Thursday, February 21, 2019

Ohio Non-Oil & Gas Companies Total Pretax Earnings Decline By 7% in the December 2018 Quarter, After Increasing By 14% in the September 2018 Quarter


From a review of company SEC filings and of MSN Money individual company common stock information, I found 58 Ohio Companies with stock market caps sometime in 2018 of more than $1 Bil and with December 2018 Quarter Ends.

Of these 58 Ohio Companies, 51 of them have released their December 2018 Quarterly Earnings by February 21, 2019.

And of these 51 Ohio Companies, 48 of them are Non-Oil & Gas 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.

 There are very few of the many Ohio Retailers shown below since they have October and January Quarter Ends.

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 51 Ohio 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)
Ohio Cos Dec Dec Better Sept Sept Better June June Better March March Better
With December Quarter Ends 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 February 21, 2019 End End  Change End End  Change End End  Change End End  Change
mils $ mils $ mils $ mils $ mils $ mils $ mils $ mils $
Non-Oil & Gas Companies
Procter & Gamble       3,916       4,033 -3%       3,940       3,751 5%       2,289       2,927 -22%       3,253       3,336 -2%
Eaton Corp plc          726          635 14%          439       1,694 -74%          694          572 21%          565          467 21%
Fifth Third Bancorp          584          491 19%          512       1,489 -66%          693          494 40%          836          396 111%
KeyCorp          574          447 28%          569          497 14%          582          565 3%          478          419 14%
Parker Hannifin          431          360 20%          460          374 23%          498          401 24%          470          315 49%
Cardinal Health          407          317 28%          736          178 313%     (1,187)          374 -417%          464          564 -18%
Huntington Bancorp          391          412 -5%          440          365 21%          412          351 17%          385          267 44%
American Electric Power          387          574 -33%          499          821 -39%          602          567 6%          559          937 -40%
TransDigm Group          250          191 31%          282          247 14%          266          236 13%          247          215 15%
GrafTech Intl Ltd          243            43 465%          225            (5) NM          184          (12) NM          251          (22) NM
Progressive Corp          242          691 -65%       1,131          251 351%          880          555 59%          911          642 42%
Mettler-Toledo          230          194 19%          160          140 14%          144          127 13%          117          114 3%
Goodyear Tire & Rubber          202          287 -30%          513          162 217%          183          190 -4%          113          239 -53%
Owens-Corning          200          124 61%          229          128 79%          171          163 5%          103          144 -28%
SITE Centers          182        (220) NM            (9)          (34) NM            (3)            30 -110%          (54)          (54) 0%
FirstEnergy          169          171 -1%          520          503 3%          382          351 9%          429          409 5%
Cleveland-Cliffs          135            88 53%          200            15 1233%          228            83 175%          (69)          (32) NM
Welltower          126          (64) NM            61            85 -28%          167          203 -18%          117            97 21%
Dana Inc          109            79 38%          127          106 20%          123          104 18%          159          110 45%
Sherwin-Williams          102          226 -55%          416          428 -3%          538          509 6%          304          307 -1%
Lincoln Electric Holdings            94            74 27%            96          131 -27%            94            84 12%            84            78 8%
Timken            80            57 40%            97            75 29%          122            74 65%          109            54 102%
Washington Prime Group            69            63 10%              4          (11) NM            16          165 -90%            20            15 33%
First Financial Bancorp            67            11 509%            64            36 78%            46            34 35%            38            35 9%
Chemed            63            58 9%            63            54 17%            58          (38) NM            56            43 30%
Lancaster Colony            62            48 29%            50            45 11%            44            43 2%            38            22 73%
Steris plc            58            92 -37%            95            87 9%            83            74 12%          102            47 117%
Applied Industrial Technologies            50            45 11%            56            50 12%            60            46 30%            50            43 16%
AK Steel            40          (70) NM            86            39 121%            72            93 -23%            40          101 -60%
Park National            31            33 -6%            29            31 -6%            34            26 31%            37            28 32%
TFS Financial            27            32 -16%            30            35 -14%            28            34 -18%            30            35 -14%
Advanced Draining Systems            19            26 -27%            42            31 35%            48            28 71%            (9)          (29) NM
Wendy's            19            38 -50%          499            32 1459%            42            (0) NM            14            32 -56%
Teradata            19            57 -67%            10              6 67%              6            (3) NM            (8)            (2) NM
PolyOne            16            29 -45%            56            52 8%            62            63 -2%            64            68 -6%
Cooper Tire & Rubber            12            39 -69%            72            95 -24%            18            68 -74%            12            42 -71%
Multi-Color            10          (16) NM            27            22 23%            25            18 39%            29            26 12%
Milacron Holdings              4            (1) NM            22            19 16%            23            18 28%            12          (18) NM
CBIZ            (2)              1 -300%            17            16 6%            16            16 0%            49            41 20%
Cedar Fair LP          (21)            (5) NM          252          265 -5%            33            49 -33%        (102)          (93) NM
Materion          (27)            13 -308%            17            11 55%            14              9 56%            12              3 300%
State Auto Financial          (33)            38 -187%            41          (11) NM              8            12 -35%            (3)            (4) NM
American Financial Group          (39)          267 -115%          244            29 741%          260          205 27%          174          223 -22%
Owens-Illinois        (105)        (121) NM          168          172 -2%            78          152 -49%          135            73 85%
Scott's Miracle Gro        (106)          (87) NM        (166)          (56) NM          166          222 -25%          202          240 -16%
Diebold Nixdorf        (125)          (14) NM        (173)          (30) NM        (163)          (60) NM          (44)          (75) NM
Cincinnati Financial        (581)          197 -395%          618          129 379%          264          128 106%          (50)          276 -118%
Forest City Realty Trust  N/A   N/A   N/A           491            13 3677%            67            63 6%          201            41 390%
Total 48 Non-Oil & Gas Cos       9,307       9,984 -7%     14,357     12,562 14%       9,470     10,413 -9%     10,930     10,215 7%
Oil & Gas Cos
Marathon Petroleum Corp       1,632          959 70%       1,163       1,419 -18%       1,516          824 84%          257          142 81%
MPLX LP          439          239 84%          519          218 138%          457          193 137%          427          187 128%
Andeavor Logistics LP          171            53 223%          166            90 84%          148          111 33%          139            92 51%
Total 3 Oil & Gas Cos       2,242       1,251 79%       1,848       1,727 7%       2,121       1,128 88%          823          421 95%







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