I found 9 Big Conglomerate Corps with Pretax Income of at least $100 mil in the most recent quarter.
Tyco, International hasn't released its September 2011 Quarterly Earnings yet, and thus wasn't included below. That leaves 8.
These 8 US Big Conglomerate Corps generated Total Pretax Income growth of 13% in the 3Q 2011, which was up from the 7% earnings growth in the 2Q 2011, but down substantially from both the 1Q 2011 earnings growth of 24% and the Annual 2010 earnings growth of a very robust 45%.
A main driver of this 13% earnings growth increase in the 3Q 2011, as compared with the 7% earnings growth in the 2Q 2011, was the very well-run Berkshire Hathaway.
Here's how the US Big Conglomerate Sector total earnings growth of 13% in the 3Q 2011 stacks up with that of US Big Oil and US Big Financial.
3Q 2011 Pretax Earnings Growth over 3Q 2010:
......8 US Big Conglomerate Corps..........................13%
......4 US Largest Credit Card Corps.......................23%
......7 US Largest Financial Corps..........................25%
.....21 US Next Largest National/Regional Banks...38%
......6 US Largest Oil Corps....................................57%
......7 US Next Largest Oil Corps..........................107%
I don't think it is good for the US economy for its very high-quality Big Conglomerate Sector's 3Q 2011 earnings growth to trail the earnings growth of both the US Big Oil sector and the US Big Financial sector by such a wide gap. I think this gives a good insight into why there is such a huge wealth gap between the 1%ers and the 99% rest of the country, the Occupy Movement's major beef.
The overall US economy and US job creation won't improve dramatically until this earnings growth gap between both US Big Oil and US Big Financial vs. the rest of the US business sectors, including all of small business, is substantially closed.
Below here are these 3Q 2011 Pretax Earnings (PTI), along with a comparison with the prior year’s quarter amounts.
...........................................................................Increase
................................................PTI........PTI.......(Decrease)
.................................................3Q.........3Q..................
...............................................2011......2010....Amount....%
.................................................(millions of dollars)
Berkshire Hathaway(1) 5,706 4,207 1,499 36%
GE(2) 3,699 3,583 116 3%
United Technologies 2,064 1,767 297 17%
3M 1,543 1,536 7 0%
Honeywell 893 822 71 9%
Johnson Controls 669 551 118 21%
Loews(3) 439 787 (348) -44%
ITT(4) 321 293 28 10%
Total of all 8 15,334 13,546 1,788 13%
(1) Berkshire Hathaway PTI in both years exclude Derivative Losses and Investment Gains.
(2) GE 2011 PTI benefited from a $617 mil lower Provision for Losses on Financial Receivables than the amount provided in 2010.
(3) Loews 2010 PTI excludes huge Loss on Portfolio Transfer.
(4) ITT PTI in both years exclude Asbestos Charges. Its 2011 PTI also excludes Transformation Charges from planned Spin-Off.
