Sunday, March 8, 2020

Largest Michigan Companies Total Pretax Earnings Were a Complete Disaster in 2019 and Especially So in the December 2019 Quarter Where Total Pretax Earnings Declined Precipitously By 175% From the December 2018 Quarter. And This Was Before Any Coronavirus Earnings Charges Which Are Coming Starting in 2020.

There were 11 Michigan Companies with stock market caps above $10 bil  currently.  

From a review of SEC filings, below are the Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for these 11 largest Michigan Companies in each of the four quarters of both 2019 and 2018.
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
(Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)
Dec Dec Sept Sept June June March March
Michigan Companies Michigan Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter
Market Caps Above $10 Bil City HQs 2019 2018 2019 2018 2019 2018 2019 2018
mils $ mils $ mils $ mils $ mils $ mils $ mils $ mils $
Motor Vehicle and Parts Cos
General Motors Detroit        (355)       1,458       2,582       2,630       2,927       2,885       2,282       1,576
Ford Motor Dearborn     (2,436)          (17)          (19)       1,094          205       1,349       1,610       1,919
Aptiv plc Troy          268          293          285          293          298          378          275          370
Total all 3 Motor Vehicle and Parts Cos     (2,523)       1,734       2,848       4,017       3,430       4,612       4,167       3,865
….. % Change From Prior Year Quarter -246% -29% -26% 8%
Companies in all Other Sectors
Stryker Kalamazoo          936          657          581          534          565          623          480          542
Dow Inc Midland     (2,196)          545          437          994          215       1,059          858       1,740
DTE Energy Detroit          298          173          364          369          200          255          462          419
Kellogg Battle Creek          238        (107)          341          454          367          471          359          511
CMS Energy Jackson          205          126          249          202          114          165          261          281
Sun Communities Southfield            31            11            65            52            45            25            37            33
Domino's Pizza Ann Arbor          157          135          110            99          106            91          109          104
Masco Livonia          217          236          269          248          347          312          168          200
Total 8 Cos in all Other Sectors        (114)       1,776       2,416       2,952       1,959       3,001       2,734       3,830
….. % Change From Prior Year Quarter -106% -18% -35% -29%
Total all 11 Michigan Companies     (2,637)       3,510       5,264       6,969       5,389       7,613       6,901       7,695
….. % Change From Prior Year Quarter -175% -24% -29% -10%




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