I found 5 Big Conglomerate Corps with Pretax Income of at least $100 mil in the most recent quarter.
These 5 Big Conglomerate Corps generated Total Pretax Income growth of 11% in the 2Q 2011.
Below here are these 2Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................2Q.........2Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
GE................................CT......4,511.....4,172........339......8%
United Technologies....CT......2,079.....1,733........346.....20%
3M..............................MN......1,614.....1,554..........60......4%
Tyco Intl.....................NJ..........421.......226.........195.....86%
ITT..............................NY........248.......305.........(57)...-19%
Total of all 5..........................8,873....7,990.........883.....11%
It should be pointed out that GE's $339 mil of 2Q 2011 earnings growth benefited from a $1.2 bil reduction in Loan Loss Provision Charges on its Finance Receivables.
Also, GE's huge Energy Infrastructure Segment had its operating earnings decline by $358 mil, or by 19%. GE noted that its Energy earnings and margins were down primarily as a result of pressure in the renewable sector. This certainly is not a good development for the country's goal of energy independence. And consistent with this, very highly-respected First Solar had its earnings drop dramatically in the 2Q 2011.
