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All 5 Rhode Island Companies With Stock Market Caps Above $1 Bil Releasing Their December 2018 Earnings By February 22, 2019 Saw Their Total Pretax Earnings Drop By 75% in the December 2018 Quarter and By 144% in the June 2018 Quarter
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The Cause of These Disastrous Results Were CVS Health's Goodwill Asset Impairment Charges of $2.2 Bil in the December 2018 Quarter and of another $3.9 Bil in the June 2018 Quarter
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From a review of company SEC filings and of MSN Money individual company common stock information, I found 6 Rhode Island Companies with stock market caps sometime in 2018 of more than $1 Bil and with December 2018 Quarter Ends.
Of these 6 Rhode Island Companies, 5 of them have released their December 2018 Quarterly Earnings by February 22, 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.
| 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) | ||||||||
| Rhode Island Companies | 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 22, 2019 | End | End | Change | End | End | Change | End | End | Change | End | End | Change | |||
| mils $ | mils $ | mils $ | mils $ | mils $ | mils $ | mils $ | mils $ | ||||||||
| Citizens Financial Group | 557 | 503 | 11% | 576 | 513 | 12% | 549 | 462 | 19% | 501 | 434 | 15% | |||
| Textron | 278 | 223 | 25% | 628 | 203 | 209% | 260 | 215 | 21% | 218 | 121 | 80% | |||
| CVS Health | 102 | 2,809 | -96% | 1,899 | 2,062 | -8% | (2,065) | 1,863 | -211% | 1,470 | 1,534 | -4% | |||
| Washington Trust Bancorp | 22 | 21 | 5% | 22 | 19 | 16% | 22 | 20 | 10% | 21 | 17 | 24% | |||
| Hasbro | (5) | 279 | -102% | 296 | 350 | -15% | 68 | 87 | -22% | (88) | 71 | -224% | |||
| Total all 5 Rhode Island Cos | 954 | 3,835 | -75% | 3,421 | 3,147 | 9% | (1,166) | 2,647 | -144% | 2,122 | 2,177 | -3% |
