Wednesday, June 19, 2019

132 Largest Massachusetts Cos Had Total Pretax Income (TPTI) Declines of 63% in the 9 Months Ended April 2019, of 43% in Year 2018 and of 41% in Year 2017. Their TPTI Dropped From $32.9 Bil in 2016 to $19.6 Bil in 2017 and to $11.2 Bil in 2018

Democratic Presidential Candidate Pete Buttigieg is Scheduled To Be in Boston, Massachusetts Tomorrow, June 20, 2019.  Massachusetts is one of the 12 Super Tuesday US States Holding Their 2020 Democratic Presidential Early Primary on March 3, 2020.  Thus as an Introduction, I Think It Might Be Helpful to Research Just How Massachusetts Companies Have Performed on the Pretax Earnings Front During the Trump Administration.
......................................................................

From a review of SEC filings and Google Finance, I found 132 Massachusetts Area Companies, 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 132 Massachusetts Companies.

US US
GAAP GAAP
US US US US US US Pretax Pretax
GAAP GAAP GAAP GAAP GAAP GAAP Income Income
Pretax Pretax Pretax Pretax Pretax Pretax (Loss) (Loss)
Income Income Income Income Income Income Nine Nine
Massachusetts Cos (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) Months Months
Reporting Quarterly Earnings to the SEC First First Fourth Fourth Third Third Ended Ended
 in Each of the Most Recent 3 Quarters Massachusetts Quarter Quarter Quarter Quarter Quarter Quarter April April
Market Caps > $1 Bil  City HQs 2019 2018 2018 2017 2018 2017 2019 2018
mils $ mils $ mils $ mils $ mils $ mils $ mils $ mils $
Biogen Cambridge       1,831       1,494       1,415       1,400       1,813       1,610       5,059       4,504
TJX Cos Framingham          936          956       1,179       1,112       1,047       1,020       3,162       3,088
Thermo Fisher Scientific Waltham          817          634       1,012          820          810          480       2,639       1,934
Raytheon Waltham          921          757          927          834          636          816       2,484       2,407
State Street Corp Boston          635          788          504          717          867          822       2,006       2,327
Analog Devices Norwood          408          440          400          375          458          441       1,266       1,256
Boston Scientific Marlborough          457          323          296          227          456          309       1,209          859
Eversource Energy Springfield          394          355          302          370          358          415       1,054       1,140
American Tower Boston          442          249          197          141          390          368       1,029          758
Skyworks Solutions Woburn          241          292          324          386          343          348          908       1,026
Keurig Dt Pepper Burlington          315          140          358          182          194          163          867          485
Alexion Pharmaceuticals Boston          542          352          (33)            89          342            58          851          499
LPL Financial Holdings Boston          204          120          162            80          147            97          513          297
Vertex Pharmaceutical Boston          320          215            32          112          137        (417)          489          (90)
Waters Corp Milford          117          141          198          226          169          154          484          521
Boston Properties Boston          131          216          185          132          150          148          466          496
Eaton Vance Boston          150          130          120          137          142          139          412          406
Sensata Technologies plc Attleboro          107          105          119          115          174          103          400          323
Akamai Technologies Cambridge          132            68          113            32          111            92          356          192
Teradyne North Reading            94            96          111            98          141          127          346          321
IPG Photonics Oxford            72          142          101          148          128          161          301          451
Hanover Insurance Group Worchester          149            59              1            95          123            83          273          237
Hospitality Properties Trust Newton          227            81        (110)            27          118            86          235          194
MKS Instruments Andover            15          127            91          111          115          101          221          339
Cabot Boston            49        (170)            70            93          101            79          220              2
Dunkin Brands Group Canton            71            59            66            57            81            82          218          198
Abiomed Danvers            99            49            65            46            52            32          216          127
Charles River Labs Wilmington            66            63            75            69            73            73          214          205
Bruker Billerica            38            36          100            89            65            47          203          172
PerkinElmer Waltham            37            29            79            81            78          105          194          215
Aspen Technology Bedford            75            58            69            35            42            60          186          153
BJ's Wholesale Club Westborough            43            19            83            46            57            28          183            93
RMR Group Newton            22            23          137          208            22            17          181          248
Cognex Natick            36            38            49            53            81          113          166          204
UniFirst Wilmington            63            44            52            53            43            (8)          158            89
Entegris Billerica            38            71            60            42            59            50          157          163
Iron Mountain Boston            41            47            21          153            93            28          155          228
Bright Horizons Family Solutions Watertown            51            44            52            40            44            34          147          118
TripAdvisor Needham            33            21            22              3            87            38          142            62
Watts Water Technologies North Andover            43            39            42            33            44            40          129          112
BrightSphere Investment Group plc Boston            83            84            35            85            11            15          129          184
Independent Bank Corp Rockland            47            34            38            37            43            37          128          108
Boston Beer Boston            30              9            29            15            47            52          106            76
Safety Insurance Group Boston            36            11            23            14            37            26            96            51
iRobot Corp Bedford            24            26            30            22            38            26            92            74
Berkshire Hills Bancorp Boston            31            33            18            19            41            30            90            82
Boston Private Financial Hldgs Boston            24            28            42              3            24            28                90            59
Brookline Bancorp Boston            29            25            29            27            29            24            87            76
Cimpress NV Waltham            10              2            83            52          (10)            17            83            71
Acushnet Holdings Fairhaven            48            58            16            23            17            14            81            95
Haemonetics Braintree            22            13            25              0            23            23            70            36
Enanta Pharmaceuticals Watertown              1            18            30            15            36            55            67            88
Clean Harbors Norwell              7          (10)            17              4            42            25            66            19
Stag Industrial Boston              7            25            47              9              9            22            63            56
Kadant Westford            15            15            21            16            25            18            61            49
Altra Industrial Motion Braintree            46            13            (6)            16            18            19            58            48
Meridian Bancorp East Boston            20            15            15            25            22            20            57            60
Progress Software Bedford            13            18            22            28            20            19            55            65
Industrial Logistics Properties Trust Newton            17            19            18            15            18            23            53            57
Bain Capital Specialty Finance Boston            39            11          (10)              7            19              7            48            25
Mercury Systems Andover            19              6            17            10            11            10            47            26
Novanta Bedford            12            14            14            17            19              9            45            40
GCP Applied Technologies Cambridge            (2)            (0)            30            10            15          (33)            43          (23)
ATN International Beverly              2              2            11            41            28          (22)            41            21
Lantheus Holdings North Billerica            13            12            13            11            13              9            39            32
Virtusa Corp Southborough            13            11            23            17              2              9            38            37
Chase Corp Westwood              7            12            12            13            14            16            33            41
Acacia Communications Maynard              5          (13)            14              6            10            10            29              3
Rudolf Technologies Wilmington              9            18            10            12              8            26            27            56
Monotype Imaging Woburn              3            (4)            15              5              9              4            27              5
Axcelis Technologies Beverly              7            17            10            10              9            13            26            40
Vicor Andover              5              4              7              1            13              0            25              5
Repligen Waltham            11              5              7              2              7            (2)            25              5
LogMein Boston            (9)            42            15            18            15              7            21            67
CarGurus Cambridge              9              7              8              0              4              3            21            10
Insulet Billerica              5            (6)            11            (7)              2            (2)            18          (15)
Casa Systems Andover          (18)            20            13            51            20            37            15          108
Franklin Street Properties Wakefield            (1)              2              2            (5)            10              2            11            (1)
Carbonite Boston            (5)            (5)              1            (2)              2            (3)            (2)          (10)
Mimecast Ltd Lexington            (2)            (6)              1            (2)            (1)            (1)            (2)            (9)
Brooks Automation Chelmsford            (4)              8              0              1              1              2            (3)            11
Marimed Newton              0            (2)              5            (1)          (10)            (0)            (5)            (3)
Circor International Burlington              0          (23)            (7)          (11)            (4)              4          (11)          (30)
Net Scout Systems Westford            23          (13)            (5)            35          (29)            (5)          (11)            17
PTC Inc Needham          (33)            12            20              6              1              5          (12)            23
Office Properties Income Trust Newton            35            (4)          (40)          (19)          (10)              1          (15)          (22)
Mersana Therapeutics Cambridge            22          (12)          (22)          (14)          (17)            (8)          (17)          (34)
Endurance Intl Group Hldgs Burlington            (2)            (4)          (21)            (2)              5          (37)          (18)          (43)
Nuance Communications Burlington          (22)        (165)            19          (32)          (26)          (56)          (29)        (253)
X4 Pharmaceuticals Cambridge          (11)            (7)            (9)          (11)          (11)          (12)          (31)          (30)
Everbridge Burlington          (14)          (12)            (9)            (6)            (8)            (4)          (31)          (22)
Pegasystems Cambridge          (37)              8            18            37          (16)            (7)          (35)            38
Rapid7 Boston          (11)          (16)          (13)          (13)          (12)          (13)          (36)          (42)
Senior Housing Properties Trust Newton            32          238        (117)            66            47            36          (38)          340
Organogenesis Holdings Canton          (16)          (22)            (9)            (5)          (13)            (5)          (38)          (32)
Hub Spot Cambridge          (10)          (15)          (11)          (13)          (18)          (16)          (39)          (44)
Avrobio Cambridge          (17)            (8)          (16)            (8)          (12)            (6)          (45)          (22)
RA Pharmaceuticals Cambridge          (19)          (16)          (16)          (15)          (17)          (15)          (52)          (46)
Carbon Black Waltham          (20)          (21)          (19)          (15)          (17)          (14)          (56)          (50)
Homology Medicines Bedford          (24)          (10)          (19)          (12)          (15)            (7)          (58)          (29)
Intellia Therapeutics Cambridge          (22)          (21)          (19)          (24)          (23)          (15)          (64)          (60)
Dicerma Pharmaceuticals Cambridge          (26)          (16)          (19)          (16)          (19)          (15)          (64)          (47)
Editas Medicine Cambridge          (29)          (31)          (25)          (36)          (15)          (27)          (69)          (94)
Solid Biosciences Cambridge          (30)          (16)          (22)          (14)          (19)          (14)          (71)          (44)
Rubius Therapeutics Cambridge          (33)          (14)          (27)          (18)          (26)          (12)          (86)          (44)
Epizyme Cambridge          (29)          (34)          (23)          (37)          (37)          (38)          (89)        (109)
MACOM Technology Solutions Lowell          (46)          (18)          (22)          (16)          (26)              7          (94)          (27)
Acceleron Pharma Cambridge          (38)          (26)          (35)          (28)          (29)          (25)        (102)          (79)
Deciphera Pharmaceuticals Waltham          (47)          (21)          (32)          (20)          (24)          (12)        (103)          (53)
Momenta Pharmaceutics Cambridge          (45)          (48)            (8)            14          (50)          (33)        (103)          (67)
Akcea Therapeutics Cambridge            27          (30)          (71)          (20)          (63)          (16)        (107)          (66)
Houghton Mifflin Harcourt Boston        (111)        (103)          (83)          (98)            81            79        (113)        (122)
Wave Life Sciences Ltd Cambridge          (44)          (35)          (38)          (31)          (38)          (25)        (120)          (91)
Flexion Therapeutics Burlington          (42)          (42)          (41)          (51)          (44)          (34)        (127)        (127)
Immunogen Waltham          (44)          (39)          (41)          (13)          (47)          (57)        (132)        (109)
Radius Health Waltham          (43)          (62)          (41)          (71)          (50)          (58)        (134)        (191)
Alkermes Waltham        (100)          (67)            (2)            11          (34)          (36)        (136)          (92)
CRISPR Therapeutics AG Cambridge          (48)          (28)          (47)              1          (51)          (24)        (146)          (51)
Karyopharm Therapeutics Newton          (66)          (38)          (58)          (39)          (48)          (31)        (172)        (108)
Hologic Marlborough        (354)        (691)          104            96            71            72        (179)        (523)
Akebia Therapeurics Cambridge          (75)          (23)          (88)            16          (26)          (23)        (189)          (30)
Blueprint Medicines Cambridge          (87)          (57)          (80)          (49)          (73)          (38)        (240)        (144)
Ironwood Pharmaceuticals Cambridge          (59)          (43)          (15)            12        (174)          (32)        (248)          (63)
Agios Pharmaceuticals Cambridge          (93)          (91)          (92)          (88)          (95)          (77)        (280)        (256)
Sarepta Therapeutics Cambridge          (77)          (35)        (142)          (26)          (77)          (46)        (296)        (107)
Moderna Cambridge        (133)          (72)        (141)          (38)          (80)          (65)        (354)        (175)
Sage Therapeutics Cambridge        (163)          (75)        (158)          (69)        (123)          (74)        (444)        (218)
bluebird bio Cambridge        (164)        (115)        (149)        (117)        (145)          (79)        (458)        (311)
Wayfair Boston        (200)        (108)        (143)          (73)        (151)          (76)        (494)        (257)
Beigene Ltd Cambridge        (168)        (109)        (275)          (94)        (145)          114        (588)          (89)
Alnylam Pharmaceuticals Cambridge        (181)        (141)        (211)        (142)        (245)        (123)        (637)        (406)
General Electric Boston       1,275          277          858   (12,971)   (22,736)          746   (20,603)   (11,948)
Total all 132 Massachusetts Cos       9,671       7,279       8,345     (4,374)   (13,632)       8,890           4,385     11,795
Total Pretax Income
….. Nine Months Ended April 2019
               4,385
….. Nine Months Ended April 2018
             11,795
………. Total Pretax Income % Decline
-63%

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) 2018, 2017 and 2016 for each of the 133 Massachusetts Cos with stock market caps above $1 bil sometime since the beginning of 2018 and which have reported their Pretax Income (Loss) amounts for all three years 2018, 2017 and 2016 in their audited financial statements filed  with the SEC.

Most
Recent
Annual Audited Audited Audited
Audited Pretax Pretax Pretax
Financial Income Income Income
Massachusetts Sts (Loss) (Loss) (Loss)
Massachusetts Companies City State 2018 FYE FYE FYE
Stock Market Caps > $1 Bil HQs HQs FYE 2018 2017 2016
 $ mils  $ mils  $ mils
Biogen Cambridge MA Dec 18          5,900          5,129          4,933
TJX Cos Framingham MA Jan 19          4,173          3,857          3,723
Thermo Fisher Scientific Waltham MA Dec 18          3,262          2,429          2,024
Raytheon Waltham MA Dec 18          3,147          3,113          3,085
State Street Corp Boston MA Dec 18          2,999          2,899          2,120
Analog Devices Norwood MA Oct 18          1,639             828             957
Boston Scientific Marlborough MA Dec 18          1,422             933             177
Skyworks Solutions Woburn MA Sep 18          1,332          1,257          1,201
Eversource Energy Springfield MA Dec 18          1,329          1,574          1,505
American Tower Boston MA Dec 18          1,155          1,256          1,126
Keurig Dt Pepper Burlington MA Dec 18             791             567             303
Boston Properties Boston MA Dec 18             713             562             570
Waters Corp Milford MA Dec 18             682             641             600
Vertex Pharmaceutical Boston MA Dec 18             600              (16)              (67)
LPL Financial Holdings Boston MA Dec 18             593             365             298
Eaton Vance Boston MA Oct 18             555             480             418
IPG Photonics Oxford MA Dec 18             534             552             367
Sensata Technologies plc Attleboro MA Dec 18             526             402             321
MKS Instruments Andover MA Dec 18             481             448             128
Teradyne North Reading MA Dec 18             468             524              (55)
Iron Mountain Boston MA Dec 18             413             218             149
Akamai Technologies Cambridge MA Dec 18             343             314             466
Senior Housing Properties Trust Newton MA Dec 18             293             152             142
Dunkin Brands Group Canton MA Dec 18             289             283             279
Hanover Insurance Group Worchester MA Dec 18             283             293               66
Charles River Labs Wilmington MA Dec 18             282             297             223
RMR Group Newton MA Sep 18             276             137             147
Abiomed Danvers MA Mar 19             263             160               91
PerkinElmer Waltham MA Dec 18             258             297             244
Entegris Billerica MA Dec 18             254             185             120
Bruker Billerica MA Dec 18             245             198             178
Alexion Pharmaceuticals Boston MA Dec 18             242             548             576
Cognex Natick MA Dec 18             235             266             162
Aspen Technology Bedford MA Jun 18             203             210             211
Bright Horizons Family Solutions Watertown MA Dec 18             192             161             143
Hospitality Properties Trust Newton MA Dec 18             187             212             227
UniFirst Wilmington MA Aug 18             187             115             203
Watts Water Technologies North Andover MA Dec 18             175             143             128
TripAdvisor Needham MA Dec 18             173             110             151
Independent Bank Corp Rockland MA Dec 18             156             135             112
Acushnet Holdings Fairhaven MA Dec 18             150             152               89
BJ's Wholesale Club Westborough MA Jan 19             139               24               73
BrightSphere Investment Group plc Boston MA Dec 18             135             142             161
Berkshire Hills Bancorp Boston MA Dec 18             133             100               77
Cabot Boston MA Dec 18             119             306             194
Boston Private Financial Hldgs Boston MA Dec 18             119               86             101
Boston Beer Boston MA Dec 18             116             116             137
Brookline Bancorp Boston MA Dec 18             113               97               86
iRobot Corp Bedford MA Dec 18             109               76               61
Safety Insurance Group Boston MA Dec 18             104               87               93
Stag Industrial Boston MA Dec 18               96               32               36
Clean Harbors Norwell MA Dec 18               94               59                 9
Enanta Pharmaceuticals Watertown MA Sep 18               93               27               33
LogMein Boston MA Dec 18               81              (12)                 3
Kadant Westford MA Dec 18               80               58               45
Progress Software Bedford MA Nov 18               79               66              (35)
Industrial Logistics Properties Trust Newton MA Dec 18               74               80               87
Haemonetics Braintree MA Mar 19               74               60              (27)
Meridian Bancorp East Boston MA Dec 18               71               76               52
Cimpress NV Boston MA Jun 18               66              (79)               66
Casa Systems Andover MA Dec 18               66             123             116
Novanta Bedford MA Dec 18               61               76               33
Chase Corp Westwood MA Aug 18               57               61               50
Axcelis Technologies Beverly MA Dec 18               55               44               11
ATN International Beverly MA Dec 18               54               48               45
Rudolf Technologies Wilmington MA Dec 18               53               60               50
Altra Industrial Motion Braintree MA Dec 18               52               71               34
Lantheus Holdings North Billerica MA Dec 18               50               40               28
Mercury Systems Andover MA Jun 18               43               31               25
Virtusa Corp Southborough MA Mar 19               38               42               19
Vicor Andover MA Dec 18               33                (0)                (6)
PTC Inc Needham MA Dec 18               29                (1)              (67)
Bain Capital Specialty Finance Boston MA Dec 18               27               19                 1
CarGurus Cambridge MA Dec 18               25               16                 9
Monotype Imaging Woburn MA Dec 18               22                 6               25
Repligen Waltham MA Dec 18               21                 7               12
Brooks Automation Chelmsford MA Sep 18               20               15              (17)
Civitas Solutions Boston MA Sep 18               14                 8               23
Franklin Street Properties Wakefield MA Dec 18               13              (16)                 9
GCP Applied Technologies Cambridge MA Dec 18               11              (28)               35
Insulet Billerica MA Dec 18                 5              (27)              (27)
Acacia Communications Maynard MA Dec 18                (0)               40             115
Endurance Intl Group Hldgs Burlington MA Dec 18                (2)            (117)            (191)
Mimecast Ltd Boston MA Mar 19                (5)              (10)                (3)
Carbonite Boston MA Dec 18                (6)              (18)                (3)
Pegasystems Cambridge MA Dec 18              (12)               86               55
Marimed Newton MA Dec 18              (13)                (1)                 0
Office Properties Income Trust Newton MA Dec 18              (27)              (10)               23
Circor International Burlington MA Dec 18              (36)                 6               10
X4 Pharmaceuticals Cambridge MA Dec 18              (43)              (34)              (23)
Avrobio Cambridge MA Dec 18              (46)              (19)                (5)
Everbridge Burlington MA Dec 18              (47)              (20)              (11)
Rapid7 Boston MA Dec 18              (55)              (48)              (49)
Homology Medicines Bedford MA Dec 18              (57)              (30)                (8)
Hub Spot Cambridge MA Dec 18              (62)              (50)              (45)
Mersana Therapeutics Cambridge MA Dec 18              (64)              (39)              (14)
Organogenesis Holdings Canton MA Dec 18              (65)              (15)              (15)
RA Pharmaceuticals Cambridge MA Dec 18              (65)              (54)              (29)
Solid Biosciences Cambridge MA Dec 18              (75)              (53)              (24)
Carbon Black Waltham MA Dec 18              (82)              (53)              (47)
Intellia Therapeutics Cambridge MA Dec 18              (85)              (68)              (32)
Dicerma Pharmaceuticals Cambridge MA Dec 18              (89)              (60)              (60)
Rubius Therapeutics Cambridge MA Dec 18              (89)              (44)              (11)
Net Scout Systems Westford MA Mar 19              (93)              (19)               52
Deciphera Pharmaceuticals Waltham MA Dec 18            (100)              (50)              (26)
Editas Medicine Cambridge MA Dec 18            (110)            (120)              (97)
Acceleron Pharma Cambridge MA Dec 18            (119)            (108)              (57)
Epizyme Cambridge MA Dec 18            (124)            (135)            (110)
Alkermes Waltham MA Sep 18            (127)            (143)            (214)
Houghton Mifflin Harcourt Boston MA Dec 18            (132)            (172)            (358)
Wave Life Sciences Ltd Cambridge MA Dec 18            (147)            (101)              (55)
MACOM Technology Solutions Lowell MA Sep 18            (155)              (50)              (22)
CRISPR Therapeutics AG Cambridge MA Dec 18            (164)              (68)              (23)
Immunogen Waltham MA Dec 18            (169)              (96)            (145)
Flexion Therapeutics Burlington MA Dec 18            (170)            (137)              (72)
Akebia Therapeurics Cambridge MA Dec 18            (172)              (74)            (136)
Momenta Pharmaceutics Cambridge MA Dec 18            (176)              (88)              (21)
Karyopharma Therapeutics Newton MA Dec 18            (178)            (129)            (109)
Nuance Communications Burlington MA Dec 18            (217)            (119)                 2
Radius Health Waltham MA Dec 18            (221)            (254)            (183)
Akcea Therapeutics Cambridge MA Dec 18            (225)            (120)              (83)
Blueprint Medicines Cambridge MA Dec 18            (237)            (148)              (72)
Ironwood Pharmaceuticals Cambridge MA Dec 18            (282)            (116)              (82)
Agios Pharmaceuticals Cambridge MA Dec 18            (345)            (315)            (198)
Sarepta Therapeutics Cambridge MA Dec 18            (363)              (49)            (267)
Sage Therapeutics Cambridge MA Dec 18            (373)            (270)            (159)
Moderna Cambridge MA Dec 18            (384)            (256)            (215)
Hologic Marlborough MA Sep 18            (419)          1,231             415
Wayfair Boston MA Dec 18            (502)            (244)            (194)
bluebird bio Cambridge MA Dec 18            (555)            (335)            (264)
Beigene Ltd Cambridge MA Dec 18            (690)              (91)            (119)
Alnylam Pharmaceuticals Cambridge MA Dec 18            (761)            (491)            (410)
General Electric Boston MA Dec 18       (20,134)       (11,151)          7,031
Total all 133 Massachusetts Cos        11,175        19,553        32,943
…..Pretax Income % Decline vs Prior Year -43% -41%