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Manufacturing Corporations
Seasonally adjusted after-tax profits of U.S. manufacturing
corporations totaled $51.4 billion in the first quarter 2003, up
$18.6 (+/-1.4) billion from the $32.9 billion recorded last
quarter, the Department of Commerce's U.S. Census Bureau
reported. First quarter profits were up $28.0 (+/-1.2) billion
from the $23.4 billion recorded in the same quarter a year
ago.
Seasonally adjusted sales for these manufacturers totaled $1,103.0 billion for the quarter, up $26.8 (+/-7.1) billion from the $1,076.2 billion recorded in the fourth quarter 2002, and up $78.1 (+/-6.8) billion from the $1,025.0 billion recorded the year before.
Profits per dollar of sales averaged 4.7 cents this quarter, up 1.6 (+/-0.1) cents from the 3.1 cents recorded last quarter, and up 2.4 (+/-0.1) cents from the 2.3 cents in the first quarter 2002.
Nondurable Goods Manufacturers
Nondurable goods manufacturers' seasonally adjusted profits
were $37.7 billion, up $9.2 (+/-0.7) billion from the $28.5 billion
recorded in the previous quarter, and up $10.9 (+/-0.7) billion
from the $26.8 billion in the first quarter 2002.
Seasonally adjusted sales for the quarter at $533.7 billion were up $21.5 (+/-5.1) billion from the $512.2 billion recorded in the prior quarter, and up $70.8 (+/-4.8) billion from the $463.0 billion in the first quarter 2002.
After-tax profits averaged 7.1 cents per dollar of sales in the current quarter, 5.6 cents last quarter, and 5.8 cents a year ago.
Durable Goods Manufacturers
First quarter 2003 seasonally adjusted after-tax profits for
durable goods manufacturers were $13.7 billion, up $9.4
(+/-1.2) billion from the $4.3 billion recorded in the previous
quarter, and up $17.1 (+/-0.2) billion from the first quarter 2002
loss of $3.4 billion.
Seasonally adjusted sales for the quarter were $569.3 billion, not statistically different from the $564.0 billion recorded in the previous quarter, but up $7.3 (+/-5.4) billion from the $562.0 billion recorded in the first quarter last year.
After-tax profits averaged 2.4 cents per dollar of sales for the quarter, 0.8 cent in the fourth quarter 2002, compared to a loss of 0.6 cent a year ago.
Manufacturing Corporations
First quarter 2003 unadjusted after-tax profits for U.S.
manufacturing corporations were $52.9 billion, up $28.2
(+/-1.2) billion over the $24.7 billion recorded in the first
quarter a year ago. This improvement was due to higher
operating profits and equity income, and lower nonrecurring
charges. When compared to the fourth quarter 2002 after-tax
profits of $26.7 billion, the first quarter 2003 after-tax profits
were up $26.2 (+/-1.4) billion.
Unadjusted sales for the first quarter, at $1,069.7 billion, were up $75.6 (+/-6.8) billion from the $994.1 billion recorded in the same quarter a year ago. Compared to the prior quarter sales of $1,081.1 billion, sales were down $11.5 (+/-7.1) billion or 1.1 (+/-0.7%) percent.
Profits per dollar of sales averaged 4.9 cents this quarter, 2.5 cents in the fourth quarter 2002, and 2.5 cents in the first quarter 2002.
Nondurable Goods Manufacturers
First quarter 2003 nondurable goods manufacturers'
unadjusted after-tax profits at $37.5 billion were up $11.0
(+/-0.7) billion from the $26.6 billion recorded in the first
quarter 2002. Petroleum and coal products reported an
increase of $8.7 (+/-0.1) billion resulting from higher operating
profits and equity income. Pharmaceuticals reported an
increase of $3.0 (+/-0.3) billion, mainly from improvements in
operating income. The other chemical categories posted
modest gains while the remaining nondurable industries
after-tax profits declined or were not statistically different
from the year earlier.
Unadjusted sales for the first quarter 2003 of $516.7 billion were up $69.1 (+/-4.8) billion from the $447.6 billion posted last year.
After-tax profits for this quarter averaged 7.3 cents per dollar of sales compared to 5.9 cents a year ago.
When compared to the fourth quarter 2002 after-tax profits of $25.7 billion, the first quarter 2003 after-tax profits were up $11.8 (+/-0.7) billion. Petroleum and coal products' gains of $7.6 (+/-0.1) billion were mainly due to higher operating profits and equity income this quarter.
Durable Goods Manufacturers
First quarter 2003 durable goods manufacturers posted
unadjusted after-tax profits of $15.4 billion, compared to a
loss of $1.8 billion a year earlier. Most durable goods
manufacturing categories improved their after-tax positions
this quarter. Communications equipment maintained the
lead with gains of $6.6 (+/-0.5) billion due to improved
operating margins and fewer nonrecurring charges.
Machinery products' gain of $5.7 (+/-0.1) billion and motor
vehicles and parts' gain of $4.2 (+/-0.1) billion both resulted
from increased equity income and fewer nonrecurring
charges.
Unadjusted sales for the quarter at $553.0 billion were up $6.5 (+/-5.4) billion or 1.2 (+/-1.0%) percent from a year earlier.
After-tax profits for the quarter averaged 2.8 cents per dollar of sales compared to a loss of 0.3 cents a year ago.
When compared to the fourth quarter 2002 after-tax profits of $1.0 billion, the first quarter 2003 after-tax profits rose $14.3 (+/-1.2) billion. Most underlying industries showed improvements this quarter over the last.
First quarter 2003 unadjusted after-tax profits for mining corporations with assets of $50 million and over were reported at $3.8 billion, up $2.9 (+/-0.1) billion from the same quarter a year earlier.
Unadjusted sales for the quarter were $23.4 billion, up $6.4 (+/-0.2) billion from the same quarter a year ago.
After-tax profits per dollar of sales averaged 16.3 cents this quarter compared to 5.6 cents in first quarter 2002.
First quarter 2003 unadjusted after-tax profits for wholesale trade corporations with assets of $50 million and over were $4.4 billion, up $0.5 (+/-0.2) billion from the first quarter 2002.
Unadjusted sales this quarter were $330.4 billion, up $39.4 (+/-4.1) billion from the same quarter a year ago.
After-tax profits per dollar of sales averaged 1.3 cents this quarter, the same as the first quarter a year ago.
First quarter 2003 advance data for U.S. Retail Corporations are scheduled for release on July 15, 2003.
Second quarter 2003 advance data for U.S Manufacturing, Mining and Wholesale Trade Corporations are scheduled for release on September 12, 2003.
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
Yolando St.George (301) 763-6600 or Frank Hartman (301) 763-3386.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-03-1, June 2003.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-03-1, June 2003.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-03-1, June 2003.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-03-1, June 2003.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-03-1, June 2003.
ORDER & RELEASE INFORMATION
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--2003
Questions concerning this advance report should be directed to
Contact:
Yolando St.George (301) 763-6600 or
Frank Hartman (301) 763-3386.
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Quarterly Financial Report
AVAILABILITY:
Seasonally Adjusted
1Q 4Q 1Q
2003 2002(1) 2002(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 4.7 3.1 2.3
Percent on equity (annual rate) .......... NA NA NA
(million dollars)
Sales ....................................1,103,017 1,076,216 1,024,953
Income after income taxes ................ 51,433 32,869 23,426
Dividends paid (cash) .................... NA NA NA
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-03-1, June 2003.
Unadjusted
1Q 4Q 1Q
2003 2002(1) 2002(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 4.9 2.5 2.5
Percent on equity (annual rate) .......... 11.7 6.0 5.5
(million dollars)
Sales ....................................1,069,675 1,081,127 994,073
Income after income taxes ................ 52,896 26,701 24,716
Dividends paid (cash) .................... 22,314 27,725 24,455
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-03-1, June 2003.
Sales
1Q 4Q 1Q
Industry Group 2003 2002(1) 2002(1)
(million dollars)
All manufacturing corporations(3)..........1,069,675 1,081,127 994,073
All nondurable goods....................... 516,719 511,809 447,635
Food..................................... 79,827 84,485 75,968
Beverage and tobbaco products............ 32,272 33,949 32,432
Textiles mills and textile product mills. 11,103 11,911 11,507
Apparel and leather products............. 20,949 23,280 21,355
Paper ................................... 35,501 36,776 37,369
Printing and related support activities.. 17,167 17,781 16,686
Petroleum and coal products.............. 155,176 139,371 97,169
Chemicals ............................... 136,151 134,348 126,274
Basic chemicals, resins, and
synthetics(4).......................... 40,450 35,800 34,147
Pharmaceuticals and medicines(4)........ 60,290 62,401 56,258
All other chemicals(4).................. 35,411 36,146 35,869
Plastics and rubber products............. 28,572 29,909 28,875
All durable manufacturing.................. 552,956 569,318 546,438
Wood products............................ 14,238 15,142 14,709
Nonmetallic mineral products............. 18,004 20,929 19,122
Primary metals........................... 33,337 32,577 33,059
Iron, steel, and ferroalloys(4)......... 14,444 14,197 13,339
Nonferrous metals(4).................... 14,035 13,435 14,154
Foundries(4)............................ 4,858 4,945 5,566
Fabricated metal products................ 48,337 49,513 49,528
Machinery ............................... 59,490 61,900 59,258
Computer and electronic products......... 109,230 113,559 109,628
Computer and peripheral equipment(4).... 35,322 35,025 35,895
Communications equipment(4)............. 20,478 22,536 21,240
All other electronic products(4)........ 53,430 55,998 52,493
Electrical equipment, appliances and
components.............................. 43,370 46,875 43,016
Transportation equipment ................ 186,752 187,279 179,131
Motor vehicles and parts(4)............. 140,638 136,324 132,609
Aerospace products and parts(4)......... 37,978 42,192 38,639
Furniture and related products........... 13,160 13,260 14,009
Miscellaneous manufacturing.............. 27,038 28,284 24,978
All mining(3).............................. 23,406 20,975 17,034
All wholesale trade(3)..................... 330,396 336,817 291,024
All retail trade(3)........................ NA 385,330 336,407
(1)Revised.
(2)Operating profits are profits before nonoperating income and expense items and income taxes.
(3)Manufacturing data are the quarterly results of companies within that
division with assets over $250,000; whereas, data for
mining and trade corporations represent the quarterly results of
companies with assets over $50 million.
(4)Included in major industry above.
Operating Profits(2)
1Q 4Q 1Q
Industry Group 2003 2002(1) 2002(1)
(million dollars)
All manufacturing corporations(3).......... 56,776 50,341 46,751
All nondurable goods....................... 37,837 32,985 33,059
Food..................................... 5,212 6,199 5,294
Beverage and tobbaco products............ 5,112 4,965 5,605
Textiles mills and textile product mills. 353 235 519
Apparel and leather products............. 1,176 1,542 1,486
Paper ................................... 1,387 1,647 1,948
Printing and related support activities.. 883 1,184 866
Petroleum and coal products.............. 6,795 722 2,483
Chemicals ............................... 15,686 15,277 13,029
Basic chemicals, resins, and
synthetics(4).......................... 1,293 521 1,558
Pharmaceuticals and medicines(4)........ 11,248 11,547 7,913
All other chemicals(4).................. 3,144 3,210 3,558
Plastics and rubber products............. 1,233 1,214 1,830
All durable manufacturing.................. 18,940 17,356 13,692
Wood products............................ 252 331 465
Nonmetallic mineral products............. 172 977 454
Primary metals........................... 50 (23) 350
Iron, steel, and ferroalloys(4)......... (414) (86) (280)
Nonferrous metals(4).................... 227 (88) 446
Foundries(4)............................ 237 151 183
Fabricated metal products................ 3,025 2,008 3,472
Machinery ............................... 2,853 2,267 2,314
Computer and electronic products......... 1,424 10 (4,495)
Computer and peripheral equipment(4).... 509 120 (467)
Communications equipment(4)............. 104 (380) (4,052)
All other electronic products(4)........ 811 270 24
Electrical equipment, appliances and
components.............................. 4,045 4,572 4,345
Transportation equipment ................ 3,754 4,490 3,397
Motor vehicles and parts(4)............. 1,106 539 (281)
Aerospace products and parts(4)......... 1,955 3,207 3,113
Furniture and related products........... 679 791 922
Miscellaneous manufacturing.............. 2,685 1,933 2,468
All mining(3).............................. 4,712 2,581 1,155
All wholesale trade(3)..................... 6,848 8,201 7,283
All retail trade(3)........................ NA 21,929 15,726
(1)Revised.
(2)Operating profits are profits before nonoperating income and expense items and income taxes.
(3)Manufacturing data are the quarterly results of companies within that
division with assets over $250,000; whereas, data for
mining and trade corporations represent the quarterly results of
companies with assets over $50 million.
(4)Included in major industry above.
After-Tax Profits
1Q 4Q 1Q
Industry Group 2003 2002(1) 2002(1)
(million dollars)
All manufacturing corporations(3).......... 52,896 26,701 24,716
All nondurable goods....................... 37,505 25,659 26,552
Food..................................... 3,380 3,642 3,124
Beverage and tobbaco products............ 3,775 3,620 4,117
Textiles mills and textile product mills. (32) (206) 57
Apparel and leather products............. 571 1,230 1,061
Paper ................................... 254 (167) 677
Printing and related support activities.. 296 588 481
Petroleum and coal products.............. 13,195 5,645 4,474
Chemicals ............................... 15,622 14,130 11,796
Basic chemicals, resins, and
synthetics(4).......................... 778 61 350
Pharmaceuticals and medicines(4)........ 12,366 11,498 9,375
All other chemicals(4).................. 2,478 2,571 2,071
Plastics and rubber products............. 444 (2,825) 766
All durable manufacturing.................. 15,390 1,042 (1,837)
Wood products............................ 14 (148) 231
Nonmetallic mineral products............. (480) (641) (376)
Primary metals........................... (456) (2,355) (235)
Iron, steel, and ferroalloys(4)......... (673) (1,222) (502)
Nonferrous metals(4).................... 185 (1,184) 184
Foundries(4)............................ 32 50 82
Fabricated metal products................ 1526 (418) 1,632
Machinery ............................... 1,628 571 (4,094)
Computer and electronic products......... 673 (3,460) (8,189)
Computer and peripheral equipment(4).... 2,340 2,022 1,165
Communications equipment(4)............. (695) (3,020) (7,265)
All other electronic products(4)........ (971) (2,462) (2,089)
Electrical equipment, appliances and
components.............................. 4,572 3,852 4,452
Transportation equipment ................ 5,466 1,481 2,242
Motor vehicles and parts(4)............. 4,047 1,492 (146)
Aerospace products and parts(4)......... 1,021 (342) 2,085
Furniture and related products........... 270 403 469
Miscellaneous manufacturing.............. 2,177 1,758 2,031
All mining(3).............................. 3,806 40 949
All wholesale trade(3)..................... 4,352 4,480 3,822
All retail trade(3)........................ NA 12,746 7,200
(1)Revised.
(2)Operating profits are profits before nonoperating income and expense items and income taxes.
(3)Manufacturing data are the quarterly results of companies within that
division with assets over $250,000; whereas, data for
mining and trade corporations represent the quarterly results of
companies with assets over $50 million.
(4)Included in major industry above.
Sales(2)
Industry Group and Year Q1 Q2 Q3 Q4
(million dollars)
All manufacturing:
1994 .......................... 784,454 803,050 825,303 841,765
1995 .......................... 871,259 872,739 883,522 899,885
1996 .......................... 914,227 932,520 948,207 961,586
1997 .......................... 965,855 972,080 986,472 995,756
1998 .......................... 989,878 981,313 985,662 994,336
1999 ..........................1,003,095 1,025,849 1,047,789 1,072,700
2000 ..........................1,120,413 1,126,314 1,145,717 1,122,145
2001 ..........................1,115,692 1,090,908 1,060,995 1,028,999
2002 ..........................1,024,953 1,046,524 1,064,918 1,076,216
2003...........................1,103,017
All nondurable manufacturing:
1994 .......................... 387,220 394,755 405,711 410,029
1995 .......................... 425,580 427,633 430,810 436,088
1996 .......................... 442,130 452,279 457,649 463,340
1997 .......................... 463,131 456,299 461,124 464,129
1998 .......................... 452,186 445,771 443,361 440,605
1999 .......................... 445,465 452,379 460,933 476,346
2000 .......................... 506,864 513,963 527,800 505,213
2001 .......................... 507,691 505,032 489,191 472,506
2002 .......................... 462,956 477,638 494,367 512,220
2003........................... 533,707
All durable manufacturing:
1994 .......................... 397,234 408,295 419,592 431,736
1995 .......................... 445,679 445,106 452,712 463,797
1996........................... 472,097 480,241 490,558 498,246
1997 .......................... 502,724 515,781 525,348 531,627
1998 .......................... 537,692 535,542 542,301 553,731
1999 .......................... 557,630 573,470 586,856 596,354
2000 .......................... 613,549 612,351 617,917 616,932
2001 .......................... 608,001 585,876 571,804 556,493
2002 .......................... 561,997 568,886 570,551 563,996
2003 .......................... 569,310
(1)Data after fourth quarter 2000 are presented on the North American Industry Classification System basis.
Data prior to fourth quarter 2000 are presented on the Standard Classification system basis.
Comparisons of these data are useful only for trend analysis.
(2)Revised.
After-Tax Profits(2)
Q1 Q2 Q3 Q4
(million dollars)
All manufacturing:
1994 .......................... 36,357 41,168 45,387 52,153
1995 .......................... 52,703 51,999 49,299 44,311
1996 .......................... 51,098 54,020 61,132 58,909
1997 .......................... 60,513 61,964 61,737 60,608
1998 .......................... 74,314 49,334 60,955 50,129
1999 .......................... 59,285 63,855 66,810 68,102
2000 .......................... 76,482 71,712 74,096 48,119
2001 .......................... (1,219) 17,269 11,368 8,845
2002 .......................... 23,426 39,837 44,334 32,869
2003 .......................... 51,433
All nondurable manufacturing:
1994 .......................... 18,959 19,823 22,402 26,640
1995 .......................... 25,849 28,174 27,542 22,348
1996 .......................... 28,021 28,260 32,032 30,639
1997 .......................... 33,365 30,603 30,380 28,979
1998 .......................... 29,739 28,419 30,617 17,978
1999 .......................... 26,509 28,706 31,135 31,211
2000 .......................... 37,574 38,364 36,830 29,651
2001 .......................... 31,727 33,891 26,805 19,804
2002 .......................... 26,826 29,612 30,955 28,522
2003 .......................... 37,732
All durable manufacturing:
1994 .......................... 17,398 21,345 22,985 25,513
1995 .......................... 26,854 23,825 21,757 21,963
1996 .......................... 23,077 25,760 29,100 28,270
1997 .......................... 27,148 31,361 31,357 31,629
1998 .......................... 44,575 20,915 30,388 32,151
1999 .......................... 32,776 35,149 35,675 36,891
2000 .......................... 38,908 33,348 37,266 18,468
2001 .......................... (32,946) (16,622) (15,437) (10,959)
2002 .......................... (3,400) 10,225 13,379 4,347
2003 .......................... 13,701
(1)Data after fourth quarter 2000 are presented on the North American Industry Classification System basis.
Data prior to fourth quarter 2000 are presented on the Standard Classification system basis.
Comparisons of these data are useful only for trend analysis.
(2)Revised.
[Economic Indicator Release Schedule]
Quarter Manufacturing, Mining, and Wholesale Trade Retail Trade
First 2003 July 15, 2003
Second 2003 September 12, 2003 October 15, 2003
Third 2003 December 12, 2003 January 13, 2004

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Maintained by Traci Gillespie-Brown
Revised Monday, 01-Mar-2004 09:05:27 EST.