Thursday, February 21, 2019

Pennsylvania Companies Total Pretax Losses Were $3.3 Bil in the December 2018 Quarter, a Total Earnings Deterioration of a Massive $16.1 Bil From Their Total Pretax Earnings of $12.8 Bil in the December 2017 Quarter

......................................................................

All 70 Pennsylvania Companies With Stock Market Caps Above $1 Bil and Releasing Their December 2018 Quarter Earnings By February 21, 2019 Posted Rising Total Pretax Earnings Growth of 2% in the March 2018 Quarter, of 10% in the June 2018 Quarter and of 20% in the September 2018 Quarter
......................................................................
Then the S*** Hit the Fan, With These Same 70 Pennsylvania Cos Posting an Almost Unbelievable Total Pretax Losses of $3.3 Bil in the December 2018 Quarter, a Total Earnings Deterioration of $16.1 Bil From Their Total Pretax Earnings of $12.8 Bil Generated in the December 2017 Quarter
......................................................................
From a review of company SEC filings and of MSN Money individual company common stock information, I found 83 Pennsylvania Companies with stock market caps sometime in 2018 of more than $1 Bil and with December 2018 Quarter Ends.

Of these 83 Pennsylvania Companies, 70 of them have released their December 2018 Quarterly Earnings by February 21, 2019.

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 70 Pennsylvania 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)
Pennsylvania 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 February 20, 2019 End End  Change End End  Change End End  Change End End  Change
mils $ mils $ mils $ mils $ mils $ mils $ mils $ mils $
Comcast Corp       3,068       3,444 -11%       3,895       4,083 -5%       4,285       3,909 10%       4,127       3,951 4%
PNC Financial Services       1,615       1,074 50%       1,661       1,539 8%       1,660       1,483 12%       1,492       1,394 7%
Chubb          514       1,151 -55%       1,414        (155) NM       1,512       1,505 0%       1,217       1,221 0%
PPL Corp          511          541 -6%          548          471 16%          657          368 79%          569          532 7%
Air Products & Chemicals          489          455 7%          529          479 10%          552          196 182%          480          405 19%
Lincoln National          467        (388) NM          532          510 4%          451          533 -15%          435          475 -8%
TE Connectivitity Ltd          461          566 -19%          546          451 21%          535          503 6%          600          445 35%
AmerisourceBergen          433          359 21%          112        (172) NM          345          133 159%          361          593 -39%
Hershey          344          260 32%          357          401 -11%          260          281 -7%          449          168 167%
PPG Industries          342          377 -9%          451          523 -14%          479          659 -27%          421          446 -6%
Aramark          290          143 103%          190          155 23%            97            93 4%            42            94 -55%
Ametek          259          198 31%          245          204 20%          248          203 22%          236          191 24%
United States Steel          253            70 261%          314          147 114%          226          245 -8%            19        (161) NM
Alcoa          216          369 -41%          406          288 41%          410          237 73%          412          418 -1%
Radian Group          176          165 7%          185          103 80%          181          (35) NM          142          114 25%
FMC Corp          162            15 980%          110            59 86%          140            52 169%          332            54 515%
Essent Group Ltd          152          105 45%          140          107 31%          133            99 34%          122            87 40%
SEI Investments          144          152 -5%          158          141 12%          154          135 14%          159          129 23%
Brandywine Realty Trust          123            74 66%          (43)            18 -339%            13              7 86%            45            21 114%
F N B Corp          116          112 4%          123          111 11%          106          104 2%          108            29 272%
UGI Corp          112          330 -66%              5          (34) NM            (1)          (79) NM          521          437 19%
CNX Resources          106            89 19%          203          (11) NM            30          180 -83%          759        (138) NM
Vishay Intertechnology          100            67 49%          127            86 48%            98            76 29%            92            50 84%
Teleflex            96            67 43%            55            89 -38%              7            90 -92%            61            38 61%
Crown Holdings            95          162 -41%          295          287 3%          202          201 0%          152          179 -15%
Erie Indemnity Co            83            65 28%          104            89 17%          101            89 13%            83            73 14%
Axalta Coating Systems Ltd            83            65 28%              3            58 -95%            99            (9) NM            83            76 9%
Federated Investors            82            93 -12%            52            87 -40%            52            87 -40%            79            81 -2%
EPAM Systems            79            52 52%            66            51 29%            57            43 33%            48            29 66%
Kennametal            75            60 25%            78            49 59%            89            33 170%            77            49 57%
WESCO INTL            74            64 16%            80            72 11%            73            66 11%            53            50 6%
West Pharmaceuticals Svcs            66            59 12%            61            63 -3%            62            42 48%            56            63 -11%
Fulton Financial            64            61 5%            74            62 19%            39            55 -29%            56            57 -2%
Liberty Property Trust            63          110 -43%            51            59 -14%            13            45 -71%            49            41 20%
CubeSmart            49            40 23%            43            38 13%            39            33 18%            35            25 40%
Globus Medical            48            51 -6%            43            37 16%            50            39 28%            48            43 12%
Gaming&Leisure Properties            47            97 -52%          106            99 7%            94            98 -4%            98            97 1%
CONSOL Energy            46            40 15%              8            12 -33%            56            62 -10%            77            56 38%
Amerigas Partners LP            46          108 -57%          (31)          (18) NM          (74)          (46) NM          195          138 41%
Carpenter Technology            45            34 32%            40            35 14%            54            38 42%            38            29 31%
EnerSys            43            63 -32%            58            55 5%            57            61 -7%            60            45 33%
Select Medical Holdings            41            43 -5%            57            38 50%            82            84 -2%            56            37 51%
Hamilton Lane            41            41 0%            38            21 81%            25            29 -14%            49            17 188%
CNX Midstream Partners LP            41            38 8%            34            33 3%            30            30 0%            34            33 3%
Allegheny Technologies            39              0 NM            63        (121) NM            80            11 627%            66            23 187%
MSA Safety            39          (36) NM            38            38 0%            43            12 258%            42            16 163%
Harsco            36            26 38%            49            22 123%            44            31 42%            28            17 65%
PQ Group Holdings            36          (59) NM            23              2 1050%            30              1 2900%              0            (5) -101%
First Commonwealth Financial            35            31 13%            31            31 0%            40            20 100%            28            23 22%
II-VI Inc            35            30 17%            32            27 19%            34            34 0%            31            29 7%
Healthcare Services Group            35            35 0%            33            33 0%            33            33 0%            (1)            32 -103%
Northwest Bancshares            34            29 17%            35            36 -3%            33            45 -27%            32            26 23%
S&T Bancorp            32            32 0%            34            32 6%            25            31 -19%            32            25 28%
Knoll            32            10 220%            27            27 0%            18            20 -10%            21            21 0%
Beneficial Bancorp            19            16 19%            17            15 13%            15            14 7%            13            12 8%
Kulicke and Soffa Industries            18            41 -56%          177          119 49%            68            17 300%            41            38 8%
Nutri System            18            17 6%            21            21 0%            34            36 -6%              2              9 -78%
BioTelemetry            13          (10) NM            15            (3) NM              9              3 200%              5            (1) NM
Trinseo SA              6          144 -96%            94            42 124%          119            79 51%          145          147 -1%
Matthews Intl              4            10 -60%            39            25 56%            29            38 -24%            20            21 -5%
BrightView Holdings          (12)          (32) NM          (23)          (47) NM            (0)            17 -101%          (30)          (38) NM
Aqua America          (19)            58 -133%            82            80 2%            66            67 -1%            49            52 -6%
Evoqua Water Technologies          (21)            (7) NM            (1)            20 -105%              2            14 -86%            15              0 NM
Triumph Group          (30)        (146) NM          (14)            (7) NM          (76)            (3) NM        (307)        (140) NM
EQM Midstream Partners LP          (36)          185 -119%          210          143 47%          173          139 25%          177          143 24%
Spark Therapeutics          (65)          (61) NM          (47)          (65) NM            80          (76) NM          (46)          (52) NM
Equitrans Midstream Corp          (78)          116 -167%          199          138 44%  N/A   N/A   N/A   N/A   N/A   N/A 
Penn National Gaming          (86)          (86) 0%            45            30 50%            69            23 200%            61              7 771%
EQT Corp        (698)            29 -2507%              1            94 -99%            35          152 -77%     (1,784)          351 -608%
Kraft-Heinz   (14,412)       1,331 -1183%          814       1,359 -40%       1,046       1,590 -34%       1,254       1,250 0%
Total all 70 Pennsylvania Cos     (3,266)     12,844 -125%     15,517     12,911 20%     15,827     14,405 10%     14,522     14,217 2%




Posted by at