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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. |
For the first quarter of 1999, manufacturers` seasonally adjusted after-tax profits were $61.0 billion, up $11.5 (+\-1.4) billion from last quarter. On an unadjusted basis, first quarter after-tax profits were $60.1 billion, up $15.4 (+\-1.4) billion from last quarter, but down $14.6 (+\-1.2) billion from the same quarter a year ago.
Unadjusted durable manufacturers` after-tax profits for the first quarter of 1999 were $33.3 billion, up $4.4 billion or 15.3 percent (+\-4.2%) compared to the fourth quarter of 1998, with the underlying industry categories showing mixed results. Motor vehicles, aircraft, fabricated metals, stone, clay, and glass, and lumber reported statistically significant increases. Motor vehicles` increase of $1.9 (+\-0.1) billion was due primarily to improvements in operating profits and equity earnings from foreign subsidiaries more than offsetting a decline in dividend income from foreign subsidiaries. Aircraft`s $1.9 (+\-0.1) billion improvement was due principally to gains from asset sales. Electrical machinery and iron and steel reported statistically significant decreases. Electrical machinery`s $2.3 (+\-0.4) billion downturn was due chiefly to a decline in operating profits.
When compared to the first quarter of 1998, unadjusted durable manufacturers` after-tax profits were down $11.5 billion or 25.8 percent (+\-1.7%). The underlying industry categories showed mixed results. Motor vehicles, iron and steel, and nonferrous metals reported statistically significant decreases. Motor vehicles` $15.0 (+\-0.1) billion decline, the largest for the group, was due primarily to the inclusion of significant gains from asset sales in the first quarter of 1998. Aircraft, electrical machinery, machinery, lumber, stone, clay, and glass, and miscellaneous manufacturing reported statistically significant increases. Aircraft`s $2.1 (+\-0.1) billion increase was principally a result of higher operating profits and gains from asset sales.
Unadjusted nondurable manufacturers` after-tax profits for the first quarter of 1999 were $26.9 billion, up $11.0 billion or 69.6 percent (+\-8.7%) when compared to the fourth quarter of 1998, with most underlying industry categories showing improvement. Petroleum, residual of chemicals, food, industrial chemicals, and paper reported statistically significant increases. Petroleum`s $5.6 (+\-0.1) billion increase was due to improvements in operating profits and equity income from foreign subsidiaries and the absence of significant nonrecurring charges against income more than offsetting a decline in dividend income from foreign subsidiaries. Residual of chemicals` $2.7 (+\-0.2) billion increase was due chiefly to improved operating profits and the absence of significant nonrecurring charges against income. Food`s $1.8 (+\-0.3) billion improvement was due principally to the absence of significant nonrecurring charges against income. Drugs` $0.3 (+\-0.2) billion decrease, the only statistically significant decrease for the nondurable group, was due to a decline in dividends from foreign subsidiaries more than offsetting increases in operating profits and equity income from foreign subsidiaries.
When compared to the same quarter in 1998, unadjusted nondurable manufacturers` after-tax profits were down $3.0 billion or 10.1 percent (+\-2.2%), with most of the underlying industry categories reporting decreases. Petroleum, industrial chemicals, apparel, paper, textiles, and rubber reported statistically significant declines. Petroleum`s $1.9 (+\-0.1) billion decrease was due primarily to lower operating profits and a decline in equity income from foreign subsidiaries. Industrial chemicals` $1.1 (+\-0.1) billion decrease was due principally to lower operating profits, the inclusion this quarter of significant nonrecurring charges against income, and a decline in equity income from foreign subsidiaries. Drugs, printing, and residual of chemicals reported statistically significant increases. Drugs` improvement of $1.1 (+\-0.2) billion was due chiefly to increased operating profits.
Manufacturers` seasonally adjusted sales for the first quarter of 1999 were $1,005.2 billion, up $11.6 (+\-9.8) billion from last quarter. On an unadjusted basis, sales were $972.8 billion, down $37.5 billion or 3.7 percent (+\-1.0%) from last quarter, but up $13.9 billion or 1.5 percent (+\-1.0%) from the first quarter of 1998.
Seasonally adjusted sales of nondurables were $448.3 billion, up $6.9 (+\-5.8) billion from last quarter. Seasonally adjusted durable manufacturers` sales were $556.9 billion, showing no statistically significant change from last quarter. Unadjusted sales for nondurable manufacturing were $434.2 billion, down $12.8 billion or 2.9 percent (+\-1.3%) from last quarter, but showing no statistically significant change from the same quarter a year ago. Unadjusted durable manufacturers` sales were $538.6 billion, down $24.7 billion or 4.4 percent (+\-1.3%) when compared to the fourth quarter of 1998. On a same quarter a year ago basis, unadjusted durable manufacturers` sales were up $16.6 billion or 3.2 percent (+\-1.4%).
Also included in this release are first quarter 1999 data for large mining and wholesale trade corporations.
These advance data, based on quarterly financial reports from about 8,100 corporations, were released today from the Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--First Quarter 1999 (QFR-99-1). 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 $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, Bureau of the Census (MS1921), P.O. Box 277943, Atlanta, GA 30384-7943 (301-763-INFO(4636)). The annual subscription cost is $84; $66 for the first diskette and $6 for each additional diskette. Second quarter 1999 advance data are scheduled for release on September 13, 1999.
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 formatDownload Adobe Acrobat Reader (.pdf).
This press release is available on the day of issue through the Department
of Commerce`s on-line Economic Bulletin Board (202-482-1986) and 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, Bureau of the Census (MS1921),
P.O. Box 277943, Atlanta, GA 30384-7943 (301-763-INFO(4636)). The annual
subscription cost is $84; $66 for the first diskette and $6 for each
additional diskette.
Questions regarding this report (or program) should be directed to
Ronald H. Lee (301) 457-3343 or Frank Hartman (301) 457-3379.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-99-1, June 1999. U.S. Bureau of the Census, June 1999.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-99-1, June 1999. U.S. Bureau of the Census, June 1999.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-99-1, June 1999. U.S. Bureau of the Census, June 1999.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-99-1, June 1999. U.S. Bureau of the Census, June 1999.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-99-1, June 1999. U.S. Bureau of the Census, June 1999.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-99-1, June 1999. U.S. Bureau of the Census, June 1999.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-99-1, June 1999. U.S. Bureau of the Census, June 1999.
The publication becomes available for sale approximately two weeks from the
date of this release from the Superintendent of Documents, P.O. Box 371954,
Pittsburg, PA 15250-7954 (202-512-1800). The annual subscription rate is $34,
(foriegn 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
$84; $66 for the first diskette and $6 for each additional diskette.
This report is also available on the day of issue through the Department of
Commerce`s on-line Economic Bulletin Board (N-8-1) (202-482-1986).
Schedule of Advance Data Release Dates--1999
Questions concerning this report should be directed to Ronald Lee on
(301) 457-3343 or Frank Hartman (301) 457-3379.
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Quarterly Financial Report
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TABLE 1. PART A--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS
Seasonally Adjusted
1Q 4Q 1Q
1999 1998(1) 1998(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 6.1 5.0 7.6
Percent on equity (annual rate) .......... NA NA NA
(million dollars)
Sales ....................................1,005,158 993,574 991,392
Income after income taxes ................ 61,008 49,556 75,441
Dividends paid (cash) .................... NA NA NA
(1) Revised.
TABLE 1. PART B--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS
Unadjusted
1Q 4Q 1Q
1999 1998(1) 1998(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 6.2 4.4 7.8
Percent on equity (annual rate) .......... 15.5 11.6 20.0
(million dollars)
Sales .................................... 972,812 1,010,305 958,902
Income after income taxes ................ 60,120 44,681 74,680
Dividends paid (cash) .................... 24,918 33,560 31,131
(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 1999 1998(1) 1998(1)
(million dollars)
All manufacturing corporations ............ 972,812 1,010,305 958,902
Nondurable goods .......................... 434,194 446,975 436,850
Food and tobacco......................... 119,326 123,714 116,671
Textiles ................................ 14,906 14,862 17,005
Apparel(2) .............................. 18,114 16,789 17,349
Paper ................................... 39,485 40,864 41,312
Printing ................................ 47,388 50,148 44,456
Chemicals ............................... 112,124 111,283 105,066
Industrial chemicals and synthetics(3).. 36,284 36,601 36,950
Drugs(3) ............................... 38,578 39,217 34,103
Residual of chemicals(3)................ 37,262 35,465 34,013
Petroleum ............................... 54,371 59,647 64,152
Rubber .................................. 28,479 29,669 30,840
Durable goods ............................. 538,619 563,330 522,052
Stone, clay, and glass .................. 17,744 19,675 17,023
Primary metals .......................... 34,679 36,815 39,028
Iron and steel(3) ...................... 16,629 17,449 19,879
Nonferrous metals(3).................... 18,050 19,366 19,150
Fabricated metals ....................... 45,633 44,778 43,796
Machinery ............................... 104,928 112,559 107,746
Electrical machinery .................... 113,940 119,746 107,802
Transportation Equipment ................ 151,310 155,529 136,762
Motor vehicles and equipment(3) ........ 103,811 102,836 93,935
Aircraft, guided missiles, and parts(3). 38,108 43,272 35,679
Instruments ............................. 27,736 29,675 28,913
Other durable goods ..................... 42,649 44,551 40,981
Lumber and wood products(3) ............ 17,194 16,735 16,338
Furniture and fixtures(3) .............. 16,490 17,066 15,810
Miscellaneous manufacturing(3) ......... 8,965 10,750 8,834
Mining(4) ................................. 15,890 17,586 16,692
Wholesale trade(4) ........................ 269,707 281,721 263,243
Retail trade(4) ........................... NA 311,023 263,834
(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 1999 1998(1) 1998(1)
(million dollars)
All manufacturing corporations ............ 72,337 69,274 71,086
Nondurable goods .......................... 36,272 31,709 36,359
Food and tobacco......................... 10,549 11,377 9,547
Textiles ................................ 687 789 1,176
Apparel(2) .............................. 1,000 291 1,201
Paper ................................... 3,022 2,318 3,055
Printing ................................ 5,066 5,559 3,889
Chemicals ............................... 12,585 9,770 11,655
Industrial chemicals and synthetics(3).. 3,130 2,073 3,457
Drugs(3) ............................... 5,186 4,289 3,981
Residual of chemicals(3)................ 4,270 3,408 4,218
Petroleum ............................... 1,397 (184) 3,507
Rubber .................................. 1,965 1,790 2,329
Durable goods ............................. 36,065 37,564 34,728
Stone, clay, and glass .................. 1,466 2,047 1,055
Primary metals .......................... 1,520 1,809 2,642
Iron and steel(3) ...................... 392 801 1,176
Nonferrous metals(3).................... 1,128 1,007 1,466
Fabricated metals ....................... 4,009 2,947 4,009
Machinery ............................... 4,346 5,649 5,193
Electrical machinery .................... 8,852 11,482 8,417
Transportation Equipment ................ 10,331 7,780 7,952
Motor vehicles and equipment(3) ........ 6,432 4,600 4,866
Aircraft, guided missiles, and parts(3). 3,007 2,855 2,432
Instruments ............................. 2,444 2,882 2,817
Other durable goods ..................... 3,097 2,969 2,642
Lumber and wood products(3) ............ 1,309 803 955
Furniture and fixtures(3) .............. 1,201 1,239 1,171
Miscellaneous manufacturing(3) ......... 588 927 516
Mining(4) ................................. 504 257 1,991
Wholesale trade(4) ........................ 6,848 5,771 6,065
Retail trade(4) ........................... NA 17,805 11,352
* 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 1999 1998(1) 1998(1)
(million dollars)
All manufacturing corporations ............ 60,120 44,681 74,680
Nondurable goods .......................... 26,853 15,829 29,867
Food and tobacco ........................ 6,697 4,856 6,747
Textiles ................................ 205 303 587
Apparel(2) .............................. 243 25 765
Paper ................................... 919 423 1,325
Printing ................................ 3,603 4,154 3,180
Chemicals ............................... 11,943 8,675 11,697
Industrial chemicals and synthetics(3).. 1,790 959 2,884
Drugs(3) ............................... 6,273 6,557 5,222
Residual of chemicals(3)................ 3,880 1,158 3,592
Petroleum ............................... 2,023 (3,591) 3,968
Rubber .................................. 1,220 984 1,598
Durable goods ............................. 33,267 28,852 44,813
Stone, clay, and glass .................. 846 (111) 515
Primary metals .......................... 648 649 1,796
Iron and steel(3) ...................... (68) 37 652
Nonferrous metals(3) ................... 717 611 1,145
Fabricated metals ....................... 2,460 1,407 2,805
Machinery ............................... 6,659 6,933 6,160
Electrical machinery .................... 7,668 9,938 6,404
Transportation equipment ................ 11,320 6,803 23,804
Motor vehicles and equipment(3) ........ 6,836 4,931 21,837
Aircraft, guided missiles, and parts(3). 3,757 1,855 1,615
Instruments ............................. 1,583 1,624 1,840
Other durable goods ..................... 2,084 1,609 1,489
Lumber and wood products(3) ............ 950 409 600
Furniture and fixtures(3) .............. 732 767 676
Miscellaneous manufacturing(3) ......... 401 434 213
Mining(4) ................................. (171) (4,709) 625
Wholesale trade(4) ........................ 3,414 2,773 3,128
Retail trade(4) ........................... NA 9,383 5,550
(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 ............................ 784,807 802,946 825,167 841,553
1995 ............................ 871,846 872,444 883,603 899,480
1996 ............................ 914,951 931,941 948,925 960,538
1997 ............................ 966,862 971,213 988,257 993,343
1998 ............................ 991,392 981,020 988,702 993,574
1999 ............................1,005,158
(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 ............................ 36,527 41,209 45,423 51,815
1995 ............................ 53,014 52,008 49,325 43,874
1996 ............................ 51,545 54,041 61,155 58,189
1997 ............................ 61,268 62,066 61,643 59,515
1998 ............................ 75,441 50,876 60,719 49,556
1999 ............................ 61,008
(1) Revised.
ORDER & RELEASE INFORMATION
[Economic Indicator Release Schedule]
Quarter Manufacturing, Mining, and Wholesale Trade Retail Trade
First 1999 -- July 13, 1999
Second 1999 September 13, 1999 October 13, 1999
Third 1999 December 13, 1999
Maintained by Traci Gillespie-Brown
Revised Monday, 01-Mar-2004 09:14:43 EST.
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Page Last Modified: March 01, 2004