Thursday, September 10, 2020

Giant Health Insurer UnitedHealth Group's Pretax Income Increased By 104% in the Second Quarter of 2020 to a Staggering $8.8 Bil From $4.3 Bil in the Second Quarter of 2019. This $4.5 Bil Increase in Income Was Due to a Like Amount of Reduction in Medical Claims Expenses. Covid-19 in Combination With the CARES Act Has Turned Into Massive Windfall Profits For the Health Insurance Industry. This Should Be Fixed, If Not By UnitedHealth Group Then By the US Government. The 58 Largest Minnesota Companies Excluding UnitedHealth Group Saw Their Total Pretax Income Decline By 39% in the Second Quarter of 2020, Precisely Matching Their 39% Decline in the First Quarter of 2020.

From a review of Company SEC filings and the Google Finance website, I found 59 Minnesota Companies with stock market caps of above $100 mil in mid-July 2020.  Of these 59 Minnesota Companies, 48 or 81% of them had June 2020 quarter ends, 7 had July 2020 quarter ends and 4 had May 2020 quarter ends.

The table below shows the Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the second and first quarters of both 2020 and 2019 for each of these 59 excellent Minnesota Companies.
US US US US
GAAP GAAP GAAP GAAP
Pretax Pretax Pretax Pretax
Income Income Income Income
(Loss) (Loss) (Loss) (Loss)
Second Second First First
Minnesota Companies Quarter Quarter Quarter Quarter
Stock Market Caps Above $100 Mil  City HQs  2020 2019 2020 2019
mils $ mils $ mils $ mils $
UnitedHealth Group Minneapolis       8,811       4,326       4,559       4,432
… % Change From Prior Year Quarter 104% 3%
3M Saint Paul       1,629       1,446       1,567       1,088
Allete Inc Duluth              8            29            51            73
Ameriprise Financial Minneapolis        (526)          587       2,351          470
ANI Pharmaceuticals Baudette          (14)              6          (10)              1
APi Group New Brighton            24            57        (245)            22
Apogee Enterprises Minneapolis              4            20              4            20
Best Buy Richfield          561          307          218          330
Bio-Techne Minneapolis            62            23            47            50
Bridgewater Bancshares Bloomington            10              9            10              9
Calyxt Roseville          (11)            (9)          (11)            (7)
Cardiovascular Systems Saint Paul          (15)              2            (3)              1
Ceridian HCM Minneapolis            (3)              9            17            17
CH Robinson Worldwide Eden Prairie          179          221            94          207
CHS Inc Inver Grove Heights            70            62          128          262
Clearfield Brooklyn Park              4              2              1              0
Cyberoptics Golden Valley              2              1              1              1
Deluxe Corp Shoreview            20            45          (63)            56
Digi International Hopkins              2              2            (2)            (3)
Donaldson Minneapolis            81            99            85          100
Ecolab Saint Paul          148          436          364          339
Electromed New Prague              1              2              1              0
Fastenal Winona          314          271          269          258
General Mills Minneapolis          733          616          571          542
Graco Minneapolis            42          108            82          101
H B Fuller Saint Paul            41            51            14            14
Hawkins Inc Roseville            16            13              7              5
Hormel Foods Austin          259          261          286          318
Inspire Medical Systems Golden Valley          (23)            (8)          (16)            (8)
Intricon Arden Hills            (2)            (3)            (2)              1
Jamf Holding Corp Minneapolis              0          (10)          (12)          (12)
Medtronic plc Minneapolis          584          977          206       1,292
Mosaic Co Plymouth, MN / Tampa, FL            73        (271)        (317)          177
MTS Systems Eden Prairie              3            16            (1)            17
Northern Oil & Gas Minnetonka        (899)            44          368        (107)
NVE Corp Eden Prairie              3              4              4              3
nVent Electric plc St Louis Park            35            74            50            66
Otter Tail Fergus Falls            21            19            30            32
Patterson Companies Saint Paul            33            40        (633)            36
Pentair plc Golden Valley          104          137            93            63
Piper Sandler Companies Minneapolis              7            21          (34)            23
Polaris Inc Medina        (314)          114          (12)            64
Proto Labs Maple Plain            15            21            18            20
Regis Corp Minneapolis          (72)          (10)          (78)          (12)
Sleep Number Minneapolis          (16)              4            50            30
SPS Commerce Minneapolis            13            11            11              8
Stratasys Ltd Eden Prairie          (29)              3          (21)            (3)
SurModics Eden Prairie              1              1            (0)              1
Tactile Systems Technology Minneapolis            (8)              3            (4)            (2)
Target Minneapolis       2,189       1,217          329       1,021
Tennant Minneapolis            18            17              6              7
Toro Co Bloomington          111            71          121          137
Travelers Companies Saint Paul          (85)          665          720          967
Trean Insurance Group Wayzata              3              7            12              9
Two Harbors Investment Corp Minnetonka        (192)          (88)     (1,883)          (36)
US Bancorp Minneapolis          759       2,277       1,439       2,086
Vista Outdoor Anoka            42          (16)        (154)          (47)
Winmark Minneapolis              6              9            10            10
XCEL Energy Minneapolis          274          262          289          340
Total 58 Minnesota Co ….. No UnitedHealth Group       6,296     10,284       6,423     10,457
… % Change From Prior Year Quarter -39% -39%



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