Thursday, October 4, 2018

Pennsylvania Basic Manufacturing Companies Pretax Earnings Were Up 22% at $14.274 Bil in 2017, Trump’s First Year in Office …… Which Sounds Awfully Good, Except When You Consider That These Same Manufacturing Cos Pretax Earnings Were Up More Than FIVE TIMES That at Up 126% in 2016, Obama’s Last Year in Office

......................................................................
Teva Pharmaceuticals has its US Headquarters in Montgomery Township in the Philadelphia Area.  This US Headquarters is going to be moved to New Jersey.

From its Segment Footnote in its 2016 20-F filed with the US SEC, the US portion of Teva is huge.

On the Revenues side, US comprised 78% of Teva's Total Specialty Medicines Revenues in 2016 and 38% of Teva's Total Generic Medicines Revenues also in 2016.

On the Segment Profit side, Teva's Specialty Medicine Revenues comprised 58% and Teva's Generic Medicines Revenues comprised the other 42% of the Total Revenues of both in 2016.

Teva Pharmaceuticals was not included with the below Pennsylvania Pretax Earnings numbers.  If it were, the numbers would be dramatically different since Teva posted an Audited Pretax Loss of a massive $18.376 Bil in annual 2017, as compared with an Audited Pretax Income of $816 Mil in annual 2016.  In fact, instead of the below reported 2017 Total Pretax Income increase over 2016 of +15.6%, the inclusion of Teva would drop that down by 38.8% to -23.2%.

......................................................................
From a review of SEC filings, I found 90 Pennsylvania Cos with stock market caps of more than $1 Bil recently which filed their audited financial statements for their fiscal years ended (FYEs) 2017, 2016 and 2015.

Of these 90 Pennsylvania Cos, 34 of them were in the key Good-Paying Jobs Basic Manufacturing Cos category.

These 34 Basic Manufacturing Cos Posted Audited US GAAP Pretax Income From Continuing Operations in FYE 2017 which increased by 22% from that in FYE 2016.

But even much better than that, these same 34 Basic Manufacturing Cos Posted Audited US GAAP Pretax Income From Continuing Operations in FYE 2016 which increased by 126% from that in FYE 2015.

Also of these 90 Pennsylvania Cos, 20 of them were Financial Cos.

These 20 Financial Cos Posted Audited US GAAP Pretax Income From Continuing Operations in FYE 2017 which decreased by 6% from that in FYE 2016.

On the other hand, these same 20 Financial Cos Posted Audited US GAAP Pretax Income From Continuing Operations in FYE 2016 which increased by 18% from that in FYE 2015.

So how could that be when all 90 Pennsylvania Cos had Total Pretax Earnings Growth in FYE 2017 of 15.6% which was only 1.8% below that in FYE 2016 of 17.4%?

Well, the 5 Oil & Gas Cos Pretax Earnings increased by an off-the-charts 1,052% in FYE 2017, consistent to what also happened in the State of Texas in 2017.

Also, the 3 Drug Manufacturing Cos Generated Total Pretax Earnings Improvement of $3.2 Bil in FYE 2017 from FYE 2016, driven by Endo Intl’s FYE 2016 US GAAP Earnings being burdened by $3.8 Bil of Pretax Asset Impairment Charges.

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 a review of SEC filings, the chart below shows the Audited Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the Fiscal Years Ended 2017, 2016 and 2015 for these 90 Pennsylvania Companies.
Trump Obama
First Last Obama
Year Year Year
2017 2016 2015
Audited Audited Audited
Pretax Pretax Pretax
Income Income Income
(Loss) (Loss) (Loss)
From From From
Pennsylvania Companies City State 2017 Continuing Continuing Continuing
Stock Market Caps Above $1 Bil HQs HQs FYE Operations Operations Operations
 $ mils  $ mils  $ mils
Comcast Corp
 Philadelphia PA Dec 17            15,322            14,353            13,372
………. % Change From the Preceding Year
 7% 7%
Financial Cos
PNC Financial Services Pittsburgh PA Dec 17              5,490              5,253              5,507
Chubb Ltd Philadelphia PA Dec 17              3,722              4,950              3,296
Lincoln National Radnor PA Dec 17              1,130              1,458              1,430
SEI Investments Oaks PA Dec 17                 557                 508                 500
Essent Group Ltd Philadelphia PA Dec 17                 399                 312                 228
Gaming&Leisure Properties Wyomissing PA Dec 17                 390                 297                 136
F N B Corp Pittsburgh PA Dec 17                 356                 246                 230
Federated Investors Pittsburgh PA Dec 17                 352                 341                 275
Radian Group Philadelphia PA Dec 17                 347                 484                 438
Erie Indemnity Co Erie PA Dec 17                 316                 320                 266
Liberty Property Trust Wayne PA Dec 17                 273                 356                 238
Fulton Financial Lancaster PA Dec 17                 234                 208                 199
FS Investment Corp Philadelphia PA Dec 17                 182                 294                   38
Hamilton Lane Bala Cynwyd PA Mar 18                 140                   75                   57
Northwest Bancshares Warren PA Dec 17                 136                   71                   89
CubeSmart Malvern PA Dec 17                 136                   88                   79
Brandywine Realty Trust Philadelphia PA Dec 17                 121                   41                 (31)
S&T Bancorp Indiana PA Dec 17                 119                   97                   91
First Commonwealth Financial Indiana PA Dec 17                 104                   85                   71
Beneficial Bancorp Philadelphia PA Dec 17                   57                   39                   34
Total all 20 Financial Cos            14,561            15,523            13,171
………. % Change From the Preceding Year -6% 18%
Basic Manufacturing Cos
Kraft-Heinz Pittsburgh PA Dec 17              5,530              5,023              1,013
PPG Industries Pittsburgh PA Dec 17              2,005                 779              1,745
Air Products & Chemicals Allentown PA Sep 17              1,416              1,555              1,266
Alcoa Pittsburgh PA Dec 17              1,159               (162)               (337)
Hershey Hershey PA Dec 17              1,111              1,099                 902
Crown Holdings Philadelphia PA Dec 17                 829                 769                 639
Ametek Berwyn PA Dec 17                 797                 693                 806
Trinseo SA Berwyn PA Dec 17                 411                 405                 204
Westinghouse Air Brake Tech Wilmerding PA Dec 17                 352                 413                 585
United States Steel Pittsburgh PA Dec 17                 301               (416)            (1,459)
Teleflex Wayne PA Dec 17                 285                 246                 245
Vishay Intertechnology Malvern PA Dec 17                 279                   94                   75
Kennametal Pittsburgh PA Jun 18                 275                   82               (199)
West Pharmaceuticals Svcs Exton PA Dec 17                 232                 198                 122
Armstrong World Industries Lancaster PA Dec 17                 222                 151                   95
Axalta Coating Systems Ltd Philadelphia PA Dec 17                 190                   83                 158
FMC Corp Philadelphia PA Dec 17                 181                 181               (207)
Dorman Products Colmar PA Dec 17                 177                 168                 146
Globus Medical Audubon PA Dec 17                 170                 157                 173
Carpenter Technology Philadelphia PA Jun 18                 160                   70                   22
II-VI Inc Saxonburg PA Jun 18                 122                 119                   90
Kulicke and Soffa Industries Willow Grove PA Sep 17                 119                   56                   39
Matthews Intl Pittsburgh PA Sep 17                   96                   95                   90
Harsco Camp Hill PA Dec 17                   95                 (74)                   35
Knoll East Greenville PA Dec 17                   79                 128                 103
Quaker Chemical Conshohocken PA Dec 17                   64                   84                   70
Orasure Technologies Bethlehem PA Dec 17                   41                   20                     9
MSA Safety Cranberry Township PA Dec 17                   30                 152                 111
Evoqua Water Technologies Pittsburgh PA Sep 17                   14                   (5)                 (38)
PQ Group Holdings Malvern PA Dec 17                 (61)                 (69)                   11
Allegheny Technologies Pittsburgh PA Dec 17                 (87)               (734)               (478)
Spark Therapeutics Philadelphia PA Dec 17               (254)               (124)                 (47)
Triumph Group Berwyn PA Mar 18               (462)                 (24)            (1,159)
Dentsply Sirona York PA Dec 17            (1,604)                 441                 328
Total all 34 Basic Manufacturing Cos            14,274            11,653              5,158
………. % Change From the Preceding Year 22% 126%
Drug Manufacturing Cos
Mylan NV Canonsburg PA Dec 17                 903                 122                 915
Madrigal Pharmaceuticals West Conshohocken PA Dec 17                 (31)                 (26)                   (7)
Endo Intl plc Malvern PA Dec 17            (1,483)            (3,924)            (1,438)
Total all 3 Drug Manufacturing Cos               (611)            (3,828)               (530)
………. % Change From the Preceding Year 84% -622%
Oil & Gas Cos
EQT Corp Pittsburgh PA Dec 17                 743               (395)                 427
EQT GP Holdings LP Pittsburgh PA Dec 17                 569                 545                 436
Rice Midstream Partners LP Pittsburgh PA Dec 17                 178                 122                   58
CNX Midstream Partners LP Canonsburg PA Dec 17                 134                 130                 116
CNX Resources Canonsburg PA Dec 17                 119               (585)               (931)
Total all 5 Oil & Gas Cos              1,743               (183)                 106
………. % Change From the Preceding Year 1052% -273%
Retailing Cos
Aramark Philadelphia PA Sep 17                 521                 431                 342
Dick's Sporting Goods Coraopolis PA Jan 18                 501                 458                 531
American Eagle Outfitters Pittsburgh PA Jan 18                 287                 335                 322
Urban Outfitters Philadelphia PA Jan 18                 261                 338                 350
Amerigas Partners LP Valley Forge PA Sep 17                 168                 210                 218
Five Below Philadelphia PA Jan 18                 159                 114                   93
Ollie's Bargain Outlet Harrisburg PA Jan 18                 130                   96                   57
Nutri System Fort Washington PA Dec 17                   84                   54                   40
Weis Markets Sunbury PA Dec 17                   79                 125                   92
Rite Aid Camp Hill PA Feb 18                 (44)                   49                 152
Total all 10 Retailing Cos              2,146              2,210              2,197
………. % Change From the Preceding Year -3% 1%
Other Health Care Cos
Universal Health Services King of Prussia PA Dec 17              1,135              1,156              1,146
Select Medical Holdings Mechanicsburg PA Dec 17                 202                 181                 208
Healthcare Services Group Bensalem PA Dec 17                 133                 120                   90
BioTelemetry Malvern PA Dec 17                 (10)                   16                     8
Total all 4 Other Health Care Cos              1,460              1,473              1,452
………. % Change From the Preceding Year -1% 1%
All Other Sectors
TE Connectivitity Ltd Berwyn PA Sep 17              1,928              1,162              1,575
PPL Corp Allentown PA Dec 17              1,912              2,550              2,068
AmerisourceBergen Chesterbrook PA Sep 17                 918              1,391                 269
Toll Brothers Horsham PA Oct 17                 814                 589                 536
UGI Corp King of Prussia PA Sep 17                 701                 710                 592
Ansys Canonsburg PA Dec 17                 396                 380                 357
Aqua America Bryn Mawr PA Dec 17                 257                 255                 217
WESCO INTL Pittsburgh PA Dec 17                 252                 132                 304
EnerSys Reading PA Mar 18                 238                 213                 182
EPAM Systems Newtown PA Dec 17                 174                 126                 106
CONSOL Energy Canonsburg PA Dec 17                 170                   65                 443
Entercom Communications Bala Cynwyd PA Dec 17                 (24)                   53                   48
Penn National Gaming Wyomissing PA Dec 17                 (25)                 121                   57
Total all 13 Cos in Other Sectors              7,711              7,747              6,754
………. % Change From the Preceding Year 0% 15%
Total all 90 Pennsylvania Cos            56,606            48,948            41,680
………. % Change From the Preceding Year 15.6% 17.4%


Posted by at