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| NOTE: Effective fourth quarter 2000, data in this release are presented on the North American Industry Classification System (NAICS) basis. Data prior to fourth quarter 2000 are presented on the Standard Industrial Classification (SIC) system basis. Comparison of NAICS data to SIC data in this release (Table 3) are useful only for trend analysis. For additional information on QFR publication visit our website at http://www.census.gov/csd/qfr/. |
All Manufacturing Corporations:
Second quarter 2002 manufacturing corporations' seasonally adjusted
after-tax profits rose to $39.5 billion, up $13.6 (+\-1.3) billion
from the $25.9 billion recorded in first quarter 2002, the Commerce
Department's Census Bureau reported. Year over year profits were up
$23.2 (+\-1.8) billion from the $16.3 billion recorded in second
quarter 2001. Durable goods manufacturers posted their first
quarterly after-tax profits after five consecutive quarterly losses.
Second quarter 2002 seasonally adjusted manufacturing sales at $1,043.9 billion, were up $11.4 (+\-6.8) billion from first quarter 2002, but down $49.6 (+\-7.2) billion from the year before.
Profits per dollar of sales for second quarter 2002 were 3.8 cents, up from 2.5 cents in the first quarter 2002, and more than double the 1.5 cents a year ago.
Nondurable Goods Manufacturers:
Nondurable goods manufacturers' second quarter 2002 after-tax profits
were $30.2 billion, up from the $26.7 billion in the previous quarter,
but down $4.1 (+\-0.6) billion from the second quarter 2001. Sales were
$475.9 billion, with profits averaging 6.3 cents per dollar of sales,
up 0.6 (+\-0.1) cents from the previous quarter, but down 0.5 (+\-0.1)
cents from the second quarter 2001.
Durable Goods Manufacturers:
Durable goods manufacturers recorded second quarter 2002
profits of $9.3 billion, their first gain since the $18.9 billion
posted in the fourth quarter 2000. Sales for the quarter were
$568.0 billion, with profits averaging 1.6 cents per dollar of
sales, compared to losses of 0.1 cents in the first quarter
2002 and 3.1 cents a year ago.
All Manufacturing Corporations:
Manufacturing corporations' unadjusted after-tax profits for
second quarter 2002 were up $23.3 (+\-1.8) billion to $47.4
billion from the second quarter a year ago, largely due to
improved operating cost controls, lower nonrecurring
charges, and restated financial data. Sales at $1,067.1
billion were down $49.5 (+\-7.2) billion from the same quarter
a year ago. Profits averaged 4.4 cents per dollar of sales
compared to 2.2 cents a year earlier.
Nondurable Goods Manufacturers:
Nondurable goods manufacturers' after-tax profits were
down $4.1 (+\-0.6) billion from the $36.3 billion recorded in
the second quarter 2001. A decline of $7.1(+\-0.1) billion in
petroleum and coal products resulting from lower operating
profits and equity income was partially offset by increases of
$1.3 (+\-0.3) billion in food products and $1.3 (+\-0.1) billion
in beverage and tobacco products due to lower nonrecurring
charges and higher operating income respectively.
Second quarter 2002 sales of $484.9 billion, were down $31.1 (+\-4.9) billion from the year before. Profits averaged 6.6 cents per dollar of sales compared to 7.0 cents a year ago.
When compared to first quarter 2002 after-tax profit of $26.1 billion, nondurable goods manufacturers' after-tax profits were up $6.1 (+\-0.6) billion with beverage and tobacco up $1.8 (+\-0.1) billion, and petroleum up $1.4 (+\-0.1) billion.
Durable Goods Manufacturers:
Durable goods manufacturers posted an after-tax profit of $15.2
billion in the second quarter 2002, compared to a loss of $12.2
billion a year earlier. The turnaround was due to both lower
operating costs and lower nonrecurring charges.
Most durable goods manufacturing categories posted after-tax profits this quarter. Transportation equipment was up $7.1 billion; electrical equipment, appliances, and components, $5.1 billion; fabricated metal products, $2.8 billion; and miscellaneous manufacturing, $2.0 billion. Computer and electronic products lost $4.2 billion, a smaller loss than the $7.3 billion in the previous quarter.
Second quarter 2002 sales of durable manufacturers, at $582.2 billion, were down $18.4 (+\-5.8) billion or 3.1 (+\-1.0%) percent from a year earlier. Profits for the current quarter averaged 2.6 cents per dollar of sales.
When compared to first quarter 2002 after-tax profits of $0.4 billion, durable manufacturers' after-tax profits rose $14.9 (+\-1.1) billion in the second quarter 2002, of which $5.7 (+\-0.2) billion came from transportation equipment, and $3.2 (+\-0.7) billion from computer and electronic products. This improvement was due to better operating cost containment.
Second quarter 2002 unadjusted after-tax profits of mining corporations with assets of $50 million and over were reported at $1.6 billion, compared to a profit of $5.5 billion same quarter a year earlier. Sales for these corporations in second quarter 2002 were $21.8 billion, down $8.8 (+\-0.6) billion from the same quarter a year ago. After-tax profit per dollar of sales averaged 7.2 cents compared to 18.1 cents in second quarter 2001.
Second quarter 2002 unadjusted after-tax profits of wholesale corporations with assets of $50 million and over were $5.6 billion, up $2.5 (+\-0.2) billion from the second quarter 2001. Sales for these wholesalers were $308.1 billion, down $4.6 (+\-4.1) billion from the same quarter a year ago. After-tax profits per dollar of sales averaged 1.8 cents compared to 1.0 cents in the second quarter 2001.
These advance data, based on quarterly financial reports from about 8,200 corporations, were released today from the Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations- Second quarter 2002 (QFR-02-2). 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 (301-763-4100). The annual subscription cost is $80. Third quarter 2002 advance data are scheduled for release on December 13, 2002.
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).
Questions regarding this report (or program) should be directed to
Ronald B. Horton (301) 763-3343 or Frank Hartman (301) 763-3379.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-2, September 2002. U.S. Census Bureau, September 2002.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-2, September 2002. U.S. Census Bureau, September 2002.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-2, September 2002. U.S. Census Bureau, September 2002.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-2, September 2002. U.S. Census Bureau, September 2002.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-2, September 2002. U.S. Census Bureau, September 2002.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-2, September 2002. U.S. Census Bureau, September 2002.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-2, September 2002. U.S. Census Bureau, September 2002.
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) 457-4100.
Schedule of Advance Data Release Dates--2002
Conversion to the North American Industry Classification System
Effective fourth quarter 2000, data in this release are presented on the North American Industry Classification System (NAICS). Data prior to fourth quarter 2000 are presented on the Standard Industrial Classification (SIC) system.
There are major changes in how industries are defined, requiring the movement of many corporations to different industry categories. Nearly all published industry groupings have been affected by the conversion to NAICS. Major changes include the following:
• Publishing, part of SIC Manufacturing Major Group 27, has been deleted from the Manufacturing sector, and Eating and Drinking Places, SIC Retail Trade Major Group 58, (included in All Other Retail Trade in the SIC Publication) has been deleted from the Retail Trade sector. These industries have been moved to NAICS sectors outside of Manufacturing, Mining and Trade. Printing and Related Support Activities, the remainder of SIC 27, now comprises NAICS subsector 323.
• A new group has been created, NAICS subsector 334, Computer and Electronic Product Manufacturing. This group is primarily comprised of parts of SIC Major Groups 35 Machinery, Except Electrical; 36, Electrical and Electronic Equipment; and 38, Instruments and Related Products. The new group presents for the first time separate financial data for manufacturers of Computer and Peripheral Equipment, as well as for Communications Equipment.
• Most of the remainder of SIC Major Group 35, Machinery, Except Electrical, is now included in NAICS subsector 333, Machinery Manufacturing; and the remainder of SIC Major Group 36, Electrical and Electronic Equipment, is in NAICS subsector 335, Electrical Equipment, Appliance and Component Manufacturing.
• SIC Major Group 38, Instruments and Related Products, was reorganized with the major sections moving to NAICS subsector 334, Computer and Electronic Product Manufacturing; NAICS subsector 333, Machinery Manufacturing, and NAICS subsectore 339, Miscellaneous Manufacturing.
• Food Manufacturing, NAICS subsector 311, and Beverage and Tobacco products Manufacturing, NAICS subsector 312, previously combined on an SIC basis, are now published separately.
• NAICS subsector 331, Primary Metal Manufacturing, formerly SIC Major Group 33, has a new industry group, Foundries. Foundries was previously included in the SIC Ferrous and Non-Ferrous categories.
• A number of other NAICS groups, while largely consistent with their SIC counterparts, have small but noticeable changes due to the transfer of certain product lines from one group to another. Once example is NAICS subsector 336, Transportation Equipment Manufacturing, which includes products such as vehicle seating, lighting, and air-conditioning that were not part of SIC 37, Transportation Equipment.
• NAICS expands the definition of Manufacturing to include companies that perform the entrepreneurial functions of manufacturing, but contract out the actual making of the product. This includes companies contracting overseas for manufacturing their products. The operations of those foreign plants are not fully consolidated in the financial reports, but are reported on the equity or cost basis of accounting. This change resulted in the reclassification of a number of companies from Wholesale Trade in the SIC publication to Manufacturing in the NAICS publication.
For a comprehensive treatment of the SIC to NAICS Conversion, see the 1997 NAICS manual, or visit the NAICS Web site at www.census.gov/naics.
Questions concerning this advance report should be directed to
Contact:
Ronald B. Horton (301) 763-3343 or
Frank Hartman (301) 763-3379.
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Quarterly Financial Report
AVAILABILITY:
Seasonally Adjusted
2Q 1Q 2Q
2002 2002(1) 2001(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 3.8 2.5 1.5
Percent on equity (annual rate) .......... NA NA NA
(million dollars)
Sales ....................................1,043,904 1,032,465 1,093,468
Income after income taxes ................ 39,532 25,886 16,338
Dividends paid (cash) .................... NA NA NA
(1)Some of the data in this table have been revised since first published.
Unadjusted
2Q 1Q 2Q
2002 2002(1) 2001(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 4.4 2.6 2.2
Percent on equity (annual rate) .......... 10.5 5.9 5.2
(million dollars)
Sales ....................................1,067,079 1,001,357 1,116,597
Income after income taxes ................ 47,377 26,467 24,030
Dividends paid (cash) .................... 24,435 22,138 25,924
(1)Some of the data in this table have been revised since first published.
Sales
2Q 1Q 2Q
Industry Group 2002 2002(1) 2001(1)
(million dollars)
All manufacturing corporations(2)..........1,067,079 1,001,357 1,116,597
All nondurable goods....................... 484,851 450,974 515,964
Food..................................... 76,513 76,281 82,954
Beverage and tobbaco products............ 36,993 32,860 37,997
Textiles mills and textile product mills. 12,719 11,515 12,525
Apparel and leather products............. 21,390 21,436 22,454
Paper ................................... 38,254 37,598 42,526
Printing and related support activities.. 16,498 16,322 17,386
Petroleum and coal products.............. 114,672 98,057 128,750
Chemicals ............................... 135,527 127,269 137,849
Basic chemicals, resins, and
synthetics(3).......................... 39,034 35,687 43,178
Pharmaceuticals and medicines(3)........ 57,273 55,920 55,222
All other chemicals(3).................. 39,221 35,662 39,449
Plastics and rubber products............. 32,285 29,635 33,523
All durable manufacturing.................. 582,229 550,384 600,633
Wood products............................ 16,533 14,867 15,442
Nonmetallic mineral products............. 22,459 18,850 23,513
Primary metals........................... 34,950 32,954 37,427
Iron, steel, and ferroalloys(3)......... 14,896 13,371 15,258
Nonferrous metals(3).................... 14,334 14,167 16,723
Foundries(3)............................ 5,720 5,417 5,446
Fabricated metal products................ 50,887 47,054 50,712
Machinery ............................... 67,655 60,325 71,092
Computer and electronic products......... 110,088 111,537 129,629
Computer and peripheral equipment(3).... 35,727 36,425 39,082
Communications equipment(3)............. 21,751 22,099 31,758
All other electronic products(3)........ 52,610 53,012 58,790
Electrical equipment, appliances and
components.............................. 46,255 44,219 46,818
Transportation equipment ................ 194,195 181,681 188,200
Motor vehicles and parts(3)............. 144,453 133,507 135,101
Aerospace products and parts(3)......... 40,942 39,875 43,263
Furniture and related products........... 14,403 14,155 14,757
Miscellaneous manufacturing.............. 24,804 24,742 23,044
All mining(2).............................. 21,779 18,257 30,551
All wholesale trade(2)..................... 308,141 290,588 312,695
All retail trade(2)........................ NA 338,363 331,936
(1)Revised
(2)Mining and trade data are 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.
(3)Included in major industry above.
Operating Profits*
2Q 1Q 2Q
Industry Group 2002 2002(1) 2001(1)
(million dollars)
All manufacturing corporations(2).......... 70,797 46,955 59,620
All nondurable goods....................... 42,505 33,298 46,052
Food..................................... 5,774 5,255 5,661
Beverage and tobbaco products............ 7,881 5,819 6,262
Textiles mills and textile product mills. 893 488 565
Apparel and leather products............. 1,338 1,454 1,013
Paper ................................... 2,297 1,945 2,808
Printing and related support activities.. 1,225 772 918
Petroleum and coal products.............. 5,023 2,531 13,341
Chemicals ............................... 15,420 13,193 13,823
Basic chemicals, resins, and
synthetics(3).......................... 2,083 1,479 997
Pharmaceuticals and medicines(3)........ 9,411 8,319 8,992
All other chemicals(3).................. 3,927 3,394 3,833
Plastics and rubber products............. 2,655 1,842 1,661
All durable manufacturing.................. 28,292 13,656 13,568
Wood products............................ 906 471 932
Nonmetallic mineral products............. 2,089 527 2,238
Primary metals........................... 1,141 359 990
Iron, steel, and ferroalloys(3)......... 118 (284) (131)
Nonferrous metals(3).................... 618 455 793
Foundries(3)............................ 405 188 328
Fabricated metal products................ 4,341 3,210 3,561
Machinery ............................... 4,271 2,299 4,282
Computer and electronic products......... (1,270) (4,551) (9,247)
Computer and peripheral equipment(3).... (205) (628) (343)
Communications equipment(3)............. (1,390) (4,507) (6,991)
All other electronic products(3)........ 326 584 (1,913)
Electrical equipment, appliances and
components.............................. 5,393 4,926 4,624
Transportation equipment ................ 7,788 3,115 3,282
Motor vehicles and parts(3)............. 3,355 (549) (1,586)
Aerospace products and parts(3)......... 3,539 3,190 3,921
Furniture and related products........... 963 909 920
Miscellaneous manufacturing.............. 2,669 2,391 1,987
All mining(2).............................. 2,385 1,205 6,479
All wholesale trade(2)..................... 7,981 7,043 6,773
All retail trade(2)........................ NA 15,781 13,276
*Operating profits are profits before nonoperating income and expense
items and income taxes.
(1)Revised.
(2)Mining and trade data are 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.
(3)Included in major industry above.
After-Tax Profits
2Q 1Q 2Q
Industry Group 2002 2002(1) 2001(1)
(million dollars)
All manufacturing corporations(2).......... 47,377 26,467 24,030
All nondurable goods....................... 32,168 26,108 36,264
Food..................................... 3,770 3,152 2,489
Beverage and tobbaco products............ 5,752 3,952 4,492
Textiles mills and textile product mills. 458 25 93
Apparel and leather products............. 979 1,056 1,431
Paper ................................... 1,052 641 854
Printing and related support activities.. 761 421 422
Petroleum and coal products.............. 5,919 4,500 13,066
Chemicals ............................... 11,897 11,677 12,790
Basic chemicals, resins, and
synthetics(3).......................... 1,271 140 (97)
Pharmaceuticals and medicines(3)........ 7,553 9,646 11,542
All other chemicals(3).................. 3,072 1,891 1,346
Plastics and rubber products............. 1,579 685 627
All durable manufacturing.................. 15,209 359 (12,234)
Wood products............................ 628 235 553
Nonmetallic mineral products............. 1,187 (219) (3,382)
Primary metals........................... 424 (140) (778)
Iron, steel, and ferroalloys(3)......... (199) (508) (1,723)
Nonferrous metals(3).................... 329 296 817
Foundries(3)............................ 294 72 128
Fabricated metal products................ 2,788 1,580 2,214
Machinery ............................... (369) (2,280) 2,805
Computer and electronic products......... (4,173) (7,377) (21,671)
Computer and peripheral equipment(3).... 858 906 516
Communications equipment(3)............. (4,436) (7,349) (15,534)
All other electronic products(3)........ (595) (934) (6,654)
Electrical equipment, appliances and
components.............................. 5,054 4,644 4,173
Transportation equipment ................ 7,145 1,431 2,210
Motor vehicles and parts(3)............. 3,899 (935) (509)
Aerospace products and parts(3)......... 2,683 2,142 2,151
Furniture and related products........... 570 470 466
Miscellaneous manufacturing.............. 1,956 2,016 1,177
All mining(2).............................. 1,565 940 5,539
All wholesale trade(2)..................... 5,637 3,456 3,091
All retail trade(2)........................ NA 7,093 5,308
(1)Revised.
(2)Mining and trade data are 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.
(3)Included in major industry above.
Sales(1)
Industry Group and Year Q1 Q2 Q3 Q4
(million dollars)
All manufacturing:
1994 .......................... 784,467 803,054 825,309 841,732
1995 .......................... 871,260 872,776 883,563 899,785
1996 .......................... 914,209 932,612 948,299 961,423
1997 .......................... 965,717 972,312 986,670 995,443
1998 .......................... 989,577 981,739 986,058 993,795
1999 ..........................1,002,392 1,026,791 1,048,662 1,071,278
2000 ..........................1,119,517 1,128,077 1,146,872 1,119,559
2001 ..........................1,114,975 1,093,468 1,063,737 1,027,559
2002 ..........................1,032,465 1,043,904
All nondurable manufacturing:
1994 .......................... 387,240 394,758 405,709 409,997
1995 .......................... 425,597 427,666 430,819 436,009
1996 .......................... 442,145 452,357 457,668 463,201
1997 .......................... 463,147 456,423 461,161 463,900
1998 .......................... 452,260 445,926 443,342 440,366
1999 .......................... 445,508 452,796 460,645 476,027
2000 .......................... 507,027 514,837 526,990 504,603
2001 .......................... 508,233 506,407 489,377 472,550
2002 .......................... 467,551 475,908
All durable manufacturing:
1994 .......................... 397,227 408,296 419,600 431,735
1995 .......................... 445,663 445,110 452,744 463,776
1996........................... 472,064 480,255 490,631 498,222
1997 .......................... 502,570 515,889 525,509 531,543
1998 .......................... 537,317 535,813 542,716 553,429
1999 .......................... 556,884 573,995 588,017 595,251
2000 .......................... 612,490 613,240 619,882 614,956
2001 .......................... 606,742 587,061 574,360 555,009
2002 .......................... 564,914 567,996
(1)Revised.
After-Tax Profits(1)
Industry Group and Year Q1 Q2 Q3 Q4
(million dollars)
All manufacturing:
1994 .......................... 36,424 41,077 45,481 52,097
1995 .......................... 52,757 51,870 49,451 44,244
1996 .......................... 51,142 53,862 61,350 58,777
1997 .......................... 60,609 61,746 62,031 60,412
1998 .......................... 74,455 49,088 61,237 49,940
1999 .......................... 59,526 63,452 67,143 67,921
2000 .......................... 76,850 71,112 74,461 47,977
2001 .......................... (656) 16,338 9,342 8,622
2002 .......................... 25,886 39,532
All nondurable manufacturing:
1994 .......................... 18,997 19,819 22,432 26,569
1995 .......................... 25,878 28,194 27,575 22,257
1996 .......................... 28,038 28,311 32,097 30,462
1997 .......................... 33,413 30,686 30,471 28,714
1998 .......................... 29,787 28,608 30,674 17,629
1999 .......................... 26,575 28,992 31,179 30,733
2000 .......................... 37,696 38,743 36,845 29,043
2001 .......................... 31,960 34,283 26,721 19,163
2002 .......................... 26,698 30,189
All durable manufacturing:
1994 .......................... 17,427 21,258 23,049 25,528
1995 .......................... 26,879 23,676 21,876 21,987
1996 .......................... 23,104 25,551 29,253 28,315
1997 .......................... 27,196 31,060 31,560 31,698
1998 .......................... 44,668 20,480 30,563 32,311
1999 .......................... 32,951 34,460 35,964 37,188
2000 .......................... 39,154 32,369 37,616 18,934
2001 .......................... (32,616) (17,945) (17,379) (10,541)
2002 .......................... (812) 9,343
(1)Revised.
ORDER & RELEASE INFORMATION
[Economic Indicator Release Schedule]
Quarter Manufacturing, Mining, and Wholesale Trade Retail Trade
Second 2002 October 16, 2002
Third 2002 December 13, 2002

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Maintained by Traci Gillespie-Brown
Revised Monday, 01-Mar-2004 09:03:47 EST.