Wednesday, April 17, 2019

The 45 Largest North Carolina Cos Posted Total Audited Annual Pretax Income Growth of 12% in 2018 and of 23% in 2017, Driven By Bank of America and Brighthouse Financial

Since North Carolina is one of the 12 Super Tuesday US States Holding Their 2020 Democratic Presidential Early Primary on March 3, 2020, I Think It Might Be Helpful to Research Just How North Carolina Companies Have Performed on the Audited Pretax Earnings Front in the Most Recent Four Years
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 On the Other Hand, the 37 Largest North Carolina Non-Financial Cos Saw Their Total Audited Pretax Income Decline By 4% in 2018, After Increases of 10% in 2017 and of 14% in 2016
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The 45 Largest North Carolina Cos Registered an Average Annual % Increase in Total Pretax Income of 18% in the First Two Trump Years of 2018 and 2017
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As a Comparison, These Same 45 Largest North Carolina Cos Registered an Average Annual % Increase in Total Pretax Income of 21% in the Last Two Obama Years of 2016 and 2015
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It Should Be Pointed Out That the Giant Bank of America, Which Now Comprises 57% of the Total Pretax Income of All 45 Largest North Carolina Cos, Just Very Recently Posted a Pretax Income Increase of 4% in the First Quarter of 2019, Substantially Below Its Annual Pretax Income Increases of 18% in 2018 and of 17% in 2017 
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From a review of SEC filings, I found 45 North Carolina Companies with stock markets caps of above $1 bil sometime in 2018.
  
My Focus is on Pretax Income Rather Than on After-Tax Net Income Because 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.


From a review of SEC filings, the chart below shows the Audited Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the Fiscal Years Ended (FYEs) 2018, 2017, 2016, 2015 and 2014 for each of these 45 North Carolina Companies.

Most
Recent Audited Audited Audited Audited Audited
Annual Pretax Pretax Pretax Pretax Pretax
Audited Income Income Income Income Income
North Carolina Financial (Loss) (Loss) (Loss) (Loss) (Loss)
North Carolina Companies City State Sts FYE FYE FYE FYE FYE
Stock Market Caps > $1 Bil HQs HQs FYE 2018 2017 2016 2015 2014
 $ mils  $ mils  $ mils  $ mils  $ mils
Financial Companies
Bank of America Charlotte NC Dec 18     34,584     29,213     25,021     22,187       7,963
BB&T Corp Winston-Salem NC Dec 18       4,060       3,326       3,500       2,917       3,127
Brighthouse Financial Charlotte NC Dec 18          989        (615)     (4,705)       1,462       1,528
First Citizens Bancshares Raleigh NC Dec 18          504          544          351          332          204
First Bancorp Troy NC Dec 18          113            68            42            41            39
James River Group Hldgs Ltd Chapel Hill NC Dec 18            71            55            79            60            46
Live Oak Bancshares Wilmington NC Dec 18            46            98            17            34            17
LendingTree Charlotte NC Dec 18            44            26            52            28            (1)
Total all 8 Financial Cos     40,411     32,715     24,357     27,061     12,923
….. % Change From Prior Year 24% 34% -10% 109%
Non-Financial Cos
Lowes Mooresville NC Jan 19       3,394       5,489       5,201       4,419       4,276
Nucor Corp Charlotte NC Dec 18       3,229       1,750       1,299          242       1,147
Duke Energy Charlotte NC Dec 18       3,073       4,266       3,734       3,910       3,763
Ingersoll Rand plc Davidson NC Dec 18       1,660       1,418       1,741       1,248       1,209
V F Corp Greensboro NC Dec 18       1,645       1,416       1,285       1,564       1,714
Laboratory Corp of America Burlington NC Dec 18       1,268       1,078       1,074          726          821
Albemarle Charlotte NC Dec 18          884          531          575          339          249
Old Dominion Freight Line Thomasville NC Dec 18          816          576          478          490          433
Hanesbrands Winston-Salem NC Dec 18          647          537          571          474          465
Martin Marietta Materials Raleigh NC Dec 18          576          619          607          414          249
Advance Auto Parts Raleigh NC Dec 18          555          520          739          753          781
Red Hat Raleigh NC Feb 19          518          478          320          275          255
Premier Inc Charlotte NC Jun 18          517          531          285          271          360
Sealed Air Charlotte NC Dec 18          458          393          388          291          186
Curtiss-Wright  Davidson  NC Dec 18          356          300          268          275          247
IQVIA Holdings Durham NC Dec 18          343          304          412          547          506
Extended Stay America Charlotte NC Dec 18          254          232          198          360          196
PRA Health Sciences Raleigh NC Dec 18          222            75            97          112          (44)
Highwoods Properties Raleigh NC Dec 18          178          192          123            86            97
CommScope Holdings Hickory NC Dec 18          171          210          273          (62)          317
BMC Stock Holdings Raleigh NC Dec 18          157            82            45          (15)            28
JELD-WEN Holding Charlotte NC Dec 18          136          149          134            88            60
SPX FLOW Charlotte NC Dec 18          116            58        (482)          137          233
SPX Corp Charlotte NC Dec 18            80            36            39        (154)          252
Sonic Automotive Charlotte NC Dec 18            75          108          155          145          162
Syneos Health Morrisville NC Dec 18            57        (112)          134          131          (28)
Enpro Industries Charlotte NC Dec 18            47          578          (69)          (19)            33
Tanger Factory Outlet Centers Greensboro NC Dec 18            46            72          204          222            78
Qorvo Greensboro NC Mar 18            17            27            (3)          121            24
Bandwidth Raleigh NC Dec 18              7            13            14              7  N/A 
Coca-Cola Bottling Charlotte NC Dec 18          (13)            63            93            99            56
Transentererix Morrisville NC Dec 18          (65)        (148)        (126)          (48)          (38)
Dova Pharmaceuticals Durham NC Dec 18          (72)          (30)          (27)  N/A   N/A 
G1 Therapeutics Research Triangle Park NC Dec 18          (85)          (60)          (30)          (20)  N/A 
BioCryst Pharmaceuticals Durham NC Dec 18        (101)          (66)          (55)          (43)          (45)
Aeri Pharmaceuticals Research Triangle Park NC Dec 18        (233)        (147)          (99)          (74)          (48)
Cree Inc Durham NC Jun 18        (317)            (5)          (24)          (84)          147
Total all 37 Non-Financial Cos     20,616     21,533     19,571     17,227     18,141
….. % Change From Prior Year -4% 10% 14% -5%
Total all 45 North Carolina Cos     61,027     54,248     43,928     44,288     31,064
….. % Change From Prior Year 12% 23% -1% 43%
….. Average % Increase in 2018 and 2017 18%
….. Average % Increase in 2016 and 2015 21%









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