Friday, May 31, 2019

The 62 Largest Virginia Cos Experienced Huge and Growing Total Pretax Income (TPTI) Deterioration in the Most Recent Three Quarters, Suffering TPTI Declines of 10% in the 3Q 2018, 28% in the 4Q 2018 and 41% in the 1Q 2019

Democratic Presidential Candidate Pete Buttigieg Has Been Very Active Campaigning in the Washington DC Area, Including the Bordering State of Virginia.  Thus, I Think It Might Be Helpful to Research Just How Virginia Companies Have Performed on the Pretax Earnings Front in the Most Recent Four Quarters.
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From a review of SEC filings, Google Finance, MSN Money and Market Watch Big Charts, I found 64 Virginia Companies with stock markets caps of above $1 bil sometime since the beginning of 2018.  Two of these 64 Companies didn't disclose quarterly Pretax Income in all of the four most recent quarters.  That leaves 62 Virginia Companies.


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 SEC filings, the chart below shows the Gold-Standard US GAAP Pretax  Income (Loss) From Continuing Operations for the First Quarters of both 2019 and 2018, the Fourth Quarters of both 2018 and 2017, the Third Quarters of both 2018 and 2017 and for the Second Quarters of both 2018 and 2017 for each of these 62 Virginia 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
Virginia Companies (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)
Reporting Quarterly Earnings to the SEC First First Fourth Fourth Third Third Second Second
 in Each of the Most Recent 4 Quarters Virginia Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter
Market Caps Above $1 Bil City HQs 2019 2018 2018 2017 2018 2017 2018 2017
mils $ mils $ mils $ mils $ mils $ mils $ mils $ mils $
Cos With March 2019 Quarter Ends
Freddie Mac McLean         1,765         3,674         1,393         3,822         3,262         7,190       3,145       2,501
Capital One Financial McLean         1,719         1,662         1,243         1,308         1,921         1,585       2,492       1,490
Altria Group Richmond         1,516         2,466         1,710         2,183         2,608         2,644       2,557       2,910
Northop Grumman Falls Church         1,034            999            403         1,309         1,237            782          849          812
General Dynamics Falls Church            915            960         1,132         1,008         1,023         1,027          970       1,032
Norfolk Southern Norfolk            861            707            930            893            908            800          924          780
Markel Glen Allen            733              43           (930)            144            519           (360)          361          210
Willis Towers Watson Arlington            360            264            477              80              36             (35)            74            49
DXC Technology Tysons            354            588            469            341            332            284          360            91
AES Corp Arlington            348         1,009            354            122                338            328          356          228
Genworth Financial Richmond            342            228           (413)           (290)            273            286          360          401
Leidos Holding Reston            246            125            150              34            170            116          165          135
NVR Inc Reston            219            191            277            261            250            244          242          209
Hilton Worldwide McLean            218            221            266            181            293            256          298          250
Advance Auto Parts Roanoke            191            181              70              74            147            144          157          136
Verisign Reston            190            152            234            142            178            150          165          160
AvalonBay Communities Arlington            170            142            386            237            192            238          255          165
Huntington Ingalls Industries Newport News            149            195            219            187            295            220          262          218
Booz Allen Hamilton McLean            118            106            140            106            120            111          137          107
Graham Holdings Arlington            109              57              69              55            135              38            63            66
Park & Hotels & Resorts Tysons            104            149              65              59              55              61          231            96
Tegna Tysons              97              76            206            111            107              62          120            73
CACI Intl Arlington              81              94              93              77              91              56            71            68
Maximus Reston              81              73              76              80              62              78            85            83
NewMarket Richmond              81              81              71              65              68              77            70            85
BWX Technologies Lynchburg              63              85              31              56              85              71            79            88
Universal Corp Richmond              57              59              39              62              50              42              6              3
Performance Food Group Richmond              44              45              56              34              35              36            79            67
Atlantic Union Bankshares Richmond              42              18              53              27              46              28            61            24
TowneBank Portsmouth              40              32              47              35              48              40            45            40
Trex Co Winchester              39              48              33              25              39              30            57            44
Apple Hospitality REIT Richmond              38              42              34               (2)              62              63            68            88
Playa Hotels & Resorts NV Fairfax              32              31               (9)             (23)               (5)               (5)            13            (4)
Strategic Education Herndon              29              12              21              12             (56)                8              5            14
Mantech Intl Herndon              28              26              28              25              29              23            28            25
Brink's Co Richmond              24              37              52              58              42              38          (89)            31
K12 Inc Herndon              24              20              33              14             (13)             (18)            10            (5)
Kinsale Capital Group Richmond              23                9                5              11              14                5            12            13
Continental Building Products Herndon              21              18              26              23              24              17            27            19
PRA Group Norfolk              21              29              20              27              14              28            25            24
ePLUS Herndon              20              18              21              16              25              29            21            21
ICF Intl Fairfax              19              16              27              18              22              21            19            20
Shenandoah Telecomm Edinburg              18                8              20                9              20                1            13              0
Alarm.com Holdings Tysons                9              12                8              12             (17)              10              8              5
Chesapeake Lodging Trust Arlington                6                4              13              29              54              21            26            25
Armada Hoffler Properties Virginia Beach                6                7                5                6                6              10              6              5
MicroStrategy Inc Tysons Corner               (8)                1                2              18              11              21              6            13
Owens & Minor Mechanicsville             (14)              14           (290)             (18)               (2)              21        (191)            26
Gannett Co McLean             (15)               (1)               (2)              40              16                6            16              2
Appian Reston             (17)               (9)             (14)               (7)             (15)               (6)          (11)          (14)
Comscore Reston             (26)             (50)             (27)             (79)             (24)           (128)          (54)          (38)
GTT Communications McLean             (26)             (29)             (57)             (10)             (25)             (18)        (137)            (2)
Iridium Communications McLean             (28)              15             (25)             (13)             (15)              39              3            37
Evolent Health Arlington             (49)             (14)             (18)             (18)             (12)             (15)          (10)          (20)
Intrexon Blacksburg             (63)             (51)           (344)             (35)             (73)             (42)          (68)          (20)
Beacon Roofing Supply Herndon             (95)             (97)               (0)              27              71              74            67            71
Intelsat SA Tyson's Corner           (115)             (43)           (110)             (28)           (266)             (31)          (46)          (18)
Dominion Energy Richmond           (563)            661            757            620         1,145            968          566          553
Cos With Jan 2019 or Feb 2019 Qtr Ends
CarMax Richmond            256            210            248            225            289            290          320          338
American Woodward Winchester              24                4              25              31              33              31            28            27
Science Applications Intl Reston               (7)              51              58              62              64              49            55            52
Dollar Tree Chesapeake        (2,194)            692            340            355            338            344          207          314
Total all 62 Virginia Cos         9,664       16,373       10,196       14,233       16,679       18,483     16,039     14,223
….. % Change From Prior Year Qtr -41% -28% -10% 13%