Saturday, April 6, 2019

All 21 Iowa Cos With Stock Market Caps Above $100 Mil Saw Their Total Pretax Earnings Collapse in the 4Q of 2018, Down By 81% From the 4Q of 2017, Driven By Des Moines Area Insurance Cos Total Pretax Earnings Declining By 106% in the 4Q 2018

Since Democratic 2020 Presidential Candidates Are Campaigning All Over the Key State of Iowa, I Think It Might Be Helpful to Research Just How Iowa Companies Have Been Performing Recently on the Earnings Front
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 From a review of SEC filings, I found 21 Iowa Headquartered Companies with stock markets caps of above $100 mil recently.

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 the 4Q (Dec, Jan or Feb) for the 3Q (Sept, Oct or Nov) and for the 2Q (June, July or Aug) of both Fiscal Year Ends 2018 and 2017 for each of these 21 Iowa Companies.
US US US US US US
GAAP GAAP GAAP GAAP GAAP GAAP
Pretax Pretax Pretax Pretax Pretax Pretax
Income Income Income Income Income Income
(Loss) (Loss) (Loss) (Loss) (Loss) (Loss)
Dec 2018 Dec 2017 % Sep Qtr Sep Qtr % June Qtr June Qtr %
Jan 2019 Jan 2018 Change Oct Qtr Oct Qtr Change July Qtr July Qtr Change
Iowa Companies or Feb 2019 or Feb 2018 Better or Nov Qtr or Nov Qtr Better or Aug Qtr or Aug Qtr Better
Market Caps Above $100 Mil Iowa City HQs Quarter Quarter (Worse) 2018 2017 (Worse) 2018 2017 (Worse)
mils $ mils $ mils $ mils $ mils $ mils $
Des Moines Area Insurance Cos
Principal Financial Des Moines             243             315             569          1,158             515             366
American Equity Investment Life West Des Moines               66             108             208               87             114               40
FBL Financial Group West Des Moines                 4               32               36               36               39               46
EMC Insurance Group Des Moines              (31)               25               24                (0)                (8)                 7
Athene Holding Ltd West Des Moines            (147)             487             706             294             330             337
FGL Holdings Des Moines            (199)               63               71               87               28               48
Total 6 Des Moines Insurance Cos              (64)          1,030 -106%          1,614          1,662 -3%          1,018             844 21%
All Other Iowa Companies
Meredith Des Moines               87               32               20               52               32               64
Casey's General Stores Ankeny               54               26               91               78               89               92
HNI Corp Muscatine               42              (13)               51               56               24               21
Heartland Financial USA Dubuque               39               35               43               30               35               30
Heartland Express North Liberty               30               10               26               13               23               22
Renewable Energy Group Ames               26              (11)               33              (38)               38              (33)
Winnebago Industries Forest City               25               30               29               27               42               38
Lee Enterprises Davenport               15               16                 5                 6                 7                 8
MidWestOne Financial Iowa City                 9                 1                 9                 8               10               10
West Bancorporation West Des Moines                 8                 9               10                 9                 8                 9
Hills Nancorporation Hills                 7               13               13               12               13                 9
Ames National Corp Ames                 5                 6                 6                 6                 5                 5
Flexsteel Industries Dubuque                 2                 8                 2               10                 3                 9
Workiva Ames                (8)              (14)              (11)              (14)              (22)              (10)
United Fire Group Cedar Rapids              (42)               29               13              (32)                (2)                (4)
Total all 21 Iowa Companiess             235          1,207 -81%          1,954          1,885 4%          1,324          1,113 19%




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