Saturday, August 11, 2018

Most Profitable US Companies in the June 2018 Quarter? ........................................................................................

For the First Time in a Long Time, Apple is Not #1 on a Pretax Income Basis in the June 2018 Quarter, Being Topped By Warren Buffett's Berkshire Hathaway By $1.8 Bil.  In a Twist, Apple's 10.33% Increase in Its Stock Price During the June 2018 Quarter Was a Main Cause For Berkshire Hathaway Topping Apple in June 2018 Quarter Pretax Income.  At June 30, 2018, the Fair Market Value of Berkshire's Investment in Apple Was $47.2 Bil, Up $6.5 Bil From Such Investment of $40.7 Bil at March 31, 2018.  To the Extent This $6.5 Bil Increase Was Due to an Increase in Apple's Stock Market Price During the June Quarter, Such Increase is Reflected in Pretax Income in Berkshire's June 2018 Quarter Income Statement.

And Berkshire Hathaway Could Top Apple Again in Pretax Income in the September 2018 Quarter.  From June 30, 2018 to August 10, 2018, Apple's stock price has increased by another 12.11%.  It just depends on what happens to Apple's stock price from now to September 30, 2018.
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Four of the Top 9 Are Banks

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Seven of the Top 21 Are Financial Companies

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Only 5 of the Top 26 Are Techs

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My Focus is on Pretax Income Rather Than After-Tax Net Income Because the % Change Difference in the Two Numbers is Simply a Transfer of Financial Wealth From the US Federal Government to US Corporations.  It Has Nothing Whatsoever to do with Company Performance.

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From a review of SEC filings, the below chart shows the US GAAP Pretax Income (Loss) From Continuing Operations for the June 2018 and the June 2017 Quarters for the 451 Largest US Companies including Partnerships and REITs with June Quarter Ends and which have reported their June 2018 Quarter Earnings By August 10, 2018.
US US
GAAP GAAP
US Companies Pretax Pretax
Market Caps Above $10 Bil Income Income %
With June Quarter Ends (Loss) (Loss) Change
Releasing June 2018  June Qtr June Qtr Better
 Qtr Earnings By 8-10-18 2018 2017 (Worse)
mils $ mils $
Berkshire Hathaway          15,098            6,129 146%
Apple          13,284          11,308 17%
Microsoft          10,680            7,958 34%
JPMorgan Chase          10,572            9,749 8%
Bank of America            8,498            8,121 5%
Wells Fargo            7,119            8,139 -13%
AT&T            6,780            6,070 12%
Exxon Mobil            6,512            4,156 57%
Citigroup            5,945            5,678 5%
Facebook            5,868            4,488 31%
Intel            5,529            4,572 21%
Verizon Communications            5,527            6,967 -21%
Johnson & Johnson            4,973            4,748 5%
Chevron            4,905            1,953 151%
Pfizer            4,527            3,815 19%
Comcast Corp            4,285            3,909 10%
Alphabet            4,215            4,377 -4%
UnitedHealth Group            3,860            3,430 13%
Walt Disney            3,854            3,618 7%
Goldman Sachs            3,276            2,509 31%
Morgan Stanley            3,109            2,642 18%
Philip Morris            2,939            2,531 16%
PepsiCo            2,900            2,774 5%
General Motors            2,885            2,967 -3%
Coca-Cola            2,883            2,624 10%
United Technologies            2,834            2,064 37%
Visa            2,812            2,914 -4%
International Business Machines            2,776            2,443 14%
Amgen            2,647            2,542 4%
ConocoPhillips            2,619          (4,361) 160%
Amazon.com            2,608               664 293%
Boeing            2,586            2,462 5%
Altria Group            2,557            2,910 -12%
Capital One Financial            2,492            1,490 67%
DowDuPont            2,368            1,814 31%
3M            2,350            2,142 10%
Procter & Gamble            2,289            2,927 -22%
US Bancorp            2,199            2,063 7%
Caterpillar            2,195            1,164 89%
American Express            2,091            1,957 7%
Gilead Sciences            2,086            4,115 -49%
Merck            2,086            2,439 -14%
McDonalds            2,018            2,061 -2%
AbbVie            2,012            2,353 -14%
Honeywell            1,999            1,778 12%
Union Pacific Corp            1,938            1,869 4%
United Parcel Services            1,926            2,119 -9%
Mastercard            1,922            1,628 18%
Phillips 66            1,835               797 130%
Texas Instruments            1,706            1,486 15%
Blackstone Group LP            1,690               765 121%
Aetna            1,666            1,820 -8%
PNC Financial Services            1,660            1,483 12%
LyondellBasell Industries            1,634            1,593 3%
KKR & Co LP            1,627               887 83%
Freeport McMoran            1,554               512 204%
Marathon Petroleum Corp            1,516               824 84%
Chubb            1,512            1,505 0%
Anthem            1,504            1,206 25%
Lockheed Martin            1,420            1,342 6%
BlackRock            1,416            1,238 14%
Bank of New York Mellon            1,394            1,308 7%
Delta Air Lines            1,372            1,831 -25%
Ford Motor            1,349            2,266 -40%
General Electric            1,331            1,127 18%
Celgene            1,307            1,178 11%
American International Group            1,252            1,667 -25%
HCA Healthcare            1,238            1,160 7%
Booking Holdings            1,209               863 40%
Biogen            1,179            1,132 4%
Express Scripts            1,170            1,241 -6%
Occidental Petroleum            1,150               792 45%
CSX Corp            1,144               827 38%
Charles Schwab            1,131               909 24%
AFLAC            1,131            1,045 8%
Valero Energy            1,124               768 46%
Cigna            1,102            1,134 -3%
MetLife            1,101            1,018 8%
Twenty-First Century Fox            1,081               815 33%
T-Mobile US            1,068               934 14%
Kraft-Heinz            1,046            1,590 -34%
Starbucks            1,027            1,052 -2%
BB&T Corp            1,024               978 5%
Nektar Therapeutics               975               (60) -1725%
General Dynamics               970            1,032 -6%
Southwest Air               960            1,165 -18%
Lam Research               958               603 59%
QUALCOMM               956               858 11%
Nextera Energy               931            1,093 -15%
Norfolk Southern               924               780 18%
Nucor Corp               914               508 80%
Johnson Controls Intl plc               910               718 27%
SunTrust Banks               895               752 19%
Illinois Tool Works               894               819 9%
EOG Resources               893                 62 1340%
Synchrony Financial               892               788 13%
Colgate Palmolive               888               829 7%
Progressive Corp               880               555 59%
Discover Financial Services               877               867 1%
State Street Corp               865               776 11%
Corning Inc               864               592 46%
United Continental Holdings               857            1,277 -33%
Northop Grumman               849               812 5%
Allstate               845               851 -1%
Danaher               835               645 29%
Raytheon               827               768 8%
Thermo Fisher Scientific               806               626 29%
Marriott Intl               796               716 11%
Abbott Labs               777               295 163%
American Air Lines               769            1,389 -45%
Emerson Electric               768               621 24%
CME Group               757               637 19%
Las Vegas Sands               757               717 6%
Andeavor               749               143 424%
Western Digital               729               415 76%
Energy Transfer Equity LP               727               347 110%
Tyson Foods               723               617 17%
Paccar               720               539 34%
Marsh & McLennan               719               711 1%
Cummins               715               599 19%
eBay               707               462 53%
Enterprise Products Partners LP               706               675 5%
Eaton Corp plc               694               572 21%
Fifth Third Bancorp               693               494 40%
Energy Transfer Partners LP               671               375 79%
Kellogg               669               385 74%
Praxair               657               577 14%
S&P Global               657               640 3%
PPL Corp               657               368 79%
Regeneron Pharmaceuticals               656               526 25%
M&T Bank Corp               655               596 10%
Archer Daniels Midland               652               383 70%
Becton Dickinson               647             (404) 260%
Halliburton               633                 (1) 63400%
Simon Property Group               631               441 43%
Travelers Companies               631               790 -20%
T Rowe Price               629               620 1%
Cognizant Technology               624               635 -2%
Stryker               623               444 40%
D R Horton               616               445 38%
IntercontinentalExchange               611               567 8%
PayPal Holdings               609               447 36%
Waste Management               609               570 7%
Exelon               608                 32 1800%
Duke Energy               607            1,018 -40%
Viacom               607               921 -34%
TD Ameritrade               603               373 62%
Kimberly Clark               603               742 -19%
Dish Networks               602               241 150%
American Electric Power               602               567 6%
Annaly Capital Management               599                 14 4179%
Ingersoll Rand plc               587               492 19%
KeyCorp               582               565 3%
Liberty Global plc               576             (693) 183%
Dominion Energy               566               553 2%
Air Products & Chemicals               552               196 182%
Citizens Financial Group               549               462 19%
Ameriprise Financial               548               511 7%
Schlumberger Ltd               547                 17 3118%
Sherwin-Williams               538               509 6%
Hartford Financial Services               537             (281) 291%
TE Connectivitity Ltd               535               503 6%
Omnicom Group               532               522 2%
CNH Industrial NV               526               346 52%
Molson Coors Brewing               523               460 14%
Bristol-Myers Squibb               517            1,295 -60%
Principal Financial               515               366 41%
CBS Corp               513               566 -9%
Apache Corp               508                   9 5544%
Northern Trust               507               391 30%
Parker Hannifin               498               401 24%
Moody's Corp               496               462 7%
HollyFrontier               480               106 353%
PPG Industries               479               659 -27%
Steel Dynamics               475               235 102%
Centene               474               421 13%
Regions Financial               467               449 4%
Seagate Technology               466               120 288%
Royal Caribbean               466               370 26%
Ally Financial               461               376 23%
Ecolab               458               377 21%
MPLX LP               457               193 137%
Lear Corp               453               400 13%
Lincoln National               451               533 -15%
O Reilly Auto               450               436 3%
Williams Partners LP               449               349 29%
Franklin Resources               447               644 -31%
Celanese               442               281 57%
Zoetis               437               345 27%
Eastman Chemical               430               359 20%
Netflix               429                 14 2964%
Icahn Enterprises LP               421            1,670 -75%
International Paper               420                 (3) 14100%
Comerica               419               302 39%
Huntington Bancorp               412               351 17%
Activision Blizzard               408               293 39%
KLA-Tencor               406               325 25%
Public Storage               405               355 14%
Baxter Intl               404               306 32%
Spectra Energy Partners               398               372 7%
Albemarle               391               137 185%
Aptiv plc               386               344 12%
Amphenol               382               317 21%
FirstEnergy               382               351 9%
Weyerhaeuser               382                 58 559%
Westlake Chemical               381               227 68%
Charter Communications               380               243 56%
Prologis               379               303 25%
Restaurant Brands Intl               373               286 30%
ONEOK               370               220 68%
Discovery Inc               367               473 -22%
Public Service Enterprise Grp               366               168 118%
First Data Corp               365               271 35%
XL Group Ltd               364               339 7%
Sirius XM Holdings               363               322 13%
Markel               361               210 72%
DXC Technology               360                 91 296%
United Rentals               359               229 57%
Monster Beverage               358               347 3%
Yum! Brands               357               311 15%
WestRock               356               387 -8%
Fortive Corp               356               326 9%
Unum Group               355               362 -2%
Boston Scientific               347                 91 281%
E Trade Group               345               317 9%
AmerisourceBergen               345               133 159%
Mondelez Intl               339               584 -42%
CNA Financial               330               370 -11%
SVB Financial Group               324               204 59%
WW Grainger               323               207 56%
Fiserv               323               330 -2%
Williams Companies               321               258 24%
DaVita               320               288 11%
Electronic Arts               319               749 -57%
XCEL Energy               319               329 -3%
Raymond James Financial               318               277 15%
American Tower               318               412 -23%
Keurig Dr Pepper               318               282 13%
Continental Resources               318             (101) 415%
Mohawk Industries               316               344 -8%
Eversource Energy               315               370 -15%
BorgWarner               315               297 6%
Invesco Ltd               314               342 -8%
Ameren Corp               314               308 2%
Republic Services               313               333 -6%
Roper Technologies               313               255 23%
Laboratory Corp of America               313               279 12%
Masco               312               262 19%
IAC/Interactive               312                 61 411%
Skyworks Solutions               311               307 1%
Liberty SiriusXM Group               307               295 4%
Loews Corp               307               347 -12%
Clorox               306               295 4%
Universal Health Services               302               294 3%
CBRE Group               300               273 10%
Genuine Parts               300               297 1%
Newmont Mining               298               332 -10%
Hilton Worldwide               298               250 19%
Intuitive Surgical                296               270 10%
Diamondback Energy               295               166 78%
Stanley Black & Decker               294               358 -18%
Edison Intl               289               335 -14%
Nasdaq Inc               288               211 36%
WEC Energy Group               282               315 -10%
Cheniere Energy Partners LP               281                 46 511%
Arch Capital Group Ltd               280               233 20%
Fidelity National Financial               276               302 -9%
Quest Diagnostics               275               301 -9%
Interactive Brokers Group               271               204 33%
Fidelity Natl Info Services               269               283 -5%
Rockwell Collins               269               221 22%
Prudential Financial               268               621 -57%
Fastenal               266               235 13%
TransDigm Group               266               236 13%
Cincinnati Financial               264               128 106%
Huntington Ingalls Industries               262               218 20%
American Financial Group               260               205 27%
Hershey               260               281 -7%
Textron               260               215 21%
Broadridge Financial               258               285 -9%
DTE Energy               255               232 10%
Alliance Data Systems               255               214 19%
AvalonBay Community               255               165 55%
Zions Bancorp               253               248 2%
First Republic Bank               252               220 15%
Rockwell Automation               252               276 -9%
Edwards Lifesciences               251               206 22%
Harris Corp               251               234 7%
Ametek               248               203 22%
Reinsurance Group               247               339 -27%
Packaging Corp of America               245               209 17%
NVR Inc               242               209 16%
Check Point Software               240               233 3%
Martin Marietta Materials               238               194 23%
CenturyLink               237                 40 493%
L3 Technologies               237               254 -7%
Garmin Ltd               236               234 1%
Illumina               232               141 65%
Norwegian Cruise Line               232               205 13%
Fleetcor Technologies               231               190 22%
CDW Corp               230               195 18%
Host Hotels & Resorts               228               239 -5%
Motorola Solutions               227               205 11%
Consolidated Edison               226               277 -18%
Maxim Integrated Products               224               196 14%
American Water Works               222               226 -2%
Old Dominion Freight Line               221               160 38%
Sprint Corp               220               498 -56%
LKQ Corp               219               227 -4%
Zimmer Biomet               218               196 11%
Vertex Pharmaceutical               217                 36 503%
Cerner               215               252 -15%
CH Robinson Worldwide               214               172 24%
Xilinx               213               171 25%
XPO Logistics               213                 85 151%
Dover               211               198 7%
Magellan Midstream Partners LP               211               216 -2%
Autoliv               210               201 4%
Michael Kors               206               150 37%
JB Hunt Transport Services               205               156 31%
Automatic Data Processing               205               388 -47%
Yum China Holdings               203               175 16%
Vulcan Materials               200               157 27%
Kansas City Southern               196               231 -15%
Wynn Resorts Ltd               196               109 80%
Arconic               194               269 -28%
Henry Schein               194               208 -7%
Expeditors Intl Washington               190               174 9%
V F Corp               186               136 37%
Verisk Analytics               185               170 9%
Crown Castle               185               117 58%
Waste Connections               181               177 2%
Total Systems Services               180               173 4%
Concho Resources               177               245 -28%
Waters Corp               175               148 18%
Equifax               169               243 -30%
Welltower               167               203 -18%
Ball Corp               166               122 36%
CMS Energy               165               140 18%
Verisign               165               160 3%
IPG Photonics               164               142 15%
MGM Resorts Intl               164               315 -48%
Arista Networks               163               117 39%
Apollo Global Mgt LLC               163               192 -15%
Boston Properties               161               167 -4%
MSCI Inc               156               118 32%
Church & Dwight               155               117 32%
SEI Investments               154               135 14%
Targa Resources               154               (35) 540%
Xylem               150               121 24%
Andeavor Logistics LP               148               111 33%
Cheniere Energy Inc               147                 22 568%
Global Payments               146                 85 72%
A.O. Smith               146               128 14%
Mettler-Toledo               144               127 13%
Match Group               143                 54 165%
Anadarko Petroleum               142             (372) 138%
Resmed               141               122 16%
FMC Corp               140                 52 169%
Marathon Oil               140             (112) 225%
Thomson Reuters               139                 62 124%
Avangrid               137               164 -16%
Idex Corp               137               113 21%
Idexx Labs               137               115 19%
Ventas               133               150 -11%
Citrix Systems               131               114 15%
Intl Flavors & Fragrances               122               142 -14%
Cboe Global Markets               120               106 13%
Nielsen Holdings               120               224 -46%
Equity Residential               118               204 -42%
Align Technologies               114                 85 34%
Ansys               110               100 10%
Essex Property Trust               106                 76 39%
Hologic               105                 75 40%
Vornado Realty Trust               105               129 -19%
Extra Space Storage               105                 97 8%
Arthur J Gallagher & Co               104                 54 93%
Pentair plc                 99                   2 4850%
Realty Income Corp                 97                 81 20%
GGP Inc                 96               132 -27%
Varian Medical                 92                 89 3%
IQVIA Holdings                 92                 52 77%
Domino's Pizza                 91                 89 2%
Cadence Design Systems                 90                 77 17%
Rollins Inc                 90                 86 5%
Digital Realty Trust                 88                 80 10%
HCP Inc                 88                 19 363%
Plains All America                 84               199 -58%
CA Technologies                 82               238 -66%
Pioneer Natural Resources                 82               354 -77%
Take-Two Interactive                 77                 47 64%
Gartner                 75             (143) 152%
Equinix                 74                 55 35%
Willis Towers Watson                 74                 49 51%
TransUnion                 73                 92 -21%
Mosaic                 72                 75 -4%
Hasbro                 68                 87 -22%
Twitter                 66             (113) 158%
Mid America Apartment Comm                 63                 51 24%
Alexandria Real Estate Equities                 61                 41 49%
Everest Re Group Ltd                 61               276 -78%
Perrigo Co plc                 55               (76) 172%
Cabot Oil & Gas                 55                 37 49%
Incyte Corp                 54                 (9) 700%
Akamai Technologies                 52                 86 -40%
Abiomed                 48                 34 41%
Black Knight                 47                 38 24%
CoStar Group                 46                 26 77%
Microchip Technology                 38               166 -77%
EQT Corp                 35               152 -77%
Vistra Energy                 31               (34) 191%
National Oilwell Varco                 30               (91) 133%
Hess Corp                 27             (425) 106%
Baker Hughes GE                 24               (30) 180%
GoDaddy                 19                 19 0%
Humana                 19            1,042 -98%
Mylan NV                 19               325 -94%
Liberty Broadband                 15                 (6) 350%
Worldpay                 11               121 -91%
Noble Energy                 10          (2,334) 100%
Teleflex                   7                 90 -92%
McKesson                   6               458 -99%
Eli Lilly                   5            1,261 -100%
Dropbox                 (3)               (26) 88%
Square Inc                 (5)               (15) 67%
Invitation Homes               (14)                   6 -333%
Expedia               (14)                 57 -125%
Bunge Ltd               (15)                 26 -158%
Atlassian Corp               (22)               (32) 31%
Newell Brands               (23)               (55) 58%
Biomarin Pharmaceuticals               (29)               (46) 37%
Entergy Corp               (32)                 76 -142%
ServiceNow               (41)               (58) 29%
Symantec               (73)             (134) 46%
SBA Communications               (76)                 13 -685%
CenterPoint Energy               (88)               211 -142%
Altice USA             (104)             (732) 86%
SS&C Technologies             (164)                 62 -365%
Kinder Morgan             (176)               599 -129%
Southern Co             (266)          (1,935) 86%
Snap             (352)             (443) 21%
Alexion Pharmaceuticals             (419)               206 -303%
Allergan plc             (475)          (1,297) 63%
Devon Energy             (481)               207 -332%
Whirlpool             (609)               212 -387%
Tesla             (729)             (386) -89%
Sempra Energy          (1,113)               415 -368%
Dentsply Sirona          (1,162)          (1,065) -9%
Cardinal Health          (1,187)               374 -417%
PG&E Corp          (1,573)               544 -389%
CVS Health          (2,065)            1,863 -211%
Total all 451 US Cos        359,533        307,586 16.9%