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PrintPNC Financial Services Group reclaimed its spot as the region's most profitable company in 2009, replacing the previous year's champion, U.S. Steel, which took a spectacular fall to the bottom of the scrap heap.
PNC had held the most profitable banner for three straight years before being overtaken by the giant steelmaker in 2008.
PNC, the nation's fifth biggest bank based on deposits, earned $2.4 billion last year, aided by a one-time gain that helped offset mounting loan losses. That compared with profits of $882 million in 2008 when the bank recorded big charges for the takeover of troubled Cleveland-based National City Corp.
PDFsPNC's performance contrasted with U.S. Steel, which sunk to last place in the rankings, racking up $1.4 billion in red ink as it idled factories and slashed capital spending amid a global recession that devoured demand.
Ketchup king H.J. Heinz Co. moved up a notch to finish as the region's second most profitable company, earning $923.1 million, up from $844.9 million the previous year.
Rounding out the top five were Consol Energy, up from No. 6 the previous year; Allegheny Energy, up from No. 7; and PPG Industries, which landed in fifth place for the second year in a row.
Allegheny Technologies joined U.S. Steel in dropping out of the top five, falling from No. 4 to No. 23. The specialty metals producer saw profits plunge to $31.7 million in 2009 from $565.9 million a year earlier amid slack demand and falling prices.
Overall, 2009 was a rough year for Pittsburgh's publicly traded companies. Of the 50 companies, two-thirds, or 33 firms on the list, saw earnings fall from the previous year, while just 17 companies managed to post better results.
The biggest percentage gainer was Dick's Sporting Goods, which rebounded from a $35 million loss in 2008 to profits of $135 million in 2009. Next was PNC, followed by Mylan, which, like Dick's, also bounced back from losses in 2008.
Thirteen of 50 companies, or one in four, posted a loss in 2009. That's up from seven companies that finished in the red in 2008.
Across the country, the banking sector struggled last year as the recession raged, and Pittsburgh banks were no exception.
Nine of 13 financial institutions on the list posted worse results than a year earlier, including big losers First Commonwealth Financial, Parkvale Financial and Fidelity Bancorp, which all ended the year in the red.
Besides PNC, the only gainers were Hermitage-based FNB, Ellwood City's ESB Financial and tiny Commercial National Financial in Latrobe.
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