The numbers are in and some big companies have made huge profits in 2012 making shareholders very happy indeed. Here is the official list of the most profitable companies in the US for 2012.
Banks and oil companies make the list as well as the most profitable tech companies.
Let’s do this in reverse order.
10. Berkshire Hathaway
Profit: $14.8 Billion
Only CEO Warren Buffett could be disappointed with $14 billion dollars profit, while the rest of us can’t imagine such a pile of cash. Buffet described Berkshire Hathaway’s 2012 results as “subpar”.
Profit: $16.6 Billion
Despite a dip in sales, IBM’s profit rose in 2012 through higher-margin software and services. Big Blue has indicated job cuts could be on the card if sales continue to slide.
Profit: $16.9 Billion
Last year, Microsoft wrote down $6.2 billion for aQuantive, the online ad business acquired in 2007. Whoops! Something went terribly wrong there, although you’d have to forgive shareholder for not minding too much when Microsoft is still able to rake in almost $17 billion in profit.
Profit: $17 Billion
The world’s largest retailer’s net profit rose by 8% in 2012 but warned of slower consumer spending and sluggish sales for 2013.
6. Fannie Mae
Profit: $17.2 Billion
With $116 billion to pay back the US government for bailing out the bank, the mortgage “too big to fail” financier posted record profits for 2012. That’s quite the turnaround.
5. Wells Fargo
Profit: $18.9 Billion
Providing a third of all U.S. mortgages and posting a record profit in 2012, Wells Fargo warned that the housing boom might end soon.
4. J.P. Morgan Chase & Co.
Profit: $21.2 Billion
Even with a huge trading loss of $6.2 billion due to risky bets, J.P. Morgan Chase still managed to break it’s own annual profit records in 2012. The so called “London Whale” scandal saw CEO Jamie Dimon’s pay cut by 50%. Poor Jamie will have to struggle this year with a reduced compensation of $11.5 million. 🙁
Profit: $26.1 Billion
Profits at Chevron’s U.S. operations increased by 30% due to larger supply of domestic energy at it’s refineries.
Profit: $41.7 Billion
That’s a lot of iDevices. In its first year without Steve Jobs, Apple’s profits were largely driven by the iPhone. Sales growth is dropping though, along with smartphone market share with Samsung leading the way.
1. Exxon Mobil
Profit: $44.8 Billion
Exxon Mobil almost set a world record for profits in 2012. The last world record was set by… well, Exxon Mobil in 2008. Come on, Apple. You can do it! It was Exxon’s refineries that boosted profits by having cheaper domestic supplies of fuel, which helped boost profits.