The 50 Largest US Non-Dow 30 Industrials Cos Suffered an Extremely Sharp Downturn in Their Total US GAAP Quarterly Earnings From the Previous Year's Quarter That Started in the Second Quarter of 2022 (Down By a Massive 44%), Then Somewhat Improved But Still Down in the Third Quarter of 2022 (To Down By 15%), and Then Again Exploded Substantially Down in the Fourth Quarter of 2022 (To Down By 41%).

 

The 48 Largest US Non-Dow 30 Industrials Cos Which Were Not Oil & Gas Cos Suffered an Even More Severe Downturn in Their Total US GAAP Quarterly Earnings From the Previous Year's Quarter That Started in the Second Quarter of 2022 (Down By a Massive 56%), That Continued in the Third Quarter of 2022 (To Down By 27%), and Then Again Plummeted in the Fourth Quarter of 2022 (To Down By 46%).

From Companies 10-Qs and earnings releases filed with the US SEC, the table below shows the Gold-Standard US GAAP Earnings (Losses) From Continuing Operations for each of the 48 largest by very recent stock market capitalization US Non-Dow 30 Industrials Companies which were not Oil & Gas Companies for the fourth, third and second quarters of both 2022 and 2021.

The 50 Largest US Non-Dow 30 Industrials Cos Suffered a Sharp Downturn in Their Total Earnings From the Previous Year Period That Started in the Third Quarter of 2022 (Down By 17%) and Then Exploded Substantially Further Down in the Fourth Quarter of 2022 (Down By 37%). The Giant Berkshire Hathaway Hasn't Reported Its 4Q 2022 Earnings Yet, But When It Does This Weekend, That 37% Total Earnings Decline Should Probably Decline By More Given Apple's Outstanding Stock Market Price Performance in the 4Q of 2021 vs Its Down Performance in the 4Q 2022. Clearly, These 50 US Companies 4Q 2022 Total Earnings Disaster Should Be Put in the Earnings Depression Category Rather Than in the Earnings Recession Category.

From Companies 10-Qs and earnings releases filed with the US SEC, the table below shows the Gold-Standard US GAAP Earnings (Losses) From Continuing Operations for each of the 50 largest by very recent stock market capitalization US Non-Dow 30 Industrials Companies for the third and fourth quarters of both 2022 and 2021.

The Dow 30 Industrials Cos Total Earnings Sharp Downturn From the Previous Year Period Started in the Third Quarter of 2022 (Down 11%) and Then Accelerated Further Down in the Fourth Quarter of 2022 (Down 19%)

 What Will the Percentage Decline Be in the First Quarter of 2023?

Coca-Cola's Worldwide Consolidated Higher Pricing/Mix Component of Its Organic Revenue Growth Was a Very High 12% in Its Fourth Quarter of 2022, Which Precisely Matched That in Its Third Quarter of 2022. But Even With This Steep Pricing Action, Its Bottom-Line Earnings Tumbled By 16% in Its Fourth Quarter of 2022 After Increasing By 14% in Its Third Quarter of 2022.

Coca-Cola Fouth Quarter 2022 Earnings Release

PepsiCo's Worldwide Consolidated Higher Pricing Component of Its 15% Organic Revenue Growth Was 16% in Its Fourth Quarter of 2022, Which Was Slightly Lower Than Its 17% Higher Pricing Component in Its Third Quarter of 2022.

 

PepsiCo's Exceptionally Highly Profitable Frito-Lay North America Segment's Higher Pricing Component Was 18% in Its Fourth Quarter of 2022, Which Was Slightly Lower Than Its 20% Higher Pricing Component in Its Third Quarter of 2022.

PepsiCo's Large PepsiCo North America Segment's Higher Pricing Component Was 12% in Both Its Fourth and Third Quarters of 2022.

PepsiCo Fourth Quarter 2022 Earnings Release

The Five Largest US Technology Cos Suffered a Total Earnings Decline of an Amazing 33% in Their Most Recently Reported Quarterly Earnings.

 

And the Seven Largest US Cos Suffered a Total Earnings Decline of an Even More Amazing 40% in Their Most Recently Reported Quarterly Earnings.

Clearly these US Companies, whose employees are many of the US's best and brightest, are not now in an earnings recession, but rather they are in an earnings depression and it is due to the unneeded massive overstimulation of the US economy with the resultant substantial, continuing US inflation by predominately US Fed actions but also by actions of the past two Administrations with mostly the full support of the US Congress.

And it's going to be a long time before the US economy will get down to the desired 2% inflation rate while also substantially reducing the US Fed's supplied but unneeded $9 trillion of liquidity and to do all of this without a deep US recession.

NVIDIA Experienced Horrific Operating Income in the Two Most Recent Quarters ..... Down By 77% in the October 2022 Quarter and Down By 80%in the July 2022 Quarter, Both From the Year-Ago Quarters

Tesla Experienced Massive Revenues, Gross Profit And Operating Income Growth Deceleration From the Prior Year Quarters All Through the Annual Year 2022.

Tesla's Revenues  Increased By 37% in the December 2022 Quarter vs Increasing By 56% in the September 2022 Quarter and vs Increasing By 81% in the March 2022 Quarter.

Tesla's Gross Profit Increased By Only 19% in the December 2022 Quarter vs Increasing By 47% in the September 2022 Quarter and vs Increasing By a Huge 147% in the March 2022 Quarter.

Tesla's Operating Income Increased By 49% in the December 2022 Quarter, But That Was Because Tesla Slashed Selling, General & Admin Expenses, Which Declined By 31% in the December 2022 Quarter.  On the Other Hand, Tesla's Operating Income Increased By 84% in the September 2022 Quarter and Increased by a Massive 507% in the March 2022 Quarter.

Tesla December 2022 Earnings Release

Apple Experienced Huge Deceleration of Both Revenues and Operating Income Growth in Its December 2022 Quarter From Its December 2021 Quarter. Revenues Were Down By 5% in the December 2022 Quarter After Increasing By 8% in the September 2022 Quarter. And Operating Income Declined By 13% in the December 2022 Quarter After Increasing By 5% in the September 2022 Quarter.

And even though it has Total Annual Product Revenues of $316 Bil, Apple refused to disclose Its higher Sales Pricing/Mix % Component of its Total Product Revenues % change.

Apple December 2022 Quarter 10-Q

JNJ Experienced Huge Adjusted Operational Sales Growth Deceleration With Only +0.8% in the 4Q of 2022, After +8.2% in 3Q of 2022, +8.1% in the 2Q of 2022 and of +7.9% in the 1Q of 2022. Adjusted Operational Sales Growth is the Same as Organic Sales Growth and Excludes the Impacts of Acquisitions, Divestitures, and Foreign Currency Changes. Unfortunately It Also Doesn't Break Out the Two Components of Adjusted Operational Sales Growth ..... Higher Sales Pricing and Sales Volume.

With such very recent huge Sales Growth Deceleration, I now better understand why JNJ is planning a split-up.  

Also JNJ refuses to disclose its Higher Sales Pricing and Sales Volume Components of its Adjusted Operational Sales Growth.  I wonder what % its Tylenol went up in price?

JNJ December 2022 Earnings Release

UFP Industries Net Sales Increased By 11.5% in the First Nine Months of 2022 From the Prior Year Period Just Due to Higher Selling Prices

 UFP Industries September 2022 10-Q

Leggett & Platt Bedding Product Trade Sales Increased By 16% in the First Nine Months of 2022 From the Prior Year Period Just Due to Higher Selling Prices.

Leggett & Platt Furniture, Flooring & Textile Product Trade Sales Increased By 12% in the First Nine Months of 2022 From the Prior Year Period Just Due to Higher Selling Prices.

Leggett & Platt September 2022 10-Q 

Mohawk Industries Net Sales Increased By 15.3% in the First Nine Months of 2022 From the Prior Year Period Just Due to Higher Sales Pricing/Mix

 Mohawk Industries September 2022 10-Q

nVent Electric plc Had a 15.4% Sales Pricing Increase in the September 2022 Quarter From Its September 2021 Quarter

 nVent Electric September 2022 10-Q