Monday, June 8, 2020

Michigan Companies First Quarter 2020 Total Pretax Earnings Declined By a Huge 59% From the First Quarter 2019. Michigan Motor Vehicle and Parts Companies Earnings Declined By a Massive 78%. These Horrible Earnings Are Not a Good Signal For Continuing Solid Real Fair Pay Job Growth in Michigan.

From a review of Company SEC filings and the Google Finance website, I found 39 Michigan Companies with stock market caps above $1 bil recently.  One of them hasn't released its April 2020 quarterly earnings yet.  That leaves 38 Companies.

The table below shows the US GAAP Pretax Income (Loss) From Continuing Operations for the first quarter of both 2020 and 2019 for each of these 38 Michigan Companies.
US US
GAAP GAAP
Pretax Pretax
Income Income
(Loss) (Loss) Better
First First (Worse)
Michigan Companies Quarter Quarter %
Market Caps Above $1 Bil City HQs 2020 2019  Change
mils $ mils $
Motor Vehicle and Parts Companies
Aptiv plc Troy             1,575                275
General Motors Detroit                643             2,282
Meritor Troy                314                102
BorgWarner Auburn Hills                186                262
Lear Corp Southfield                109                287
Gentex Zeeland                107                125
WABCO Holdings Auburn Hills                  35                100
Adient plc Plymouth                  18                (62)
Gentherm Northville                  17                  15
Visteon Van Buren Township                (31)                  11
Delphi Technologies plc Troy                (34)                  25
Veoneer Southfield              (208)              (142)
American Axle Detroit              (498)                  39
Ford Motor Dearborn           (1,146)             1,610
Total all 14 Motor Vehicle and Parts Companies             1,087             4,929 -78%
Companies in all Other Sectors
Stryker Kalamazoo                590                480
Kellogg Battle Creek                446                359
Dow Inc Midland                396                297
DTE Energy Detroit                391                462
CMS Energy Jackson                270                261
Whirlpool Benton Harbor                219                342
Masco Livonia                174                153
Domino's Pizza Ann Arbor                117                109
Perrigo Co plc Allegan                115                  81
Penske Automotive Group Bloomfield Hills                  72                134
Chemical Financial (Now TCF Financial) Detroit                  67                  95
Steelcase Grand Rapids                  65                  28
Flagstar Troy                  56                  44
UFP Industries Grand Rapids                  54                  48
Herman Miller Zeeland                  48                  46
Taubman Centers Bloomfield Hills                  37                  30
Agree Realty Bloomfield Hills                  22                  18
TriMas Bloomfield Hills                  16                  16
Neogen Lansing                  14                  17
Altair Engineering Troy                  11                  17
Wolverine World Wide Rockford                  10                  47
Sun Communities Southfield                (15)                  37
Esperion Therapeutics Ann Arbor                (78)                  87
Credit Acceptance Corp Southfield              (113)                206
Ally Financial Detroit              (411)                486
Total 25 Companies in all Other Sectors             2,573             3,900 -34%
Total all 39 Michigan Companies             3,660             8,829 -59%


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