The Total Pretax Income of these 27 US Big Food Corps was $33.3 bil in 2011, up 12% from 2010, which was a bit of deceleration from the earnings growth of 15% in 2010.
In deriving Pretax Income, I start with Pretax Income under Generally Accepted Accounting Principles (GAAP), and then exclude several clearly unusual very large items relative to Pretax Income, such as Asset Impairments, Gains/Losses on Asset Sales, and Gains/Losses on Debt Retirements.
I don't think it is good for the US economy to have the Total Pretax Income growth of the 80 largest US Big Oil Corps for the most recent two years of 112%, which just crushes the 29% earnings growth in the most recent two years of these key, very well run 27 US Big Food Corps. And by far the main driver of this 112% earnings growth of these US Big Oil Corps was simply substantially higher oil prices in the market, unfortunately driven in part by heavy oil speculation in derivatives on the commodity exchanges.
Below here is the Pretax Income of these 27 US Big Food Corps for each of the most recent three years.
| PTI | PTI | ||||
| % | % | ||||
| Change | Change | ||||
| PTI(L) | PTI(L) | PTI(L) | 2011 | 2010 | |
| 2011 | 2010 | 2009 | vs | vs | |
| mils $s | mils $s | mils $s | 2010 | 2009 | |
| Food | |||||
| PepsiCo | 8,834 | 8,232 | 8,079 | 7% | 2% |
| Kraft Foods | 4,772 | 3,642 | 3,946 | 31% | -8% |
| ArcherDanielsMidland | 3,015 | 2,585 | 2,500 | 17% | 3% |
| General Mills | 2,428 | 2,205 | 1,942 | 10% | 14% |
| Kellogg | 1,732 | 1,742 | 1,684 | -1% | 3% |
| HJ Heinz | 1,374 | 1,290 | 1,320 | 7% | -2% |
| ConAgra Foods | 1,225 | 1,081 | 908 | 13% | 19% |
| Campbell Soup | 1,168 | 1,242 | 1,079 | -6% | 15% |
| Tysons Foods | 1,074 | 1,203 | 17 | -11% | 6976% |
| Hershey | 963 | 809 | 671 | 19% | 21% |
| Bunge Ltd | 940 | 610 | 145 | 54% | 321% |
| MeadJohnsonNutrition | 722 | 634 | 587 | 14% | 8% |
| Hormel Foods | 719 | 625 | 528 | 15% | 18% |
| JM Smucker | 717 | 731 | 396 | -2% | 85% |
| Smithfield Foods | 636 | (215) | (382) | 396% | 44% |
| Corn Products Intl | 593 | 275 | 115 | 116% | 139% |
| Sara Lee | 542 | 573 | 462 | -5% | 24% |
| McCormick | 491 | 463 | 417 | 6% | 11% |
| Ralcorp | 400 | 354 | 350 | 13% | 1% |
| Seaboard | 390 | 364 | 72 | 7% | 406% |
| Del Monte Foods | 360 | 382 | 227 | -6% | 68% |
| GreenMountainCoffee | 303 | 133 | 88 | 128% | 51% |
| Darling Intl | 272 | 70 | 67 | 289% | 4% |
| Flower Foods | 192 | 210 | 208 | -9% | 1% |
| Dean Foods | 154 | 181 | 380 | -15% | -52% |
| SandersonFarms | (194) | 207 | 128 | -194% | 62% |
| Pilgrims Pride | (487) | 85 | (87) | -673% | 198% |
| Total all 27 | 33,335 | 29,713 | 25,847 | 12% | 15% |
