Friday, June 7, 2019

All 21 Iowa Cos With Stock Market Caps Above $100 Mil Saw Their Total Pretax Earnings Decline By 24% in the Most Recent Six Months Ended March 2019, After an Increase of 9% in the Six Months Ended September 2018

Democratic Presidential Candidate Pete Buttigieg Will Be in Des Moines, Iowa on Saturday, June 8, 2019 and Also Will Be Attending a Picnic at Greene Square Park in Cedar Rapids, Iowa on Sunday, June 9, 2019.  Thus, I Think It Might Be Helpful to Research Just How Iowa Companies Have Performed on the Earnings Front in the Most Recent Four Quarters.
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From a review of SEC filings and Google Finance, 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 First Quarter of both 2019 and 2018, the Fourth Quarter of both 2018 and 2017. the Third Quarter of both 2018 and 2017 and the Second Quarter of both 2018 and 2017 for each of these 21 Iowa 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
Iowa 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 Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter
Market Caps Above $100 Mil City HQs 2019 2018 2018 2017 2018 2017 2018 2017
mils $ mils $ mils $ mils $ mils $ mils $ mils $ mils $
Des Moines Area Insurance Cos
Athene Holding Ltd West Des Moines          740          322        (147)          487          706          294          330          337
Principal Financial Des Moines          526          457          243          315          569       1,158          515          366
FGL Holdings Des Moines          180          104        (199)            63            71            87            28            48
EMC Insurance Group Des Moines            42            (1)          (31)            25            24            (0)            (8)              7
FBL Financial Group West Des Moines            40            27              4            32            36            36            39            46
American Equity Investment Life West Des Moines          (39)          178            66          108          208            87          114            40
Total 6 Des Moines Insurance Cos       1,489       1,087          (64)       1,030       1,614       1,662       1,018          844
….. % Change From Prior Year Qtr 37% -106% -3% 21%
All Other Iowa Companies
United Fire Group Cedar Rapids            55            22          (42)            29            13          (32)            (2)            (4)
Casey's General Stores Ankeny            54            26            91            78            89            92            19            43
Meredith Des Moines            41        (126)            87            32            20            52            32            64
Heartland Financial USA Dubuque            40            28            39            35            43            30            35            30
Winnebago Industries Forest City            25            30            29            27            42            38            44            30
Heartland Express North Liberty            22            13            30            10            26            13            23            22
Hills Nancorporation Hills            14            13              7            13            13            12            13              9
MidWestOne Financial Iowa City              9            10              9              1              9              8            10            10
West Bancorporation West Des Moines              8              9              8              9            10              9              8              9
Ames National Corp Ames              5              5              5              6              6              6              5              5
HNI Corp Muscatine              2              1            42          (13)            51            56            24            21
Lee Enterprises Davenport            (2)              3            15            16              5              6              7              8
Workiva Ames            (7)          (10)            (8)          (14)          (11)          (14)          (22)          (10)
Flexsteel Industries Dubuque          (20)              5              2              8              2            10              3              9
Renewable Energy Group Ames          (42)          217            26          (11)            33          (38)            38          (33)
Total  15 All Other Iowa Cos          203          247          340          226          351          248          238          212
….. % Change From Prior Year Qtr -18% 50% 42% 12%
Total all 21 Iowa Companiess       1,692       1,334          276       1,256       1,965       1,910       1,256       1,056
….. % Change From Prior Year Qtr 27% -78% 3% 19%
Pretax Income Six Months Ended March 2019       1,968
Pretax Income Six Months Ended March 2018       2,590
………. % Decline -24%
Pretax Income Six Months Ended September 2019       3,221
Pretax Income Six Months Ended September 2018       2,966
………. % Increase 9%



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