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CHART 2:
[Manufacturing Profits Per Dollar of Sales]
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| Sales and after-tax profits data for all manufacturing are presented in Table 1 on both a seasonally adjusted and an unadjusted basis. Seasonally adjusted historical data for this series, as well as for total durable and total nondurable manufacturing, are presented in Table 3. Data for individual manufacturing industries are not seasonally adjusted. |
Manufacturing corporations' seasonally adjusted after-tax profits for the first quarter of 2001 were $45.3 billion, down $7.7 (+\-1.6) billion from the fourth quarter of 2000, and down 42 percent from the peak in the first quarter 2000 of $78.6 billion, the Commerce Department's Census Bureau reported. Manufacturers' sales at $1,143.2 billion showed no statistically significant change from the fourth quarter. First quarter profits averaged 4.0 cents per dollar of sales, a decline of 0.6 (+\-0.1) cents from the previous quarter and the lowest rate since the 3.6 cents registered in the fourth quarter 1993.
Widespread declines by durable goods manufacturers were partially offset by scattered increases by nondurable manufacturers. Durables' after-tax profits in the first quarter of 2001 were $13.6 billion, a decrease of $9.0 (+\-1.4) billion or 39.9 percent (+\-6.0%) from the fourth quarter of 2000. Sales were $605.0 billion with profits averaging 2.2 cents per dollar of sales, down 1.5 (+\-0.2) cents from the prior quarter. Nondurable goods manufacturers after-tax profits of $31.7 billion, were up $1.3 (+\-0.9) billion or 4.4 percent (+\-3.4%) from the previous quarter. Sales were $538.2 billion, with profits averaging 5.9 cents per dollar of sales, up 0.2 (+\-0.2) cents from the fourth quarter.
After-Tax Profits and Sales - Not Seasonally Adjusted
Unadjusted manufacturers' after-tax profits in the first quarter of 2001 were $43.8 billion, down $33.4 (+\-1.5) billion or 43.3 percent (+\-1.6%) from the first quarter of 2000. Sales at $1,107.5 billion were up $20.8 (+\-9.0) billion, or 1.9 percent (+\-0.8%), from the same quarter a year ago. Profits averaged 4.0 cents per dollar of sales for the first quarter, down 3.1 (+\-0.1) cents from the same quarter a year ago. After-tax profits for durable goods manufacturers were $12.2 billion, down $27.7 (+\-1.3) billion from the first quarter of 2000. Sales at $585.2 billion were down $11.7 (+\-6.8) billion, or 2.0 percent (+\-1.1%), from the same quarter a year ago. Profits averaged 2.1 cents per dollar of sales, down 4.6 (+\-0.2) cents from the first quarter of 2000. Nondurable goods manufacturers reported after-tax profits of $31.6 billion, down $5.7 (+\-0.7) billion from the first quarter 2000, and sales of $522.3 billion, up $32.5 (+\-5.8) billion or 6.6 percent (+\-1.2%) from that quarter. Their profits averaged 6.1 cents per dollar of sales compared with 7.6 (+\-0.1) cents, from the same quarter a year ago.
Industry Detail - Not Seasonally Adjusted
Unadjusted durable manufacturers' after-tax profits for the first quarter of 2001 fell $27.7 (+\-1.3) billion from the first quarter of 2000. Most industries reported declines. Electrical machinery posted the largest decrease of $13.4 (+\-0.2) billion which resulted from operating losses, nonrecurring charges, and lower equity income. Motor vehicles' $8.1 (+\-0.1) billion decline resulted from decreases in operating profits and nonrecurring charges. Aircraft was the only industry in the durables group to post increased profits over the same quarter last year. Machinery and stone, clay and glass showed no statistically significant change.
When compared to the fourth quarter of 2000, unadjusted durable manufacturers' after-tax profits for the first quarter of 2001 were down $8.0 (+\-1.4) billion with the underlying industries showing mixed results. The largest change was a decrease of $9.0 (+\-0.1) billion in electrical machinery which reported declining operating profits and equity income, as well as nonrecurring charges which were partially offset by nonoperating income. Motor vehicles reported back to back losses for the two quarters. Fabricated metals and aircraft reported small gains, while stone, clay and glass, machinery, instruments, and furniture and fixtures all showed no statistically significant change.
Unadjusted nondurable manufacturers' after-tax profits for the first quarter of 2001 were down $5.7 (+\-0.7) billion from the first quarter a year ago. The increases in petroleum and drugs, $2.3 (+\-0.1) billion and $2.1 (+\-0.2) billion respectively, were not able to offset declines in other nondurable goods manufacturing industries. Industrial chemicals' decline of $3.1 (+\-0.1) billion came mainly from operations. The declines in printing and publishing, $2.7 (+\-0.4) billion, resulted from operations as well as an absence of nonrecurring income seen in the same quarter last year. Paper, food and tobacco, and rubber reported lower operating results. Apparel and textiles showed no statistically significant change.
When compared to the fourth quarter of 2000, unadjusted nondurable manufacturers' after-tax profits were up $4.3 (+\-0.9) billion with mixed results in the underlying industries. The largest increase was in drugs, up $5.2 (+\-0.2) billion, which mainly came from fewer nonrecurring charges and increased equity income. Rubber also reported increased profits, up $1.0 (+\-0.1) billion, as a result of fewer nonrecurring charges taken this quarter. Food and tobacco showed the greatest decline, the change of $1.3 (+\-0.5) billion mainly resulting from operations. Industrial chemicals, printing and publishing, and residual of chemicals also reported declining operating profits.
Beginning in May 2001, the economic indicator programs published by the U.S. Census Bureau began the process of converting to the North American Industry Classification System (NAICS). The Quarterly Financial Report Program will begin publishing on the NAICS basis with the fourth quarter 2001 report scheduled for release in April 2002. Data for the prior four quarters (4Q 2000-3Q 2001) will be restated on the NAICS basis comparable with the fourth quarter 2001 data.
Also included in this release are first quarter 2001 data for large mining and wholesale trade corporations.
These advance data, based on quarterly financial reports from about 8,300 corporations, were released today from the Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations- First quarter 2001 (QFR-01- 1). The publication includes statements of income and retained earnings, balance sheets, and related financial and operating ratios. The aggregated data are classified by industry and asset size.
The publication becomes available for sale approximately two weeks from the date of this release from the Superintendent of Documents, P.O. Box 371954, Pittsburgh, PA 15250-7954 (202-512-1800). The cost for an annual subscription is $39 domestic and $48.75 foreign. Remittances from foreign countries must be by international money order or by draft on a U.S. bank. Files are also available on 3.5 inch flexible diskettes from U.S. Department of Commerce, Census Bureau (MS1921), P.O. Box 277943, Atlanta, GA 30384- 7943 (301-763-INFO(4636)). The annual subscription cost is $80; $50 for the programs and documentation. Second quarter 2001 advance data are scheduled for release on September 14, 2001.
EXPLANATORY NOTES:
This quarter's publication contains data revised due to the reclassification of corporations by industry, and revisions that reflect respondents' corrections of submitted data subsequent to original publication.
The data presented in this report are estimated from a sample survey and therefore are subject to sampling variability as well as nonsampling variability such as response error, nonreporting, and coverage errors. Estimates of sampling variability are presented in the publication. A statement such as "up 2.5 (+\-0.15) cents," appearing in the text, indicates the range (+2.35 to +2.65 cents) in which the actual change is likely to have occurred. The range given for the change is a 90 percent confidence interval that accounts only for sampling variability. If the range had contained zero (0), it would have been uncertain whether there was an increase or decrease; that is, the change would not have been statistically significant. For any comparison cited without a confidence interval, the change is statistically significant. The quarterly publication includes more detailed explanations of confidence intervals and sampling variability, along with additional measures of sampling variability.
The complete report, Quarterly Financial Report for Manufacturing,
Mining and Trade Corporations, is available for download,
under "Products: Publication", at
<http://www.census.gov/csd/qfr/>.
This press release is available in
page image format (.pdf).
This press release is available on the day of issue on the
Internet (http://www.census.gov/csd/www/qfr.html).
The publication becomes available for sale approximately two weeks from
the date of this release from the Superintendent of Documents,
P.O. Box 371954, Pittsburgh, PA 15250-7954 (202-512-1800). The cost for
an annual subscription is $34 domestic and $42.50 foreign. [Remittances
from foreign countries must be by international money order or by draft
on a U.S. bank.]
Files are also available on 3.5 inch flexible diskettes from U.S.
Department of Commerce, Census Bureau (MS1921), P.O. Box
277943, Atlanta, GA 30384-7943 (301-763-INFO(4636)). The annual
subscription cost is $80; $50 for the programs and documentation.
Questions regarding this report (or program) should be directed to
Ronald B. Horton (301) 457-3343 or Frank Hartman (301) 457-3379.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-01-1, June 2001. U.S. Census Bureau, June 2001.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-01-1, June 2001. U.S. Census Bureau, June 2001.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-01-1, June 2001. U.S. Census Bureau, June 2001.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-01-1, June 2001. U.S. Census Bureau, June 2001.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-01-1, June 2001. U.S. Census Bureau, June 2001.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-01-1, June 2001. U.S. Census Bureau, June 2001.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-01-1, June 2001. U.S. Census Bureau, June 2001.
The publication becomes available for sale approximately two weeks from the
date of this release from the Superintendent of Documents, P.O. Box 371954,
Pittsburgh, PA 15250-7954 (202-512-1800). The annual subscription rate is $34,
(foreign customers, $42.50 on an international money order or by draft on a
U.S. bank). Single publication copies are $10 and $12.50, respectively and
are available at the Bureau of the Census, (301) 763-INFO(4636).
Electronic files are also available on
3.5 inch flexible diskettes from U.S. Department of Commerce,
Bureau of the Census, (MS1921), P.O. Box 277943, Atlanta, GA 30384-7943
(301-763-INFO(4636)). The annual subscription cost is
$80; $50 for the first diskette and $6 for each additional diskette.
Schedule of Advance Data Release Dates--2001
Questions concerning this advance report should be directed to
Contact:
Ronald B. Horton (301) 457-3343 or
Frank Hartman (301) 457-3379.
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TABLE 1. PART A--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS
Seasonally Adjusted
1Q 4Q 1Q
2001 2000(1) 2000(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 4.0 4.6 7.0
Percent on equity (annual rate) .......... NA NA NA
(million dollars)
Sales ....................................1,143,241 1,143,709 1,122,387
Income after income taxes ................ 45,286 52,969 78,546
Dividends paid (cash) .................... NA NA NA
(1) Revised.
TABLE 1. PART B--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS
Unadjusted
1Q 4Q 1Q
2001 2000(1) 2000(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 4.0 4.1 7.1
Percent on equity (annual rate) .......... 9.0 10.1 18.0
(million dollars)
Sales ....................................1,107,518 1,159,754 1,086,679
Income after income taxes ................ 43,843 47,460 77,292
Dividends paid (cash) .................... 24,532 32,687 29,983
(1) Revised.
TABLE 2. PART A--SALES AND PROFITS OF CORPORATIONS ENGAGED IN
MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED
Sales
1Q 4Q 1Q
Industry Group 2001 2000(1) 2000(1)
(million dollars)
All manufacturing corporations ............1,107,518 1,159,754 1,086,679
Nondurable goods .......................... 522,292 541,312 489,796
Food and tobacco......................... 122,525 127,919 116,556
Textiles ................................ 14,333 14,181 14,027
Apparel(2) .............................. 18,068 18,414 18,005
Paper ................................... 43,954 45,334 45,622
Printing ................................ 47,598 53,151 47,531
Chemicals ............................... 129,288 127,704 119,810
Industrial chemicals and synthetics(3).. 43,299 42,077 41,637
Drugs(3) ............................... 53,113 53,303 46,569
Residual of chemicals(3)................ 32,877 32,324 31,604
Petroleum ............................... 116,230 123,248 97,167
Rubber .................................. 30,296 31,360 31,078
Durable goods ............................. 585,225 618,442 596,883
Stone, clay, and glass .................. 21,035 24,203 19,870
Primary metals .......................... 38,621 40,277 41,418
Iron and steel(3) ...................... 18,371 18,768 21,030
Nonferrous metals(3).................... 20,250 21,509 20,388
Fabricated metals ....................... 45,818 47,066 46,564
Machinery ............................... 113,777 118,016 111,411
Electrical machinery .................... 130,364 140,947 129,138
Transportation Equipment ................ 162,857 171,484 174,219
Motor vehicles and equipment(3) ........ 113,617 117,445 126,773
Aircraft, guided missiles, and parts(3). 38,265 42,968 35,219
Instruments ............................. 30,983 33,555 30,093
Other durable goods ..................... 41,769 42,894 44,170
Lumber and wood products(3) ............ 15,036 15,671 17,528
Furniture and fixtures(3) .............. 18,136 18,442 17,921
Miscellaneous manufacturing(3) ......... 8,597 8,780 8,721
Mining(4) ................................. 33,199 31,109 22,100
Wholesale trade(4) ........................ 326,280 337,184 310,636
Retail trade(4) ........................... NA 373,610 314,105
(1) Revised.
(2) Includes leather industry (previously titled "Other Nondurables").
(3) Included in major industry above.
(4) Mining and trade data are of the quarterly results of companies
in those divisions with assets over $50 million; whereas, data
for manufacturing corporations represent the quarterly results of
companies with assets over $250,000.
TABLE 2. PART B--SALES AND PROFITS OF CORPORATIONS ENGAGED IN
MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED
Operating Profits*
1Q 4Q 1Q
Industry Group 2001 2000(1) 2000(1)
(million dollars)
All manufacturing corporations ............ 53,730 67,299 87,195
Nondurable goods .......................... 37,586 42,004 44,661
Food and tobacco......................... 9,719 11,961 10,963
Textiles ................................ 697 544 688
Apparel(2) .............................. 1,306 688 1,280
Paper ................................... 2,869 3,028 4,400
Printing ................................ 2,952 5,873 4,814
Chemicals ............................... 9,614 10,123 12,764
Industrial chemicals and synthetics(3).. (242) 655 3,299
Drugs(3) ............................... 7,287 6,775 6,611
Residual of chemicals(3)................ 2,570 2,693 2,854
Petroleum ............................... 9,096 9,111 7,664
Rubber .................................. 1,332 677 2,089
Durable goods ............................. 16,144 25,294 42,533
Stone, clay, and glass .................. 970 1,639 1,636
Primary metals .......................... 612 1,012 2,385
Iron and steel(3) ...................... (269) (9) 920
Nonferrous metals(3).................... 881 1,021 1,464
Fabricated metals ....................... 3,007 2,206 4,634
Machinery ............................... 5,358 6,018 6,172
Electrical machinery .................... (7) 7,853 10,369
Transportation Equipment ................ 3,012 3,051 10,890
Motor vehicles and equipment(3) ........ (1,151) (982) 6,650
Aircraft, guided missiles, and parts(3). 3,357 3,108 3,052
Instruments ............................. 1,736 2,151 3,342
Other durable goods ..................... 1,458 1,363 3,106
Lumber and wood products(3) ............ (173) 268 1,003
Furniture and fixtures(3) .............. 1,023 956 1,242
Miscellaneous manufacturing(3) ......... 608 139 862
Mining(4) ................................. 7,866 5,640 2,318
Wholesale trade(4) ........................ 6,459 8,152 8,142
Retail trade(4) ........................... NA 19,359 12,991
*Operating profits are profits before nonoperating income and expense
items and income taxes.
* Operating profits are profits before nonoperating income and expense
items and income taxes.
(1) Revised.
(2) Includes leather industry (previously titled "Other Nondurables").
(3) Included in major industry above.
(4) Mining and trade data are of the quarterly results of companies
in those divisions with assets over $50 million; whereas, data
for manufacturing corporations represent the quarterly results of
companies with assets over $250,000.
TABLE 2. PART C--SALES AND PROFITS OF CORPORATIONS ENGAGED IN
MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED
After-Tax Profits
1Q 4Q 1Q
Industry Group 2001 2000(1) 2000(1)
(million dollars)
All manufacturing corporations ............ 43,843 47,460 77,292
Nondurable goods .......................... 31,629 27,281 37,363
Food and tobacco ........................ 6,262 7,554 7,407
Textiles ................................ 102 (62) 161
Apparel(2) .............................. 690 55 772
Paper ................................... 956 760 2,541
Printing ................................ 956 1,534 3,659
Chemicals ............................... 10,746 6,687 12,308
Industrial chemicals and synthetics(3).. (133) 577 2,943
Drugs(3) ............................... 9,436 4,233 7,345
Residual of chemicals(3)................ 1,443 1,877 2,020
Petroleum ............................... 11,415 11,275 9,097
Rubber .................................. 501 (523) 1,418
Durable goods ............................. 12,214 20,178 39,928
Stone, clay, and glass .................. 546 335 742
Primary metals .......................... (118) (693) 1,519
Iron and steel(3) ...................... (917) (1,309) 391
Nonferrous metals(3) ................... 799 617 1,128
Fabricated metals ....................... 1,768 353 3,114
Machinery ............................... 6,200 6,201 6,659
Electrical machinery .................... (701) 8,279 12,711
Transportation equipment ................ 1,813 3,264 10,104
Motor vehicles and equipment(3) ........ (919) 1,273 7,230
Aircraft, guided missiles, and parts(3). 2,356 1,540 2,129
Instruments ............................. 2,369 2,350 3,254
Other durable goods ..................... 337 90 1,825
Lumber and wood products(3) ............ (392) (135) 643
Furniture and fixtures(3) .............. 407 324 569
Miscellaneous manufacturing(3) ......... 322 (100) 612
Mining(4) ................................. 5,291 4,229 1,447
Wholesale trade(4) ........................ 2,353 4,297 4,946
Retail trade(4) ........................... NA 9,143 5,845
(1) Revised.
(2) Includes leather industry (previously titled "Other Nondurables").
(3) Included in major industry above.
(4) Mining and trade data are of the quarterly results of companies
in those divisions with assets over $50 million; whereas, data
for manufacturing corporations represent the quarterly results of
companies with assets over $250,000.
TABLE 3. PART A--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING
CORPORATIONS--SEASONALLY ADJUSTED
Sales(1)
Industry Group and Year Q1 Q2 Q3 Q4
(million dollars)
All manufacturing:
1994 .......................... 784,646 803,004 825,320 841,522
1995 .......................... 871,506 872,816 883,546 899,447
1996 .......................... 914,471 932,857 948,254 960,673
1997 .......................... 966,307 972,752 986,604 993,859
1998 .......................... 991,063 982,127 986,315 990,851
1999 ..........................1,004,838 1,027,459 1,049,477 1,066,441
2000 ..........................1,122,387 1,128,117 1,145,372 1,143,709
2001 ..........................1,143,241
All nondurable manufacturing:
1994 .......................... 387,398 394,750 405,715 409,787
1995 .......................... 425,805 427,720 430,834 435,714
1996 .......................... 442,281 452,581 457,715 462,743
1997 .......................... 463,153 456,903 461,422 462,990
1998 .......................... 452,122 446,786 444,013 438,759
1999 .......................... 444,953 454,507 462,091 473,067
2000 .......................... 505,477 516,304 527,416 535,519
2001 .......................... 538,196
All durable manufacturing:
1994 .......................... 397,248 408,254 419,605 431,735
1995 .......................... 445,701 445,096 452,712 463,733
1996........................... 472,190 480,276 490,539 497,930
1997 .......................... 503,154 515,849 525,182 530,869
1998 .......................... 538,941 535,341 542,302 552,092
1999 .......................... 559,885 572,952 587,386 593,374
2000 .......................... 616,910 611,813 617,956 608,190
2001 .......................... 605,045
(1) Revised.
TABLE 3. PART B--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING
CORPORATIONS--SEASONALLY ADJUSTED
After-Tax Profits(1)
Industry Group and Year Q1 Q2 Q3 Q4
(million dollars)
All manufacturing:
1994 .......................... 36,525 41,263 45,259 51,832
1995 .......................... 53,071 52,286 48,941 43,800
1996 .......................... 51,701 54,528 60,486 58,196
1997 .......................... 61,379 62,884 60,427 59,844
1998 .......................... 75,567 50,643 58,874 49,332
1999 .......................... 60,918 65,672 63,843 67,305
2000 .......................... 78,546 73,973 69,791 52,969
2001 .......................... 45,286
All nondurable manufacturing:
1994 .......................... 18,971 19,830 22,455 26,567
1995 .......................... 25,853 28,180 27,615 22,289
1996 .......................... 27,966 28,308 32,116 30,552
1997 .......................... 33,294 30,737 30,382 28,899
1998 .......................... 29,596 28,803 30,419 17,902
1999 .......................... 26,265 29,433 30,723 31,068
2000 .......................... 37,259 39,423 36,262 30,348
2001 .......................... 31,681
All durable manufacturing:
1994 .......................... 17,554 21,433 22,804 25,265
1995 .......................... 27,218 24,106 21,326 21,511
1996 .......................... 23,735 26,220 28,370 27,644
1997 .......................... 28,085 32,147 30,045 30,945
1998 .......................... 45,971 21,840 28,455 31,430
1999 .......................... 34,653 36,239 33,120 36,237
2000 .......................... 41,287 34,550 33,529 22,621
2001 .......................... 13,605
(1) Revised.
ORDER & RELEASE INFORMATION
[Economic Indicator Release Schedule]
Quarter Manufacturing, Mining, and Wholesale Trade Retail Trade
First 2001 July 17, 2001
Second 2001 September 14, 2001 October 16, 2001
Third 2001 December 14, 2001 January 16, 2002
Back to Quarterly Financial
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Revised Monday, 01-Mar-2004 09:01:19 EST.
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