--Released 10 a.m. (EST), Friday, December 12, 2003 (CB03-192)
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Manufacturing Corporations
Seasonally adjusted after-tax profits of U.S. manufacturing
corporations totaled $55.1 billion in the third quarter 2003,
compared to the $50.2 billion recorded in the second quarter,
the Department of Commerce`s U.S. Census Bureau
reported. Profits have been trending up since a reported loss
of $1.6 billion in the first quarter 2001. Third quarter profits
were up $14.0 (+/-1.4) billion from the $41.1 billion recorded in
the same quarter a year ago.
Seasonally adjusted sales for these manufacturers totaled $1,108.8 billion for the quarter, up $32.3 (+/-7.3) billion from the $1,076.6 billion recorded in the second quarter 2003, and up $40.2 (+/-7.2) billion from the $1,068.7 billion recorded the year before.
After-tax profits per dollar of sales averaged 5.0 cents this quarter, 4.7 cents last quarter, and 3.8 cents in the third quarter 2002.
Nondurable Goods Manufacturers
Nondurable goods manufacturers` seasonally adjusted after-
tax profits were $30.2 billion, down $3.0 (+/-0.6) billion from
the $33.2 billion recorded in the previous quarter, and down
$0.8 (+/-0.6) billion from the $31.0 billion in the third quarter
2002.
Seasonally adjusted sales for the quarter, at $531.8 billion were up $14.7 (+/-6.1) billion from the $517.1 billion recorded in the prior quarter, and up $32.7 (+/-5.1) billion from the $499.2 billion in the third quarter 2002.
After-tax profits per dollar of sales averaged 5.7 cents this quarter, 6.4 cents last quarter, and 6.2 cents in the third quarter 2002.
Durable Goods Manufacturers
Third quarter 2003 seasonally adjusted after-tax profits for
durable goods manufacturers were $24.9 billion, up $7.9
(+/-0.9) billion from the $16.9 billion recorded in the previous
quarter, and up $11.5 (+/-1.2) billion from the $13.4 billion in
the third quarter 2002 .
Seasonally adjusted sales for the quarter were $577.0 billion, up $17.6 (+/-5.6) billion from the $559.5 billion recorded in the previous quarter, and up $7.5 (+/-5.6) billion from the $569.5 billion recorded in the third quarter last year.
After-tax profits per dollar of sales averaged 4.3 cents this quarter, 3.0 cents last quarter, and 2.3 cents in the third quarter 2002.
Manufacturing Corporations
Third quarter 2003 unadjusted after-tax profits for U.S.
manufacturing corporations were $54.4 billion, up $14.4
(+/-1.4) billion over the $40.1 billion recorded in the third
quarter a year ago.
Unadjusted sales for the third quarter, at $1,107.3 billion, were up $38.6 (+/-7.2) billion from the $1,068.7 billion recorded in the same quarter a year ago.
Profits per dollar of sales averaged 4.9 cents this quarter, up 1.2 (+/-0.1) cents from the 3.7 cents in the third quarter 2002.
Nondurable Goods Manufacturers
Third quarter 2003 nondurable goods manufacturers`
unadjusted after-tax profits, at $30.8 billion, were down $0.8
(+/-0.6) billion from the $31.6 billion recorded in the third
quarter 2002. Beverage and tobacco profits showed a
decline of $5.7 (+/-0.2) billion, mainly due to nonrecurring
charges in the current quarter. The gains of $4.6 (+/-0.1)
billion reported by the petroleum and coal products resulted
from improved operating positions in the domestic and
foreign sectors. Chemical products posted a modest
improvement of $1.1 (+/-0.3) billion, from improved domestic
operations.
Unadjusted sales for the third quarter 2003 of $536.0 billion were up $32.2 (+/-5.1) billion from the $503.8 billion posted last year.
After-tax profits for this quarter averaged 5.7 cents per dollar of sales compared to 6.3 cents in the third quarter 2002.
Durable Goods Manufacturers
Third quarter 2003 durable goods manufacturers posted
unadjusted after-tax profits of $23.6 billion, up $15.2 (+/-1.2)
billion from the $8.5 billion recorded a year earlier. Computer
and electronics rebounded from their losses a year earlier
with an increase of $12.0 (+/-0.4) billion. Nonmetallic mineral
products also rebounded with an improvement of $3.1 (+/-0.1)
billion. Both industries benefited by lower nonrecurring
charges and improved equity earnings.
Unadjusted sales for the quarter at $571.3 billion were up $6.4 (+/-5.6) billion or 1.1 (+/-1.0%) percent from the $564.8 billion recorded a year earlier.
After-tax profits for this quarter averaged 4.1 cents per dollar of sales compared to 1.5 cents in the third quarter 2002.
Third quarter 2003 unadjusted after-tax profits for mining corporations with assets of $50 million and over were reported at $3.3 billion, up $1.5 (+/-0.1) billion from the $1.7 billion in the same quarter a year earlier.
Unadjusted sales for the quarter were $23.5 billion, up $3.4 (+/-0.2) billion from the $20.1 billion in the same quarter a year ago.
After-tax profits this quarter averaged 13.9 cents per dollar of sales compared to 8.7 cents in the third quarter 2002.
Third quarter 2003 unadjusted after-tax profits for wholesale trade corporations with assets of $50 million and over were $6.3 billion, up $1.6 (+/-0.3) billion from the $4.7 billion in the third quarter 2002.
Unadjusted sales this quarter were $338.0 billion, up $26.9 (+/-4.3) billion from the $311.1 billion in the same quarter a year ago.
After-tax profits for this quarter averaged 1.9 cents per dollar of sales compared to 1.5 cents in the third quarter 2002.
Third quarter 2003 advance data for U.S. Retail Trade Corporations are scheduled for release on January 13, 2004.
Fourth quarter 2003 advance data for U.S Manufacturing, Mining, Wholesale and Retail Trade Corporations are scheduled for release on April 5, 2004.
Seasonally Adjusted
3Q 2Q 3Q
2003 2003(1) 2002(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 5.0 4.7 3.8
Percent on equity (annual rate) .......... NA NA NA
(million dollars)
Sales ....................................1,108,841 1,076,558 1,068,666
Income after income taxes ................ 55,055 50,161 41,072
Dividends paid (cash) .................... NA NA NA
1 Revised.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-03-3, December 2003.
Unadjusted
3Q 2Q 3Q
2003 2003(1) 2002(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 4.9 5.2 3.7
Percent on equity (annual rate) .......... 11.6 12.4 8.8
(million dollars)
Sales .................................... 1,107,286 1,097,769 1,068,667
Income after income taxes ................ 54,434 57,345 40,074
Dividends paid (cash) .................... 28,965 28,551 26,863
1 Revised.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-03-3, December 2003.
Sales(2)
Industry Group and Year Q1 Q2 Q3 Q4
(million dollars)
All manufacturing:
1994 .......................... 784,474 803,057 825,303 841,722
1995 .......................... 871,276 872,794 883,517 899,818
1996 .......................... 914,216 932,622 948,202 961,525
1997 .......................... 965,770 972,231 986,501 995,660
1998 .......................... 989,751 981,533 985,676 994,211
1999 ..........................1,002,835 1,026,385 1,047,801 1,072,236
2000 ..........................1,119,743 1,127,999 1,145,651 1,120,702
2001 ..........................1,114,658 1,093,939 1,061,246 1,026,175
2002 ..........................1,023,647 1,049,932 1,068,666 1,076,870
2003 ..........................1,100,904 1,076,558 1,108,841
All nondurable manufacturing:
1994 .......................... 387,245 394,741 405,719 409,989
1995 .......................... 425,603 427,672 430,820 435,998
1996 .......................... 442,141 452,377 457,664 463,200
1997 .......................... 463,126 456,442 461,167 463,912
1998 .......................... 452,208 445,945 443,390 440,352
1999 .......................... 445,463 452,703 460,947 475,869
2000 .......................... 506,795 514,761 527,921 504,051
2001 .......................... 507,507 506,476 489,778 470,340
2002 .......................... 462,576 479,883 499,165 515,560
2003 .......................... 537,588 517,097 531,830
All durable manufacturing:
1994 .......................... 397,229 408,316 419,584 431,732
1995 .......................... 445,673 445,122 452,697 463,820
1996........................... 472,074 480,245 490,539 498,325
1997 .......................... 502,644 515,788 525,334 531,748
1998 .......................... 537,543 535,588 542,285 553,859
1999 .......................... 557,372 573,681 586,854 596,367
2000 .......................... 612,948 613,239 617,729 616,650
2001 .......................... 607,151 587,462 571,468 555,835
2002 .......................... 561,071 570,049 569,501 561,310
2003 .......................... 563,316 559,461 577,012
(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.SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-03-3, December 2003.
After-Tax Profits(2)
Q1 Q2 Q3 Q4
(million dollars)
All manufacturing:
1994 .......................... 36,436 41,107 45,361 52,186
1995 .......................... 52,763 51,909 49,303 44,364
1996 .......................... 51,142 53,885 61,189 58,993
1997 .......................... 60,482 61,841 61,790 60,798
1998 .......................... 74,183 49,165 61,031 50,491
1999 .......................... 59,014 63,659 66,733 68,842
2000 .......................... 76,134 71,304 73,873 49,295
2001 .......................... (1,605) 16,665 10,847 10,515
2002 .......................... 23,105 38,718 41,072 33,104
2003 .......................... 52,344 50,161 55,055
All nondurable manufacturing:
1994 .......................... 18,985 19,811 22,409 26,623
1995 .......................... 25,865 28,169 27,553 22,331
1996 .......................... 28,026 28,265 32,049 30,613
1997 .......................... 33,368 30,610 30,401 28,957
1998 .......................... 29,738 28,404 30,662 17,971
1999 .......................... 26,490 28,687 31,133 31,284
2000 .......................... 37,609 38,159 36,909 29,777
2001 .......................... 31,823 33,496 26,940 20,002
2002 .......................... 26,998 28,185 30,986 26,892
2003 .......................... 40,443 33,224 30,200
All durable manufacturing:
1994 .......................... 17,451 21,296 22,986 25,563
1995 .......................... 26,898 23,740 21,758 22,033
1996 .......................... 23,116 25,620 29,101 28,381
1997 .......................... 27,114 31,231 31,358 31,841
1998 .......................... 44,445 20,761 30,339 32,520
1999 .......................... 32,523 34,971 35,676 37,559
2000 .......................... 38,525 33,146 37,266 19,518
2001 .......................... (33,428) (16,831) (15,438) (9,487)
2002 .......................... (3,893) 10,533 13,379 6,212
2003 .......................... 11,900 16,937 24,855
(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.SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-03-3, December 2003.
Sales
3Q 2Q 3Q
Industry Group 2003 2003(1) 2002(1)
(million dollars)
All manufacturing corporations(3)..........1,107,286 1,097,769 1,068,667
All nondurable goods....................... 536,006 524,477 503,836
Food..................................... 92,037 89,740 86,369
Beverage and tobbaco products............ 35,328 35,838 36,361
Textiles mills and textile product mills. 11,819 12,342 12,474
Apparel and leather products............. 23,142 20,579 23,442
Paper ................................... 37,951 36,760 38,472
Printing and related support activities.. 16,542 16,658 17,704
Petroleum and coal products.............. 151,632 139,376 127,155
Chemicals ............................... 136,387 141,264 130,432
Basic chemicals, resins, and
synthetics(4).......................... 38,543 40,337 35,048
Pharmaceuticals and medicines(4)........ 59,491 60,994 57,823
All other chemicals(4).................. 38,354 39,933 37,560
Plastics and rubber products............. 31,168 31,922 31,427
All durable manufacturing.................. 571,280 573,291 564,832
Wood products............................ 16,579 15,510 16,293
Nonmetallic mineral products............. 24,637 23,034 23,768
Primary metals........................... 33,556 33,704 33,846
Iron, steel, and ferroalloys(4)......... 15,137 14,830 14,265
Nonferrous metals(4).................... 14,229 14,049 14,230
Foundries(4)............................ 4,190 4,824 5,350
Fabricated metal products................ 53,045 52,062 52,133
Machinery ............................... 63,468 65,780 64,161
Computer and electronic products......... 111,148 108,330 109,010
Computer and peripheral equipment(4).... 34,941 34,426 32,960
Communications equipment(4)............. 20,103 19,563 20,440
All other electronic products(4)........ 56,104 54,341 55,610
Electrical equipment, appliances and
components.............................. 45,220 46,131 44,196
Transportation equipment ................ 182,702 189,390 179,706
Motor vehicles and parts(4)............. 135,191 141,513 132,809
Aerospace products and parts(4)......... 39,298 40,027 39,215
Furniture and related products........... 13,915 13,073 14,319
Miscellaneous manufacturing.............. 27,011 26,278 27,400
All mining(3).............................. 23,497 23,145 20,066
All wholesale trade(3)..................... 338,046 330,628 311,129
All retail trade(3)........................ NA 365,575 348,218
(1)Revised.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-03-3, December 2003.
Operating Profits(2)
3Q 2Q 3Q
Industry Group 2003 2003(1) 2002(1)
(million dollars)
All manufacturing corporations(3).......... 63,072 62,472 58,034
All nondurable goods....................... 41,135 38,695 37,723
Food..................................... 5,811 5,628 5,866
Beverage and tobbaco products............ 5,861 5,937 7,457
Textiles mills and textile product mills. 374 474 773
Apparel and leather products............. 2,121 1,362 2,422
Paper ................................... 1,937 1,701 2,130
Printing and related support activities.. 1,417 1,110 1,277
Petroleum and coal products.............. 6,480 6,163 4,629
Chemicals ............................... 15,138 14,222 10,944
Basic chemicals, resins, and
synthetics(4).......................... 1,474 1,943 1,663
Pharmaceuticals and medicines(4)........ 9,607 8,184 5,294
All other chemicals(4).................. 4,057 4,096 3,987
Plastics and rubber products............. 1,997 2,098 2,225
All durable manufacturing.................. 21,936 23,777 20,311
Wood products............................ 1,364 778 905
Nonmetallic mineral products............. 2,713 2,125 2,474
Primary metals........................... 304 286 1,116
Iron, steel, and ferroalloys(4)......... (278) (320) 423
Nonferrous metals(4).................... 421 395 485
Foundries(4)............................ 161 212 209
Fabricated metal products................ 3,900 4,328 3,807
Machinery ............................... 3,242 4,133 3,661
Computer and electronic products......... 2,271 1,927 (2,963)
Computer and peripheral equipment(4).... 751 774 273
Communications equipment(4)............. (1,110) (556) (2,826)
All other electronic products(4)........ 2,629 1,709 (410)
Electrical equipment, appliances and
components.............................. 2,626 3,236 3,473
Transportation equipment ................ 1,831 3,870 3,269
Motor vehicles and parts(4)............. (1,533) 511 (678)
Aerospace products and parts(4)......... 2628 2,527 3,111
Furniture and related products........... 1,122 744 1,001
Miscellaneous manufacturing.............. 2,564 2,350 3,569
All mining(3).............................. 4,332 4,369 2,185
All wholesale trade(3)..................... 9,050 8,384 8,967
All retail trade(3)........................ NA 16,729 14,454
(1)Revised.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-03-3, December 2003.
After-Tax Profits
3Q 2Q 3Q
Industry Group 2003 2003(1) 2002(1)
(million dollars)
All manufacturing corporations(3).......... 54,434 57,345 40,074
All nondurable goods....................... 30,794 35,945 31,600
Food..................................... 4,320 4,031 4,279
Beverage and tobbaco products............ 2,228 5,691 7,968
Textiles mills and textile product mills. 25 42 362
Apparel and leather products............. 1,692 1,063 1,673
Paper ................................... 606 882 943
Printing and related support activities.. 803 437 637
Petroleum and coal products.............. 8,371 8,039 3,802
Chemicals ............................... 11,663 14,676 10,554
Basic chemicals, resins, and
synthetics(4).......................... (121) 1,673 1,536
Pharmaceuticals and medicines(4)........ 8,449 8,910 5,861
All other chemicals(4).................. 3,336 4,092 3,157
Plastics and rubber products............. 1,086 1,084 1,381
All durable manufacturing.................. 23,640 21,400 8,474
Wood products............................ 949 446 429
Nonmetallic mineral products............. 1,956 1,082 (1,102)
Primary metals........................... (134) 50 91
Iron, steel, and ferroalloys(4)......... (508) (318) (23)
Nonferrous metals(4).................... 347 302 26
Foundries(4)............................ 27 65 89
Fabricated metal products................ 1,907 2,902 2,544
Machinery ............................... 995 2,795 185
Computer and electronic products......... 5,828 1,857 (6,144)
Computer and peripheral equipment(4).... 3,421 2,955 2,143
Communications equipment(4)............. 1,224 101 (4,702)
All other electronic products(4)........ 1,183 (1,199) (3,585)
Electrical equipment, appliances and
components.............................. 5,100 4,879 5,268
Transportation equipment ................ 3,920 5,197 3,349
Motor vehicles and parts(4)............. 1,732 3,318 661
Aerospace products and parts(4)......... 1,642 1,350 2,129
Furniture and related products........... 716 352 676
Miscellaneous manufacturing.............. 2,403 1,841 3,178
All mining(3).............................. 3,274 3,118 1,736
All wholesale trade(3)..................... 6,307 5,197 4,686
All retail trade(3)........................ NA 8,440 7,851
(1)Revised.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-03-3, December 2003.
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. Data are also available on 3.5 inch diskettes from the U.S. Department of Commerce, Census Bureau (MS0801), P.O. Box 277943, Atlanta, GA 30384- 7943 (301-763-INFO/301-763-4636). The cost for an annual subscription is $80 domestic and $105 foreign. The cost for a single diskette is $50. All remittances from foreign countries must be by international money order or by draft on a U.S. bank.
SCHEDULE OF ADVANCE DATA RELEASE DATES--2004
Data in this release are presented on the North American Industry Classification System (NAICS).
Questions concerning this advance report should be directed to:
Yolando St.George (301) 763-6600 or
Frank Hartman (301) 763-3386.
[Economic Indicator Release Schedule]
Quarter Manufacturing, Mining, and Wholesale Trade Retail Trade
Third 2003 January 13, 2004
Fourth 2003 April 5, 2004 April 5, 2004
First 2004 June 14, 2004 July 14, 2004
Second 2004 September 13, 2004 October 13, 2004
Third 2004 December 14, 2004
See the 1997 NAICS manual, or visit the NAICS Web site at http://www.census.gov/naics.

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