5%
Curtiss-Wright	Dec 17	93	86	8%		96	73	32%		61	41	49%		250	200	25%
BWX Technologies	Dec 17	85	71	20%		79	88	-10%		85	80	6%		249	239	4%
Silgan Holdings	Dec 17	110	108	2%		72	42	71%		62	34	82%		244	183	33%
Gardner Denver Holdings	Dec 17	95	32	197%		78	(190)	-141%		66	(9)	-833%		238	(166)	-243%
Gates Industrial Group plc	Dec 17	74	34	118%		104	13	700%		41	39	5%		220	85	159%
NewMarket	Dec 17	68	77	-12%		70	85	-18%		81	88	-8%		219	251	-13%
Domtar	Dec 17	102	73	40%		51	47	9%		65	25	160%		218	145	50%
Regal Beloit	Dec 17	56	81	-31%		86	69	25%		75	61	23%		217	212	2%
CommScope Holdings	Dec 17	66	68	-3%		103	80	29%		46	36	28%		215	184	17%
Generac Holdings	Dec 17	97	60	62%		73	39	87%		45	20	125%		214	119	80%
Trimble	Dec 17	64	72	-11%		79	64	23%		67	64	5%		210	200	5%
Allegheny Technologies	Dec 17	63	(121)	-152%		81	11	636%		66	23	187%		209	(87)	-340%
AptarGroup	Dec 17	51	70	-27%		75	80	-6%		81	69	17%		207	219	-5%
Columbia Sportswear	Dec 17	132	124	6%		13	(16)	-181%		61	49	24%		206	157	31%
Valhi	Dec 17	57	77	-26%		42	63	-33%		106	42	152%		205	182	13%
Kapstone Paper & Packaging	Dec 17	95	45	111%		69	30	130%		41	10	310%		205	85	141%
Tupperware Brands	Dec 17	57	56	2%		89	(13)	-785%		58	64	-9%		204	108	89%
Bemis	Dec 17	75	82	-9%		61	41	49%		63	74	-15%		198	197	1%
AK Steel	Dec 17	86	39	121%		72	93	-23%		40	101	-60%		198	233	-15%
nVent Electric plc	Dec 17	81	98	-17%		51	88	-42%		64	66	-3%		196	252	-22%
Carters Inc	Dec 17	94	123	-24%		48	58	-17%		53	72	-26%		195	253	-23%
Armstrong World Industries	Dec 17	81	53	53%		65	69	-6%		49	57	-14%		195	179	9%
Terex	Dec 17	51	57	-11%		85	119	-29%		59	(89)	-166%		195	87	124%
Entegris	Dec 17	59	50	18%		64	51	25%		71	42	69%		195	143	36%
USG Corp	Dec 17	73	93	-22%		71	66	8%		45	84	-46%		189	243	-22%
Wolverine World Wide	Dec 17	64	27	137%		68	22	209%		55	21	162%		187	70	167%
Cognex	Dec 17	81	113	-28%		67	62	8%		38	39	-3%		186	214	-13%
Axalta Coating Systems Ltd	Dec 17	3	58	-95%		99	(9)	NM		83	76	9%		184	125	47%
PolyOne	Dec 17	56	52	8%		62	63	-2%		64	68	-6%		182	183	-1%
Trinity Industries	Dec 17	39	108	-64%		86	91	-5%		56	73	-23%		182	271	-33%
PerkinElmer	Dec 17	78	105	-26%		72	71	1%		29	40	-28%		178	216	-18%
Ingevity	Dec 17	68	55	24%		65	53	23%		46	34	35%		178	142	25%
Flowers Foods	Dec 17	51	(56)	-191%		50	67	-25%		70	95	-26%		171	105	63%
Pitney Bowes	Dec 17	45	56	-20%		53	42	26%		73	97	-25%		160	183	-13%
Visteon	Dec 17	32	55	-42%		49	58	-16%		88	75	17%		169	188	-10%
Callaway Golf	Dec 17	11	5	120%		78	48	63%		80	39	105%		169	91	86%
LCI Industries	Dec 17	44	48	-8%		62	63	-2%		59	59	0%		165	169	-2%
Littelfuse	Dec 17	68	56	21%		52	57	-9%		45	47	-4%		165	160	3%
Belden	Dec 17	118	(10)	NM		38	38	0%		7	28	-75%		163	56	191%
Barnes Group	Dec 17	53	44	20%		59	53	11%		51	52	-2%		162	149	9%
Minerals Technologies	Dec 17	53	55	-4%		56	57	-2%		49	46	7%		159	158	1%
Universal Forest Products	Dec 17	55	51	8%		59	52	13%		43	32	34%		157	136	15%
Rayonier Advanced Materials	Dec 17	49	23	113%		72	7	929%		34	18	89%		156	48	225%
Simpson Manufacturing	Dec 17	61	45	36%		61	45	36%		33	31	6%		154	121	27%
G-III Apparel Group Ltd	Jan 18	128	128	0%		13	(13)	-200%		13	(16)	-181%		154	98	57%
Cooper-Standard Holdings	Dec 17	31	33	-6%		52	62	-16%		69	54	28%		153	150	2%
Steven Madden Ltd	Dec 17	71	66	8%		43	43	0%		37	31	19%		151	140	8%
Colfax	Dec 17	50	63	-21%		61	62	-2%		38	51	-25%		149	176	-15%
WR Grace	Dec 17	17	59	-71%		64	63	2%		68	61	11%		148	183	-19%
Pinnacle Foods	Dec 17	N/A	N/A	N/A		74	16	363%		74	30	147%		148	46	222%
Trex Co	Dec 17	39	30	30%		57	45	27%		48	42	14%		144	117	23%
Sensient Technologies	Dec 17	45	47	-4%		47	40	18%		50	19	163%		142	106	34%
Deluxe	Dec 17	(22)	49	-145%		79	89	-11%		83	81	2%		140	219	-36%
Steelcase	Feb 18	45	38	18%		67	51	31%		23	28	-18%		136	117	16%
Acushnet Holdings	Dec 17	17	14	21%		59	52	13%		58	62	-6%		135	128	5%
Watts Water Technologies	Dec 17	44	40	10%		50	40	25%		39	31	26%		133	110	21%
Dorman Products	Dec 17	44	43	2%		43	45	-4%		40	45	-11%		127	133	-5%
Seaboard	Dec 17	60	124	-52%		11	84	-87%		54	112	-52%		125	320	-61%
Tempur Sealy	Dec 17	60	74	-19%		30	35	-14%		33	47	-30%		131	154	-15%
Patrick Industries	Dec 17	37	28	32%		47	32	47%		37	22	68%		122	82	49%
Harsco	Dec 17	49	22	123%		44	31	42%		28	17	65%		121	70	73%
Valmont Industries	Dec 17	16	51	-69%		49	68	-28%		53	55	-4%		118	174	-32%
Mercer Intl	Dec 17	51	28	82%		25	6	317%		35	17	106%		112	51	120%
Stepan	Dec 17	25	29	-14%		42	37	14%		38	44	-14%		105	111	-5%
Masonite Intl	Dec 17	32	37	-14%		44	37	19%		29	24	21%		104	98	6%
Cooper Tire & Rubber	Dec 17	72	95	-24%		18	68	-74%		12	42	-71%		102	205	-50%
Mueller Industries	Dec 17	24	31	-23%		46	41	12%		32	42	-24%		102	114	-11%
ACCO Brands	Dec 17	49	50	-2%		44	38	16%		6	0	5900%		99	88	13%
Ferro	Dec 17	28	30	-7%		40	30	33%		31	29	7%		99	90	10%
Schweitzer-Mauduit Intl	Dec 17	35	35	0%		35	32	9%		28	21	33%		98	88	11%
Flowserve	Dec 17	44	68	-35%		28	103	-73%		25	25	0%		98	196	-50%
EchoStar	Dec 17	29	42	-31%		95	10	850%		(27)	31	-187%		98	82	20%
Apergy	Dec 17	33	27	22%		31	28	11%		32	20	60%		97	74	31%
New York Times	Dec 17	35	60	-42%		34	22	55%		27	24	13%		96	106	-9%
Caleres	Jan 18	39	49	-20%		32	27	19%		22	21	5%		93	96	-3%
SPX FLOW	Dec 17	42	23	83%		35	13	169%		16	(7)	-329%		93	28	232%
Franklin Electric	Dec 17	36	30	20%		37	37	0%		20	16	25%		92	84	10%
JELD-WEN Holding	Dec 17	(3)	64	-105%		59	64	-8%		36	9	300%		92	137	-33%
Albany Intl	Dec 17	40	19	111%		37	3	1133%		15	18	-17%		92	40	130%
Kaiser Aluminum	Dec 17	30	36	-17%		29	7	314%		32	55	-42%		90	97	-7%
Innospec	Dec 17	30	30	0%		30	35	-14%		30	23	30%		90	88	2%
Helen of Troy	Feb 18	N/A	N/A	N/A		48	36	33%		41	27	52%		89	63	41%
KLX Inc	Jan 18	N/A	N/A	N/A		45	33	36%		42	30	40%		87	63	38%
Boston Beer	Dec 17	47	52	-10%		31	46	-33%		9	4	125%		87	101	-14%
Rogers Corp	Dec 17	29	41	-29%		26	32	-19%		31	40	-23%		85	112	-24%
Inter Parfums	Dec 17	34	33	3%		20	14	43%		31	27	15%		86	74	16%
TriMas	Dec 17	27	18	50%		26	23	13%		31	12	158%		84	52	62%
B&G Foods	Dec 17	44	53	-17%		11	35	-69%		27	51	-47%		82	138	-41%
Federal Signal	Dec 17	28	20	40%		35	18	94%		17	11	55%		80	49	63%
Wabash National Corp	Dec 17	10	30	-67%		43	36	19%		26	29	-10%		79	94	-16%
Crocs	Dec 17	15	3	400%		37	30	23%		27	16	69%		79	48	65%
Platform Specialty Products	Dec 17	(23)	(39)	-41%		(3)	(49)	-94%		103	(5)	NM		(42)	(153)	-73%
HNI Corp	Dec 17	51	56	-9%		24	21	14%		1	7	-86%		77	84	-8%
Apogee Enterprises	Feb 18	29	33	-12%		27	26	4%		20	24	-17%		76	84	-10%
Hostess Brands	Dec 17	14	26	-46%		25	40	-38%		36	34	6%		74	100	-26%
Balchem	Dec 17	24	21	14%		25	23	9%		25	21	19%		74	64	16%
John Bean Technologies	Dec 17	33	39	-15%		38	26	46%		2	17	-88%		74	82	-10%
Alamo Group	Dec 17	27	25	8%		25	18	39%		20	19	5%		72	62	16%
Welbilt	Dec 17	40	45	-11%		17	30	-43%		13	7	86%		70	85	-18%
Proto Labs	Dec 17	25	20	25%		23	18	28%		22	18	22%		70	55	27%
Fox Factory Holding	Dec 17	31	20	55%		24	18	33%		15	11	36%		69	49	41%
Encore Wire	Dec 17	31	20	55%		23	17	35%		15	20	-25%		69	57	21%
Continental Building Products	Dec 17	24	17	41%		27	19	42%		18	18	0%		69	53	30%
Darling Ingredients	Dec 17	(7)	15	-147%		(27)	18	-250%		102	9	1033%		68	42	62%
Vector Group Ltd	Dec 17	30	27	11%		32	50	-36%		6	(7)	-186%		67	70	-4%
TTM Technologies Inc	Dec 17	35	23	52%		17	26	-35%		15	37	-59%		67	86	-22%
Oxford Industries	Jan 18	3	0	650%		36	36	0%		28	29	-3%		67	65	3%
Knoll	Dec 17	27	27	0%		18	20	-10%		21	21	0%		66	69	-4%
Gibraltar Industries	Dec 17	26	32	-19%		29	21	38%		11	6	83%		66	59	12%
Quaker Chemical	Dec 17	24	15	60%		23	17	35%		18	14	29%		65	46	41%
Enpro Industries	Dec 17	25	541	-95%		14	11	27%		25	9	178%		63	561	-89%
Standard Motor Products	Dec 17	26	27	-4%		23	30	-23%		12	26	-54%		60	82	-27%
McDermott	Dec 17	44	113	-61%		(39)	60	-165%		55	35	57%		60	207	-71%
Kraton	Dec 17	52	(7)	-843%		(16)	27	-159%		24	5	380%		60	26	131%
AdvanSix	Dec 17	6	36	-83%		38	41	-7%		15	44	-66%		59	121	-51%
Kadant	Dec 17	25	18	39%		18	11	64%		15	12	25%		58	41	41%
Interface	Dec 17	9	28	-68%		28	31	-10%		20	13	54%		58	72	-19%
Raven Industries	Jan 18	14	18	-22%		16	12	33%		27	18	50%		58	47	23%
Tootsie Roll Industries	Dec 17	33	39	-15%		14	16	-13%		10	14	-29%		57	69	-17%
Altra Industrial Motion	Dec 17	18	19	-5%		26	21	24%		13	15	-13%		57	55	4%
Milacron Holdings	Dec 17	22	19	16%		23	18	28%		12	(18)	-167%		57	19	200%
PQ Group Holdings	Dec 17	23	2	1050%		30	1	2900%		0	(5)	-101%		53	(2)	NM
Casa Systems	Dec 17	20	37	-46%		13	16	-19%		20	19	5%		53	72	-26%
Chart Industries	Dec 17	26	1	2500%		18	6	200%		9	(5)	-280%		47	1	4600%
Loral Space & Comm Equip	Dec 17	53	41	29%		(5)	(3)	67%		4	137	-97%		52	176	-70%
PGT Innovations	Dec 17	17	9	89%		26	15	73%		9	4	125%		52	29	79%
Sturm Ruger	Dec 17	12	13	-8%		20	16	25%		19	34	-44%		51	63	-19%
Sleep Number	Dec 17	23	39	-41%		1	(3)	-133%		26	36	-28%		50	71	-30%
Novanta	Dec 17	19	9	111%		15	15	0%		14	35	-60%		48	60	-20%
Universal Display	Dec 17	28	17	65%		13	61	-79%		6	13	-54%		47	91	-48%
SPX Corp	Dec 17	9	27	-67%		20	(2)	NM		17	14	21%		45	38	18%
Movado Group	Jan 18	24	25	-4%		13	8	63%		8	(4)	-300%		45	29	55%
Rudolf Technologies	Dec 17	8	26	-69%		17	13	31%		18	10	80%		43	48	-10%
US Concrete	Dec 17	24	32	-25%		21	5	320%		(2)	14	-114%		43	50	-14%
Materion	Dec 17	17	11	55%		14	9	56%		12	3	300%		43	23	87%
Benchmark Electronics	Dec 17	10	20	-50%		13	21	-38%		18	10	80%		41	50	-18%
CTS Corp	Dec 17	14	14	0%		12	14	-14%		15	12	25%		41	40	2%
ARRIS Intl	Dec 17	30	73	-59%		25	20	25%		(14)	(31)	-55%		41	62	-34%
Hyster-Yale Matl Handling	Dec 17	10	16	-38%		10	18	-44%		20	24	-17%		40	59	-32%
AAON Inc	Dec 17	20	23	-13%		15	20	-25%		5	15	-67%		39	57	-32%
Gentherm	Dec 17	3	7	-57%		20	11	82%		16	33	-52%		39	51	-24%
Sun Hydraulics	Dec 17	14	16	-13%		9	11	-18%		16	15	7%		39	42	-7%
Douglas Dynamics	Dec 17	11	15	-27%		28	22	27%		(3)	(6)	-50%		36	31	16%
AZZ Inc	Feb 18	N/A	N/A	N/A		14	14	0%		20	17	18%		34	31	10%
Knowles	Dec 17	25	15	67%		6	(24)	-125%		0	(6)	-107%		32	(15)	-313%
Gannett Co	Dec 17	16	6	167%		16	2	700%		(1)	(7)	-86%		32	1	3100%
Integer Holdings	Dec 17	(14)	19	-174%		32	10	220%		12	(4)	-400%		36	33	9%
Tennant	Dec 17	10	4	150%		13	(2)	-750%		4	(5)	-180%		27	(3)	NM
Neenah	Dec 17	13	26	-50%		(8)	26	-131%		21	24	-13%		27	76	-64%
Quad/Graphics	Dec 17	26	32	-19%		6	15	-60%		(7)	32	-122%		25	79	-68%
Axon Enterprises	Dec 17	5	1	400%		5	3	67%		15	6	150%		25	9	178%
Badger Meter	Dec 17	4	12	-67%		8	16	-50%		10	13	-23%		21	42	-50%
NetGear	Dec 17	12	27	-56%		(1)	20	-105%		8	24	-67%		19	70	-73%
Coca-Cola Bottling	Dec 17	43	31	39%		(3)	11	-127%		(27)	(8)	238%		14	34	-59%
New Media Investment Group	Dec 17	(6)	(1)	500%		15	(14)	-207%		(1)	(10)	-90%		8	(25)	-132%
Tronox Ltd	Dec 17	21	(17)	-224%		23	(17)	-235%		(36)	(56)	-36%		8	(85)	-109%
Iridium Communications	Dec 17	(15)	39	-138%		3	37	-92%		15	56	-73%		4	132	-97%
Century Aluminum	Dec 17	(19)	24	-180%		22	9	144%		(1)	(15)	-93%		2	17	-88%
Astec Industries	Dec 17	7	(5)	-240%		(49)	21	-333%		26	23	13%		(16)	39	-141%
GCP Applied Technologies	Dec 17	15	(33)	-145%		(34)	8	-525%		(0)	(13)	-98%		(20)	(38)	-47%
Guess?	Jan 18	(27)	2	NM		34	22	55%		(27)	(23)	17%		(21)	2	NM
NCR	Dec 17	72	150	-52%		(156)	130	-220%		63	71	-11%		(21)	351	-106%
Mobile Mini	Dec 17	(72)	18	-500%		18	13	38%		20	15	33%		(33)	46	-172%
Under Armour	Dec 17	106	52	104%		(121)	(16)	656%		(34)	2	NM		(50)	38	-232%
TreeHouse Foods	Dec 17	0	30	-99%		(26)	(56)	-54%		(44)	40	-210%		(70)	14	-600%
Venator Materials plc	Dec 17	(421)	67	-728%		243	50	386%		100	(25)	-500%		(78)	92	-185%
Infinera	Dec 17	(32)	(37)	-14%		(22)	(43)	-49%		(27)	(41)	-34%		(81)	(121)	-33%
Itron	Dec 17	26	33	-21%		8	32	-75%		(156)	25	-724%		(123)	90	-237%
Sunrun	Dec 17	(54)	(68)	-21%		(67)	(63)	6%		(83)	(70)	19%		(204)	(201)	1%
Revlon	Dec 17	(49)	(44)	11%		(124)	(25)	396%		(93)	(77)	21%		(267)	(145)	84%
Diebold Nixdorf	Dec 17	(173)	(30)	477%		(163)	(60)	172%		(44)	(75)	-41%		(381)	(167)	128%
Maxar Technologies Ltd	Dec 17	(437)	23	NM		(25)	27	-193%		24	10	140%		(438)	60	-830%
Mattel	Dec 17	73	61	20%		(234)	(74)	216%		(314)	(146)	115%		(475)	(158)	201%
Total all 222 Cos		12,628	13,100	-4%		12,699	10,940	16%		11,024	9,286	19%		36,212	33,241	9%

The  second chart below shows the Gold-Standard US GAAP Total Pretax Income (Loss) From Continuing Operations for the 2018 quarters and year-to-date periods as compared to the immediate prior periods for each of these fine 84 US Basic Manufacturing Companies with March Through November Fiscal Year Ends.  Eight of these Companies haven't released their November 2018 quarterly earnings to the US SEC yet.

							US	US			US	US
			US	US			GAAP	GAAP			GAAP	GAAP
			GAAP	GAAP			Pretax	Pretax			Pretax	Pretax
			Pretax	Pretax			Income	Income			Income	Income			US	US
			Income	Income			(Loss)	(Loss)			(Loss)	(Loss)			GAAP	GAAP
			(Loss)	(Loss)			Second	Second			Third	Third			Pretax	Pretax
			Most	Most			Most	Most			Most	Most			Income	Income
			Recent	Recent			Recent	Recent			Recent	Recent			(Loss)	(Loss)
			Quarter	Quarter			Quarter	Quarter			Quarter	Quarter			9 Mos	9 Mos
		Most	Ended	Ended			Ended	Ended			Ended	Ended			Ended	Ended
		Recent	Sep	Sep			June	June			March	March			Sep	Sep
		Audited	Oct	Oct			July	July			April	April			Oct	Oct
	US Basic Manufacturing Cos	FYE	or	or			or	or			or	or			or	or
	March Through Nov FYEs	Fincl	Nov	Nov	%		Aug	Aug	%		May	May	%		Nov	Nov	%
	Market Caps $1-10 Bil	Sts	2018	2017	Change		2018	2017	Change		2018	2017	Change		2018	2017	Change
			mils $	mils $			mils $	mils $			mils $	mils $			mils $	mils $
WI	Oshkosh Corp	Sep 18	190	122	56%		198	199	-1%		147	68	116%		535	389	38%
IL	Navistar	Oct 18	223	142	57%		180	41	339%		68	(69)	-199%		471	114	313%
IN	Berry Global Group	Sep 18	122	137	-11%		146	145	1%		117	88	33%		385	370	4%
FL	Jabil	Aug 18	165	107	54%		109	82	33%		71	(4)	NM		345	185	86%
OH	Nordson	Oct 18	104	113	-8%		123	142	-13%		118	95	24%		345	350	-1%
IN	Thor Industries	July 18	32	187	-83%		124	176	-30%		181	166	9%		337	529	-36%
MN	Toro Co	Oct 18	44	47	-6%		93	88	6%		169	158	7%		306	293	4%
MN	Donaldson Co	July 18	96	85	13%		104	92	13%		99	84	18%		299	261	15%
CA	Flex Ltd	Mar 18	109	218	-50%		142	146	-3%		16	99	-84%		267	463	-42%
NY	Ubiquiti Networks	Jun 18	97	86	13%		85	70	21%		80	72	11%		262	228	15%
OH	Greif	Oct 18	88	45	96%		98	75	31%		73	63	16%		259	183	42%
AZ	Versum Materials	Sep 18	87	59	47%		84	69	22%		78	58	34%		249	186	34%
KY	Valvoline	Sep 18	57	177	-68%		97	94	3%		94	109	-14%		248	380	-35%
PA	Kennametal	Jun 18	78	49	59%		89	33	170%		77	49	57%		244	131	86%
GA	Acuity Brands	Aug 18	N/A	N/A	N/A		137	142	-4%		99	125	-21%		236	267	-12%
MI	Meritor	Sep 18	51	260	-80%		95	63	51%		82	36	128%		228	359	-36%
TX	Eagle Materials	Mar 18	92	92	0%		85	80	6%		49	54	-9%		226	226	0%
MO	Post Holdings	Sep 18	(3)	22	-114%		112	(92)	-222%		116	(4)	NM		225	(74)	-404%
OH	RPM Intl	May 18	N/A	N/A	N/A		92	155	-41%		118	186	-37%		210	341	-38%
SC	AVX Corp	Mar 18	89	49	82%		71	44	61%		47	51	-8%		207	144	44%
OH	Scott's Miracle Gro	Sep 18	(166)	(56)	196%		166	222	-25%		202	240	-16%		202	406	-50%
CO	Woodward	Sep 18	79	87	-9%		54	69	-22%		49	50	-2%		182	206	-12%
FL	National Beverage	Apr 18	53	51	4%		64	58	10%		50	44	14%		167	153	9%
NJ	John Wiley & Sons	Apr 18	56	79	-29%		34	6	467%		70	58	21%		160	143	12%
OH	Worthington Industries	May 18	49	60	-18%		71	61	16%		34	91	-63%		154	212	-27%
MD	Ciena	Oct 18	54	43	26%		70	68	3%		20	42	-52%		144	153	-6%
NY	Moog	Sep 18	55	49	12%		55	48	15%		26	48	-46%		136	145	-6%
MI	Herman Miller	May 18	51	48	6%		45	47	-4%		39	48	-19%		135	143	-6%
WA	Esterline Technologies	Sep 18	67	42	60%		41	43	-5%		26	48	-46%		134	133	1%
PA	Carpenter Technology	Jun 18	40	35	14%		54	38	42%		38	29	31%		132	102	29%
OH	Lancaster Colony	Jun 18	50	45	11%		44	43	2%		38	22	73%		132	110	20%
MO	Edgewell Personal Care	Sep 18	24	(253)	-109%		21	66	-68%		86	90	-4%		131	(97)	-235%
WI	Brady Corp	July 18	40	35	14%		45	36	25%		37	31	19%		122	102	20%
IA	Winnebago Industries	Aug 18	29	27	7%		42	38	11%		44	30	47%		115	95	21%
TX	Commercial Metals	Aug 18	N/A	N/A	N/A		58	(16)	-463%		56	43	30%		114	27	322%
MN	HB Fuller	Nov 17	N/A	N/A	N/A		47	34	38%		58	37	57%		105	71	48%
IN	Hillenbrand	Sep 18	60	60	0%		51	51	0%		(8)	49	-116%		103	160	-36%
CT	RBC Bearings	Mar 18	34	23	48%		33	29	14%		36	32	13%		103	84	23%
OR	Greenbrier Cos	Aug 18	N/A	N/A	N/A		47	42	12%		52	40	30%		99	82	21%
PA	II-VI Inc	Jun 18	32	27	19%		34	34	0%		31	29	7%		97	90	8%
MI	La-Z-Boy	Apr 18	26	34	-24%		25	18	39%		45	42	7%		96	94	2%
NJ	J&J Snack Foods	Sep 18	34	38	-11%		36	39	-8%		25	25	0%		95	102	-7%
CA	Sanmina	Sep 18	9	40	-78%		41	62	-34%		42	57	-26%		92	159	-42%
PA	Matthews Intl	Sep 18	39	25	56%		29	38	-24%		20	21	-5%		88	84	5%
NY	Scholastic	May 18	98	92	7%		(83)	(102)	-19%		72	64	13%		87	54	61%
VA	American Woodward	Apr 18	25	31	-19%		33	31	6%		28	27	4%		86	89	-3%
FL	Kemet	Mar 18	39	16	144%		40	222	-82%		6	53	-89%		85	291	-71%
OH	Advanced Draining Systems	Mar 18	42	31	35%		48	28	71%		(9)	(29)	-69%		81	30	170%
OH	Multi-Color	Mar 18	27	22	23%		25	18	39%		29	26	12%		81	66	23%
GA	Mueller Water Products	Sep 18	35	28	25%		21	38	-45%		24	5	380%		80	71	13%
WI	Plexus Corp	Sep 18	34	31	10%		30	27	11%		15	32	-53%		79	90	-12%
IL	Methode Electronics	Apr 18	18	29	-38%		28	25	12%		31	28	11%		77	82	-6%
TX	NCI Building Systems	Oct 18	34	26	31%		50	28	79%		(8)	26	-131%		76	80	-5%
AZ	Cavco Industries	Mar 18	20	8	150%		24	16	50%		31	16	94%		75	40	88%
MO	ESCO Technologies	Sep 18	38	30	27%		23	17	35%		14	17	-18%		75	64	17%
CA	Deckers Outdoor	Mar 18	90	66	36%		(39)	(57)	-32%		18	(31)	-158%		69	(22)	-414%
WI	Rexnord	Mar 18	63	49	29%		57	38	50%		(54)	39	-238%		66	126	-48%
NH	Standex	Jun 18	20	17	18%		25	19	32%		17	11	55%		62	47	32%
CA	AeroVironment	Apr 18	8	11	-27%		23	(8)	-388%		29	37	-22%		60	40	50%
MO	Energizer Holdings	Sep 18	7	49	-86%		32	31	3%		18	59	-69%		57	139	-59%
IL	AAR Corp	May 18	14	20	-30%		21	15	40%		20	22	-9%		55	57	-4%
CA	WD-40	Aug 18	N/A	N/A	N/A		19	20	-5%		21	20	5%		40	40	0%
TX	KMG Chemicals	July 18	N/A	N/A	N/A		18	6	200%		21	9	133%		39	15	160%
NY	Griffon	Sep 18	24	4	500%		9	5	80%		3	4	-25%		36	13	177%
MA	Mercury Systems	Jun 18	11	10	10%		17	11	55%		6	10	-40%		34	31	10%
MA	Chase Corp	Aug 18	N/A	N/A	N/A		14	16	-13%		19	17	12%		33	33	0%
CA	Cubic	Sep 18	26	18	44%		5	(9)	-156%		(2)	(11)	-82%		29	(2)	NM
MA	Cabot	Sep 17	101	79	28%		95	71	34%		(170)	79	-315%		26	229	-89%
NE	Lindsay Corp	Aug 18	N/A	N/A	N/A		6	11	-45%		17	16	6%		23	27	-15%
PA	Evoqua Water Technologies	Sep 18	(1)	20	-105%		2	14	-86%		15	0	NM		16	34	-53%
MS	Sanderson Farms	Oct 18	(57)	109	-152%		15	177	-92%		55	103	-47%		13	389	-97%
WI	REV Group	Oct 18	(26)	36	-172%		22	24	-8%		10	11	-9%		6	71	-92%
NY	Hain Celestial Group	Jun 18	(33)	26	-227%		6	1	500%		24	42	-43%		(3)	69	-104%
MA	Cimpress NV	Jun 18	(10)	17	-159%		(6)	(34)	-82%		2	(60)	-103%		(14)	(77)	-82%
WI	Actuant	Aug 18	(18)	7	-357%		(46)	(108)	-57%		25	18	39%		(39)	(83)	-53%
CA	Plantronics	Mar 18	(108)	25	-532%		15	17	-12%		27	24	13%		(66)	66	-200%
IA	Meredith	Jun 18	20	52	-62%		32	64	-50%		(126)	65	-294%		(74)	181	-141%
WI	Spectrum Brands Holdings	Sep 18	(135)	(34)	297%		65	23	183%		(39)	16	-344%		(109)	5	NM
CA	Viasat	Mar 18	(35)	(25)	40%		(65)	(18)	261%		(36)	3	NM		(136)	(40)	240%
CA	Avaya Holdings	Sep 18	(43)	54	-180%		(68)	(69)	-1%		(139)	15	NM		(250)	-	NM
NY	Coty Inc	Jun 18	(88)	(41)	115%		(153)	139	-210%		(56)	(253)	-78%		(297)	(155)	92%
PA	Triumph Group	Mar 18	(14)	(7)	100%		(76)	(3)	2433%		(307)	(140)	119%		(397)	(150)	165%
MI	Adient plc	Sep 18	(1,079)	356	-403%		60	262	-77%		(171)	251	-168%		(1,190)	869	-237%
NY	News Corp	Jun 18	178	141	26%		(292)	(408)	-28%		(1,107)	45	NM		(1,221)	(222)	450%
	Total all 84 Companies		1,761	3,939	-55%		3,523	3,616	-3%		1,388	3,416	-59%		6,672	10,971	-39%