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All 13 Michigan Auto and Auto Parts Manufacturing Cos With Stock Market Caps Above $1 Bil and Releasing Their December 2018 Quarter Earnings By February 19, 2019 Saw Their Total Pretax Earnings Decline Precipitously By 69% in the December 2018 Quarter, Following Declines of 36% in the September 2018 Quarter, of 14% in the June 2018 Quarter and of 31% in the March 2018 Quarter
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From a review of company SEC filings and of MSN Money individual company common stock information, I found 43 Michigan Companies with stock market caps sometime in 2018 of more than $1 Bil and with December 2018 Quarter Ends.
Of these 43 Michigan Companies, 31 of them have released their December 2018 Quarterly Earnings by February 20, 2019 AM.
And of these 31 Michigan Companies, 13 of them are Auto and Auto Parts Manufacturing Companies.
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 chart below shows the Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for each quarter of 2018 as compared with that of the prior year quarter of 2017 for each of these 31 Michigan Companies.
| US | US | US | US | US | US | US | US | ||||||||
| GAAP | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP | GAAP | ||||||||
| Pretax | Pretax | Pretax | Pretax | Pretax | Pretax | Pretax | Pretax | ||||||||
| Income | Income | Income | Income | Income | Income | Income | Income | ||||||||
| (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | ||||||||
| Michigan Cos | Dec | Dec | Better | Sept | Sept | Better | June | June | Better | March | March | Better | |||
| Stock Market Caps Above $1 Bil | 2018 | 2017 | (Worse) | 2018 | 2017 | (Worse) | 2018 | 2017 | (Worse) | 2018 | 2017 | (Worse) | |||
| December 2018 Qtr Earnings | Quarter | Quarter | % | Quarter | Quarter | % | Quarter | Quarter | % | Quarter | Quarter | % | |||
| Released By Feb 20, 2019 AM | End | End | Change | End | End | Change | End | End | Change | End | End | Change | |||
| mils $ | mils $ | mils $ | mils $ | mils $ | mils $ | mils $ | mils $ | ||||||||
| Auto and Auto Parts Mfg | |||||||||||||||
| General Motors | 1,433 | 3,022 | -53% | 2,630 | 2,430 | 8% | 2,885 | 2,967 | -3% | 1,576 | 3,473 | -55% | |||
| Lear Corp | 322 | 378 | -15% | 332 | 393 | -16% | 453 | 400 | 13% | 452 | 408 | 11% | |||
| Aptiv plc | 299 | 357 | -16% | 297 | 337 | -12% | 386 | 344 | 12% | 375 | 248 | 51% | |||
| BorgWarner | 267 | 206 | 30% | 283 | 274 | 3% | 315 | 297 | 6% | 332 | 286 | 16% | |||
| Gentex | 131 | 138 | -5% | 131 | 131 | 0% | 129 | 128 | 1% | 132 | 135 | -2% | |||
| Meritor | 113 | 50 | 126% | 51 | 260 | -80% | 95 | 63 | 51% | 82 | 36 | 128% | |||
| WABCO Holdings | 105 | 359 | -71% | 93 | 89 | 4% | 133 | 105 | 27% | 133 | 100 | 33% | |||
| Adient plc | 21 | 69 | -70% | (1,079) | 356 | -403% | 60 | 262 | -77% | (171) | 251 | -168% | |||
| Autoliv | 2 | 241 | -99% | 171 | 151 | 13% | 210 | 201 | 4% | 197 | 194 | 2% | |||
| Ford Motor | (17) | 1,872 | -101% | 1,094 | 1,770 | -38% | 1,349 | 2,266 | -40% | 1,919 | 2,251 | -15% | |||
| Cooper-Standard Holdings | (78) | 63 | -224% | 31 | 33 | -6% | 52 | 62 | -16% | 69 | 54 | 28% | |||
| Veoneer | (90) | (258) | NM | (70) | (26) | NM | (63) | (19) | NM | (30) | (11) | NM | |||
| American Axle | (450) | 93 | -584% | 76 | 92 | -17% | 153 | 69 | 122% | 107 | 86 | 24% | |||
| Total 13 Auto&Parts Mfg Cos | 2,058 | 6,590 | -69% | 4,040 | 6,290 | -36% | 6,157 | 7,145 | -14% | 5,173 | 7,511 | -31% | |||
| DowDuPont | 728 | (2,874) | NM | 855 | 1,125 | -24% | 2,368 | 1,814 | 31% | 1,542 | 1,128 | 37% | |||
| Stryker | 657 | 649 | 1% | 534 | 471 | 13% | 623 | 444 | 40% | 542 | 499 | 9% | |||
| Ally Financial | 368 | 410 | -10% | 465 | 395 | 18% | 461 | 376 | 23% | 328 | 326 | 1% | |||
| Masco | 268 | 148 | 81% | 262 | 264 | -1% | 312 | 262 | 19% | 200 | 210 | -5% | |||
| Whirlpool | 256 | 209 | 22% | 223 | 268 | -17% | (609) | 212 | -387% | 109 | 198 | -45% | |||
| Credit Acceptance Corp | 201 | 122 | 65% | 198 | 160 | 24% | 198 | 157 | 26% | 158 | 144 | 10% | |||
| DTE Energy | 173 | 214 | -19% | 369 | 337 | 9% | 255 | 232 | 10% | 419 | 504 | -17% | |||
| Penske Automotive Group | 127 | 128 | -1% | 157 | 139 | 13% | 176 | 157 | 12% | 144 | 125 | 15% | |||
| CMS Energy | 126 | 222 | -43% | 202 | 229 | -12% | 165 | 140 | 18% | 281 | 295 | -5% | |||
| Chemical Financial | 78 | 71 | 10% | 82 | 51 | 61% | 81 | 75 | 8% | 83 | 60 | 38% | |||
| Flagstar | 66 | 51 | 29% | 60 | 60 | 0% | 62 | 60 | 3% | 44 | 40 | 10% | |||
| Wolverine World Wide | 41 | (81) | NM | 64 | 27 | 137% | 68 | 22 | 209% | 55 | 21 | 162% | |||
| Taubman Centers | 13 | 38 | -66% | 37 | 14 | 164% | 30 | 28 | 7% | 35 | 33 | 6% | |||
| Kellogg | (107) | 581 | NM | 452 | 389 | 16% | 669 | 385 | 74% | 511 | 307 | 66% | |||
| Total all 31 Michigan Cos | 5,053 | 6,478 | -22% | 8,000 | 10,219 | -22% | 11,016 | 11,509 | -4% | 9,624 | 11,401 | -16% |
