Wednesday, June 19, 2019

The 12 Largest Rhode Island Cos Suffered Total Audited Pretax Income Declines of 46% in Annual 2018 and of 10% in Annual 2017

Democratic Presidential Candidate Pete Buttigieg is Scheduled To Be in Boston, Massachusetts Tomorrow, June 20, 2019.  The State of Rhode Island is Very Close to Boston and Thus I Think It Might Be Helpful to Research Just How Rhode Island Companies Have Performed on the Pretax Earnings Front During the Trump Administration.
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 From a review of SEC filings and Google Finance, I found 12 Rhode Island Companies, with stock markets caps of above $100 mil sometime since the beginning of 2018 and which have reported their annual earnings for all of the three most recent years 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 these 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 and 2016 for each of the 12 Rhode Island Cos.

Most
Recent      
Annual Audited Audited Audited
Audited Pretax Pretax Pretax
    Financial Income Income Income
  Rhode Island Sts (Loss) (Loss) (Loss)
Rhode Island Companies City State 2018 FYE FYE FYE
Stock Market Caps Above $100 mil HQs HQs FYE 2018 2017 2016
   $ mils  $ mils  $ mils
Citizens Financial Group Providence RI Dec 18          2,183          1,912          1,534
CVS Health Woonsocket RI Dec 18          1,406          8,268          8,637
Textron Providence RI Dec 18          1,384             762             876
Intl Game Technology plc Providence RI Dec 18             304            (977)             323
Hasbro Pawtucket RI Dec 18             270             786             692
United Natural Foods Providence RI Jul 18             213             214             208
Twin River Worldwide Hldgs Lincoln RI Dec 18               98             101               83
Washington Trust Bancorp Westerly RI Dec 18               87               78               69
Pangaea Logistics Solutions Ltd Newport RI Dec 18               24                 9                 9
AstroNova West Warwick RI Jan 19                 7                 5                 7
Capital Properties Providence RI Dec 18                 1                 2                 2
KVH Industries Middletown RI Dec 18                (8)              (10)                (2)
Total all 12 Rhode Island Companies          5,969        11,150        12,438
…..Pretax Income % Decline vs Prior Year -46% -10%  



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