Monday, June 17, 2019

The 111 Largest Greater Los Angeles Area Cos Had Total Pretax Income Declines of 10.4% in the First Quarter 2019 and of 0.7% in the Fourth Quarter 2018, While Posting an Increase of 42.5% in Annual 2016, Obama's Last Year in Office

Democratic Presidential Candidate Pete Buttigieg Was Previously Scheduled to Visit the Los Angeles Area This Week.  California is one of the 12 Super Tuesday US States Holding Their 2020 Democratic Presidential Early Primary on March 3, 2020.  Thus, I Think It Might Be Helpful to Research Just How the Greater Los Angeles Area Companies Have Performed on the Pretax Earnings Front in the Most Recent Three Months and Also in 2016, Obama's Last Year in Office
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 From a review of SEC filings and Google Finance, I found 111 Greater Los Angeles Area Companies, including ones in Santa Barbara, Goleta, San Clemente and Carlsbad, with stock markets caps of above $1 bil sometime since the beginning of 2018 and which have reported their earnings for all of the three most recent quarters to the SEC.

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 Quarter of both 2019 and 2018, for the Fourth Quarter of both 2018 and 2017 and for the Third Quarter of both 2018 and 2017 for each of these 111 Greater Los Angeles Area Companies.

 I excluded both Korn/Ferry International and AeroVironment since they haven't yet released their April 2018 Quarter earnings.

 As required by US GAAP, Walt Disney properly reported a $4.917 Bil Non-Cash Gain related just due to its acquisition of an additional 30% in the exceptional Hulu bringing its ownership up to a controlling 60% in the very latter part of its March 2019 Quarter.  I excluded this Hulu Acquisition Gain below since it had nothing to do with Walt Disney's Operational Performance in the March 2019 Quarter.

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)
Greater Los Angeles Area Companies First First Fourth Fourth Third Third
Reporting 1Q 2019, 4Q 2018 and 3Q 2018 Earnings California Quarter Quarter Quarter Quarter Quarter Quarter
Market Caps Above $1 Bil Sometime Since 1-1-18 City HQs 2019 2018 2018 2017 2018 2017
mils $ mils $ mils $ mils $ mils $ mils $
Walt Disney Co Burbank       2,320       3,928       3,431       3,745       3,202       2,694
Amgen Thousand Oaks       2,314       2,619       2,185       2,214       2,094       2,381
Activision Blizzard Santa Monica          567          567          690          185          212          220
Public Storage Glendale          368          344          588          391          380          358
Monster Beverage Corona          314          282          311          268          343          321
Edwards Lifesciences Irvine          278          264            (2)          324          249          212
Molina Healthcare Long Beach          260          179          256        (316)          259        (113)
Reliance Steel & Aluminum Los Angeles          256          225          124          121          195          142
CBRE Group Los Angeles          215          196          496          428          387          277
Edison Intl Rosemead          196          211     (2,216)        (170)          627          432
East West Bancorp Pasadena          195          212          205          174          205          175
Oaktree Capital Group LLC Los Angeles          189          144          125          282          150          148
Air Lease Corp Los Angeles          175          141          172          166          179          154
Mercury General Corp Los Angeles          167          (60)        (114)              9            70            58
Skechers USA Inc Manhattan Beach          163          152            82            55          123          118
PacWest Bancorp Brea          156          154          154          140          158          158
First American Financial Santa Ana          142            93          119          159          196            18
Alexandria Real Estate Equities Pasadena          137          142          (19)            46          219            60
Ares Management Los Angeles          136            62            19          137            52            88
Herbalife Ltd Los Angeles          135            92          113          110          117            81
Ionis Pharmaceuticals Carlsbad          122          (11)            11          (16)          (20)            (7)
Aecom Los Angeles          114        (132)            31            77          124          110
Chipotle Mexican Grill Newport Beach          113            94            43            61            60            32
Teledyne Technologies Inc Thousand Oaks            93            82          107            88          100            82
Cathay General Bancorp Los Angeles            85            83            82            77            88            85
Xencor Monrovia            81          (29)          (18)              6              3          (22)
Green Dot Corp Pasadena            80            80            12              6            (0)            14
CVB Financial Ontario            73            48            60            50            54            49
HCP Inc Irvine            62            38          831          (45)            98          (11)
Houlihan Lokey Los Angeles            62            61            63            55            57            54
Masimo Corp Irvine            60            56            56            45            50            43
PennyMac Financial Services Westlake Village            60            73            58          122            62            94
Callaway Golf Co Carlsbad            58            80          (38)          (23)            11              5
Hope Bancorp Los Angeles            57            69            61            66            62            72
Pacific Premier Bancorp Inc Irvine            54            37            55            36            36            31
Five Point Holdings Irvine            54          (14)          (11)            82          (22)          (10)
Aerojet Rocketdyne El Segundo            52            19            35            23            88            19
PennyMac Mortgage Investment Trust Moorpark            50            38            26            46            52            24
ASGN Calabasas            48            39            60            55            60            54
PS Business Parks Glendale            47            72            53            45            45            43
Tetra Tech Pasadena            44            39            53            45            39            52
Kilroy Realty Corp Los Angeles            42            41          167            33            38            75
Dine Brands Global Glendale            41            23            32            11            31        (506)
Kaiser Aluminum Corp Foothill Ranch            38            32            30            36            30            36
Ensign Group Mission Viejo            35            30            31            23            26            22
KB Home Los Angeles            35            46          129          137          115            79
Emerald Expositions Events San Juan Capistrano            35            51        (120)          (22)            29            33
Deckers Outdoor Corp Goleta            34            18          245          193            90            66
American Homes 4 Rent Agoura Hills            33            22            35            31            30            19
Douglas Emmett Inc Santa Monica            33            33            24            32            35            29
ICU Medical San Clemente            33              4          (12)            40              1              5
J2 Global Inc Los Angeles            32            26            72            83            40            42
Cheesecake Factory Calabasas Hills            29            30            16            23            30            33
OSI Systems Hawthorne            27              3            26            13            11            15
Preferred Bank Los Angeles            27            22            27            23            25            23
Arrowhead Pharmaceuticals Pasadena            24          (15)            12          (13)          (11)          (11)
Calavo Growers Inc Santa Paula            22            19              6            11            (1)            17
Stamps.com El Segundo            22            49            53            51            43            35
Marcus & Milichap Inc Calabasas            21            24            33            29            29            25
Hanmi Financial Los Angeles            21            21            20            25            22            25
LTC Properties Inc Westlake Village            20            20            31            20            35            21
William Lyon Homes NewportBeach            20            15            54            62            41            44
Wesco Aircraft Holdings Valencia            17            21              9            13            10            10
American States Water San Dimas            16            13            18            18            30            34
Corvel Irvine            16            12            14            10            16            12
Caretrust REIT Inc San Clemente            16            15            16              2            15            11
Colony Credit Real Estate Los Angeles            15            (3)          (92)            34          (61)            31
Sunstone Hotel Investors Irvine            14            35            80            25            92            (3)
BJ's Restaurants Huntington Beach            14            15            12            10              7              1
Opus Bank Irvine            14            17            (8)            15              8            33
Rexford Industrial Realty Los Angeles            11            15            15            14              9              2
Semtech Corp Camarillo            11            (5)            26            11            11            17
Banc of California Santa Ana            10              1            17              7            14            14
Macerich Santa Monica              9          (37)            11            54            82            22
Tutor Perini Corp Sylmar              7          (15)            75            45            33            34
Kennedy-Wilson Holdings Beverly Hills              6            (4)            57            88            20              6
NextGen Health Care Irvine              6          (20)              5              3            15            11
Inogen Goleta              6            10              6              6            11              9
The Trade Desk Ventura              5              9            49            28            22            16
Corelogic Irvine              3            28            21            46            43            43
Staar Surgical Monrovia              2              1              1            (1)              2              2
ViaSat Inc Carlsbad              0          (36)            (8)          (23)          (35)          (25)
TRI Pointe Group Irvine              0            58          136          157            84          118
AppFolio Goleta            (1)              4              3              3              6              4
Glaukos Corp San Clemente            (1)            (3)              2              1            (7)              1
Cornerstone OnDemand Santa Monica            (3)          (16)            (2)            (9)            (2)          (14)
QAD Santa Barbara            (3)              3              3            (3)              4              1
Amphastar Rancho Cucamonga            (4)            (9)              1            (1)              3            (2)
Apollo Medical Holdings Alhambra            (4)            23            (3)              8            53            20
Alteryx Irvine            (5)              3            19            (2)            (2)            (3)
TTM Technologies Inc Costa Mesa            (5)            15            23            54            35            23
Boingo Wireless Los Angeles            (5)            (3)            (5)            (3)              0            (3)
Beyond Meat El Segundo            (7)            (6)            (7)            (7)            (9)            (7)
Blackline Woodland Hills            (8)            (7)            (8)            (4)            (4)          (12)
Puma Biotechnology Los Angeles          (10)          (24)          (31)          (64)          (14)          (77)
LiveXLive Media West Hollywood          (10)            (9)            (7)            (4)          (10)            (4)
MaxLinear Inc Carlsbad          (11)            (0)          (14)          (10)          (16)          (15)
TrueCar Inc Santa Monica          (14)            (9)            (6)          (11)            (6)            (9)
Endologix Irvine          (22)          (20)          (26)          (15)          (10)          (14)
Guess? Inc Los Angeles          (23)          (27)            68            69          (27)              2
Sonos Inc Santa Barbara          (23)          (32)            64            46            (2)          (15)
Evolus NewportBeach          (25)            (6)          (12)            (3)          (12)            (3)
Colony Capital Los Angeles          (29)          (60)        (432)        (386)          (16)            60
Hudson Pacific Properties Los Angeles          (37)            53            19            49            20            15
California Resources Santa Clarita          (44)              9          392        (135)            91        (132)
Live Nation Entertainment Beverly Hills          (51)          (34)        (130)        (233)          200          174
Sabra Health Care REIT Inc Irvine          (77)            63          (18)          104            36            15
Lions Gate Entertainment Santa Monica        (141)          (25)            25          (13)        (175)          (35)
Mattel El Segundo        (178)        (314)            56        (347)            73            61
Avery Denison Glendale        (285)          159            88          157          167          147
Snap Santa Monica        (310)        (384)        (192)        (353)        (325)        (455)
Total 111 Greater Los Angeles Area Cos       9,638     10,757       9,590       9,660     11,632       9,043
Total Pretax Income % Change From Prior Year's Qtr -10.4% -0.7% 28.6%

Also from SEC filings, the chart below shows the Audited Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the Fiscal Years Ended (FYEs) 2016 and 2015 for each of the 111 Greater Los Angeles Area Companies.

Annual Audited Audited
Audited Pretax Pretax
Financial Income Income
California Sts (Loss) (Loss)
Greater Los Angeles, California Area Cos City State FYE FYE FYE %
Stock Market Caps Above $1 Bil HQs HQs 2016 2016 2015 Increase
 $ mils  $ mils
Walt Disney Co Burbank CA Sep 16     14,868     13,868
Amgen Thousand Oaks CA Dec 16       9,163       7,978
Edison Intl Rosemead CA Dec 16       1,590       1,568
Public Storage Glendale CA Dec 16       1,460       1,318
Activision Blizzard Santa Monica CA Dec 16       1,106       1,121
Monster Beverage Corona CA Dec 16       1,080          892
CBRE Group Los Angeles CA Dec 16          882          880
Edwards Lifesciences Irvine CA Dec 16          738          622
Oaktree Capital Group LLC Los Angeles CA Dec 16          609     (1,515)
Air Lease Corp Los Angeles CA Dec 16          580          393
East West Bancorp Pasadena CA Dec 16          572          579
PacWest Bancorp Brea CA Dec 16          558          480
Macerich Santa Monica CA Dec 16          556          520
First American Financial Santa Ana CA Dec 16          478          433
Avery Denison Glendale CA Dec 16          477          409
Masimo Corp Irvine CA Dec 16          434          116
Reliance Steel & Aluminum Los Angeles CA Dec 16          429          459
Mattel El Segundo CA Dec 16          410          464
PennyMac Financial Services Westlake Village CA Dec 16          383          279
HCP Inc Irvine CA Dec 16          379          143
Herbalife Ltd Los Angeles CA Dec 16          365          486
Skechers USA Inc Manhattan Beach CA Dec 16          359          333
Kilroy Realty Corp Los Angeles CA Dec 16          304          239
TRI Pointe Group Irvine CA Dec 16          302          319
Ares Management Los Angeles CA Dec 16          298            81
Colony Capital Los Angeles CA Dec 16          296          247
Cathay General Bancorp Los Angeles CA Dec 16          242          221
Teledyne Technologies Inc Thousand Oaks CA Dec 16          241          258
J2 Global Inc Los Angeles CA Dec 16          211          157
Molina Healthcare Long Beach CA Dec 16          205          322
California Resources Santa Clarita CA Dec 16          201     (5,476)
Cheesecake Factory Calabasas Hills CA Dec 16          192          159
Hope Bancorp Los Angeles CA Dec 16          191          155
Houlihan Lokey Los Angeles CA Mar 17          178          126
Corelogic Irvine CA Dec 16          164          187
CVB Financial Ontario CA Dec 16          162          151
DineBrands Global Glendale CA Dec 16          158          169
ASGN Calabasas CA Dec 16          157          122
KB Home Los Angeles CA Nov 16          149          127
Tutor Perini Corp Sylmar CA Dec 16          149            74
Kaiser Aluminum Corp Foothill Ranch CA Dec 16          147        (372)
PS Business Parks Glendale CA Dec 16          145          149
Sunstone Hotel Investors Aliso Viejo CA Dec 16          140          341
Aecom Los Angeles CA Sep 16          126        (151)
Wesco Aircraft Holdings Valencia CA Sep 16          126        (242)
Tetra Tech Pasadena CA Sep 16          124            80
Stamps.com El Segundo CA Dec 16          117            (6)
Colony Credit Real Estate Los Angeles CA Dec 16          111            82
Marcus & Milichap Inc Calabasas CA Dec 16          107          113
William Lyon Homes NewportBeach CA Dec 16          103            87
Banc of California Santa Ana CA Dec 16          100            69
Douglas Emmett Inc Santa Monica CA Dec 16            96            69
American States Water San Dimas CA Dec 16            94            98
Kennedy-Wilson Holdings Beverly Hills CA Dec 16            91          112
Hanmi Financial Los Angeles CA Dec 16            89            92
Ensign Group Mission Viejo CA Dec 16            86            91
LTC Properties Inc Westlake Village CA Dec 16            85            73
ICU Medical San Clemente CA Dec 16            85            70
Semtech Corp Camarillo CA Jan 17            73            20
Mercury General Corp Los Angeles CA Dec 16            71            71
Sabra Health Care REIT Inc Irvine CA Dec 16            71            80
TTM Technologies Inc Costa Mesa CA Dec 16            67              9
Pacific Premier Bancorp Inc Irvine CA Dec 16            65            41
MaxLinear Inc Carlsbad CA Dec 16            64          (43)
Green Dot Corp Pasadena CA Dec 16            62            58
PennyMac Mortgage Investment Trust Moorpark CA Dec 16            62            73
BJ's Restaurants Huntington Beach CA Dec 16            61            62
Calavo Growers Inc Santa Paula CA Oct 16            60            43
Preferred Bank Los Angeles CA Dec 16            60            50
Callaway Golf Co Carlsbad CA Dec 16            58            20
Guess? Inc Los Angeles CA Jan 17            54          127
Corvel Irvine CA Mar 17            48            46
Live Nation Entertainment Beverly Hills CA Dec 16            48              6
Xencor Monrovia CA Dec 16            46          (19)
Hudson Pacific Properties Los Angeles CA Dec 16            44          (16)
The Trade Desk Ventura CA Dec 16            44            30
Emerald Expositions Events San Juan Capistrano CA Dec 16            36            30
OSI Systems Hawthorne CA Jun 16            35            89
Aerojet Rocketdyne El Segundo CA Dec 16            29          (16)
Caretrust REIT Inc Mission Viejo CA Dec 16            29            10
Caretrust REIT Inc San Clemente CA Dec 16            29            10
Rexford Industrial Realty Los Angeles CA Dec 16            26              2
NextGen Health Care Irvine CA Mar 17            24              6
Inogen Goleta CA Dec 16            23            15
Apollo Medical Holdings Alhambra CA Dec 16            19            (8)
ViaSat Inc Carlsbad CA Dec 16            18            54
Opus Bank Irvine CA Dec 16            16            98
Amphastar Rancho Cucamonga CA Dec 16            15          (11)
American Homes 4 Rent Agoura Hills CA Dec 16            10          (48)
Glaukos Corp San Clemente CA Dec 16              5          (38)
QAD Santa Barbara CA  Jan 17               4            11
Deckers Outdoor Corp Goleta CA  Mar 17             (7)          157
AppFolio Goleta CA Dec 16            (8)          (16)
Staar Surgical Monrovia CA Dec 16          (12)            (6)
LiveXLive Media West Hollywood CA Mar 17          (14)            (4)
Evolus NewportBeach CA Dec 16          (20)          (31)
Alteryx Irvine CA Dec 16          (24)          (21)
Beyond Meat El Segundo CA Dec 16          (25)  N/A 
Boingo Wireless Los Angeles CA Dec 16          (27)          (22)
Blackline Woodland Hills CA Dec 16          (35)          (38)
Sonos Inc Santa Barbara CA  Sep 16           (36)          (66)
TrueCar Inc Santa Monica CA Dec 16          (41)          (64)
Alexandria Real Estate Equities Pasadena CA Dec 16          (50)          146
Ionis Pharmaceuticals Carlsbad CA Dec 16          (57)          (88)
Cornerstone OnDemand Santa Monica CA Dec 16          (66)          (84)
Arrowhead Pharmaceuticals Pasadena CA Sep 16          (82)          (92)
Five Point Holdings Irvine CA Dec 16        (105)            (4)
Lions Gate Entertainment Santa Monica CA Mar 17        (134)          (34)
Endologix Irvine CA Dec 16        (154)          (60)
Puma Biotechnology Los Angeles CA Dec 16        (276)        (239)
Snap Santa Monica CA Dec 16        (522)        (380)
Total all 111 Greater Los Angeles Area Cos     42,929     30,135 42.5%










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