ADVANCE DATA FROM THE QUARTERLY FINANCIAL REPORT FOR MANUFACTURING, MINING, AND TRADE CORPORATIONS--FOURTH QUARTER 1993 (Except where noted, all figures in text and tables are not seasonally adjusted.) 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 averaged 3.0 cents per dollar of sales for the fourth quarter of 1993, down 0.3 cents from the third quarter of 1993. The Commerce Department's Bureau of the Census also reported that on an unadjusted basis, after-tax profits for the fourth quarter averaged 2.9 cents per dollar of sales, down 0.4 (+/-0.05) cents from the preceding quarter and up 1.6 (+/-0.05) cents from the same quarter in 1992. For the fourth quarter of 1993, manufacturers' seasonally adjusted after-tax profits were $23.3 billion, down $2.1 billion from last quarter. On an unadjusted basis, fourth quarter after-tax profits were $22.6 billion, down $2.3 (+/-0.7) billion from last quarter but up $13.0 (+/-0.7) billion from the same quarter a year ago. Unadjusted durable manufacturers' after-tax profits were $8.5 billion, down $3.0 billion or 26.2 percent (+/-4.3%) when compared to the third quarter of 1993. Stone, clay, and glass, iron and steel, nonferrous metals, and fabricated metals reported net losses for the quarter. The downturns in stone, clay, and class, and nonferrous metals were primarily due to restructuring costs. Fabricated metals' decline was a result of a decrease in operating profits and an increase in litigation reserves. Also down were aircraft, instruments, and other durables. Instruments' downturn was due to restructuring costs. Motor vehicles and machinery were up, with motor vehicles' increase the result of improvement in operating profits. When compared to the fourth quarter of 1992, total durables were up $12.1 (+/-0.9) billion from that quarter's after-tax loss of $3.6 billion. Machinery reported a $7.0 billion improvement over a fourth quarter last year that included substantial accelerated depreciation charges and nonrecurring expenses. Also up from poor fourth quarters in 1992 were iron and steel and motor vehicles. Increases also were reported by electrical machinery, instruments, and other durables. Fabricated metals and aircraft, guided missiles, and parts were down. Unadjusted after-tax profits for nondurable manufacturers were $14.1 billion, up $0.7 billion or 5.0 percent (+/-3.3%) when compared to the third quarter of 1993. The underlying nondurable industry categories showed mixed results. Paper, printing, industrial chemicals, and petroleum were up. Improvements in industrial chemicals and petroleum resulted from increased foreign earnings and dividend income, respectively, more than offsetting declines in operating profits. Paper's increase of $1.8 billion was due to the inclusion last quarter of substantial nonrecurring charges against income. Food and tobacco, apparel, drugs, residual of chemicals, and rubber were down. Drug's decrease of $2.0 billion resulted from restructuring and litigation expenses coupled with declines in foreign earnings. Food and tobacco also reported substantial restructuring charges this quarter. When compared to the same quarter in 1992, nondurable manufacturers' profits were up $0.9 billion or 6.4 percent (+/-3.7%). Printing, industrial chemicals, and petroleum were up. Petroleum's $1.7 billion increase was primarily due to the rise in dividend income this quarter and decreases in nonoperating expenses. Food and tobacco, textiles, apparel, paper, drugs, and the residual of chemicals were down. Drug's $1.2 billion decrease resulted from substantial charges this quarter more than offsetting improvements in operating profits. Manufacturers' seasonally adjusted sales for the fourth quarter of 1993 were $768.1 billion, up $10.8 billion or 1.4 percent from last quarter. On an adjusted basis, sales were $777.0 billion, up $24.8 billion or 3.3 percent (+/-0.8%) from last quarter, and up $29.9 billion or 4.0 percent (+/-0.9%) from the fourth quarter of 1992. Unadjusted sales at the all nondurable manufacturing level were $385.5 billion, showing little or no change from last quarter and the fourth quarter of 1992. Unadjusted durable manufacturers' sales were $391.5 billion, up $23.4 billion or 6.4 percent (+/-1.4%) when compared to the third quarter of 1993. On a same quarter a year ago basis, durable manufacturers' sales were up $29.2 billion or 8.1 percent (+/-1.4%). Also included in this release are fourth quarter 1993 data for large mining and wholesale and retail trade corporations. These advance data, based on quarterly financial reports from about 9,600 corporations, were released today from the Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--Fourth Quarter 1993 (QFR-93-4). 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. First quarter 1994 advance data are scheduled for release on June 13, 1994. EXPLANATORY NOTES This quarter's publication contains data revised due to the reclassification of corporations by industry, and revisions that reflect respondents' corrections submitted data subsequent to original publication. The margin of sampling error, as used in this press release, indicates a range about the estimate which corresponds to a 90 percent confidence interval. If, for example, the estimate is up 5.0 percent and the margin of sampling error is 4.0 percentage points above or below the estimate, then the indicated range is 1.0 percent to 9.0 percent. If the range contains zero (0) it is uncertain whether there was an increase or a decrease. The quarterly publication includes explanations of confidence intervals and sampling variability along with additional measures of sampling variability. Schedule of Advance Data Release Dates--1994 Quarter Manufacturing, Mining, and Wholesale Trade Retail Trade First 1994 June 13, 1994 July 13, 1994 Second 1994 September 12, 1994 October 12, 1994 Third 1994 December 13, 1994 SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-93-4, April 1994. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. The annual subscription rate is $24; single copy $10. Remittances from foreign countries must be by international money order or by draft on a U.S. bank, $30 a year; single copy $12.50. Files are also available on 5.25 inch flexible diskettes single- or double-sided, 8 or 9 sectors per track format. The cost of an annual subscription (four quarterly issues) is $96; $60 for the first diskette and $12 for each additional diskette. Questions concerning this report should be directed to Paul Zarrett on (301) 763-2718 or Frank Hartman on (301) 763-4274. TABLE 1. PART A--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS Seasonally Adjusted 4Q 3Q 4Q 1993 1993(1) 1992(1) Rate of return (after taxes): Cents per dollar of sales ................ 3.0 3.3 1.3 Percent on equity (annual rate) .......... NA NA NA (million dollars) Net sales ................................. 768,088 757,243 738,575 Income after income taxes ................ 23,272 25,342 9,687 Dividends paid (cash) .................... NA NA NA -------------------------------------------------------------------------- TABLE 1. PART B--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS Unadjusted 4Q 3Q 4Q 1993 1993(1) 1992(1) Rate of return (after taxes): Cents per dollar of sales ................ 2.9 3.3 1.3 Percent on equity (annual rate) .......... 8.6 9.6 3.7 (million dollars) Net Sales.................................. 777,045 752,255 747,131 Income after income taxes ................ 22,635 24,981 9,641 Dividends paid (cash) .................... 17,493 16,372 17,244 (1) Revised. TABLE 2. PART A--SALES AND PROFITS OF CORPORATIONS ENGAGED IN MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED Sales 4Q 3Q 4Q Industry Group 1993 1993(1) 1992(1) (million dollars) All manufacturing corporations ............ 777,045 752,255 747,131 Nondurable goods .......................... 385,505 384,153 384,839 Food and tobacco......................... 108,869 107,180 106,472 Textiles ................................ 15,106 15,793 15,308 Apparel(2) .............................. 19,029 18,899 17,938 Paper ................................... 33,029 33,148 31,873 Printing ................................ 39,589 39,752 39,895 Chemicals ............................... 83,022 80,379 79,409 Industrial chemicals and synthetics(3).. 30,507 30,608 30,657 Drugs(3) ............................... 21,842 20,069 18,977 Residual of chemicals(3)................ 30,673 29,701 29,775 Petroleum ............................... 65,164 67,328 72,410 Rubber .................................. 21,696 21,673 21,535 Durable goods ............................. 391,540 368,102 362,292 Stone, clay, and glass .................. 14,164 14,739 12,720 Primary metals .......................... 29,576 29,124 27,540 Iron and steel(3) ...................... 14,155 13,784 11,986 Nonferrous metals(3).................... 15,421 15,339 15,554 Fabricated metals ....................... 33,052 34,144 32,037 Machinery ............................... 79,228 73,843 69,695 Electrical machinery .................... 67,528 62,976 63,814 Transportation Equipment ................ 104,832 92,554 98,473 Motor vehicles and equipment(3) ........ 67,624 57,915 60,330 Aircraft, guided missiles, and parts(3). 32,866 30,728 34,369 Instruments ............................. 30,385 28,801 29,099 Other durable goods ..................... 32,774 31,923 28,912 Lumber and wood products(3) ............ 13,193 13,035 11,435 Furniture and fixtures(3) .............. 10,900 9,899 9,083 Miscellaneous manufacturing(3) ......... 8,682 8,989 8,393 Mining(4) ................................. 11,050 10,416 10,919 Wholesale trade(4) ........................ 203,388 189,964 198,004 Retail trade(4) ........................... 223,994 190,933 213,138 (1)Revised. (2)Includes leather industry (previously titled "Other Nondurables"). (3)Included in major industry above. (4)Mining and trade data are quarterly results of companies in those divisions drawn into the sample in the fall of 1993 with assets over $50 million; whereas, data for manufacturing corporations represent the quarterly results of companies with assets over $250,000. SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-93-4, April 1994. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. The annual subscription rate is $24; single copy $10. Remittances from foreign countries must be by international money order or by draft on a U.S. bank, $30 a year; single copy $12.50. Files are also available on 5.25 inch flexible diskettes single- or double-sided, 8 or 9 sectors per track format. The cost of an annual subscription (four quarterly issues) is $96; $60 for the first diskette and $12 for each additional diskette. Questions concerning this report should be directed to Paul Zarrett on (301) 763-2718 or Frank Hartman on (301) 763-4274. ------------------------------------------------------------------------ TABLE 2. PART B--SALES AND PROFITS OF CORPORATIONS ENGAGED IN MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED Operating Profits* 4Q 3Q 4Q Industry Group 1993 1993(1) 1992(1) (million dollars) All manufacturing corporations ............ 43,015 46,303 31,294 Nondurable goods .......................... 24,972 28,605 23,314 Food and tobacco......................... 7,966 8,097 9,435 Textiles ................................ 855 1,134 1,324 Apparel(2) .............................. 594 1,144 727 Paper ................................... 1,708 1,982 1,209 Printing ................................ 3,786 3,517 3,329 Chemicals ............................... 6,504 8,010 3,521 Industrial chemicals and synthetics(3).. 819 2,186 (270) Drugs(3) ............................... 3,226 2,889 1,709 Residual of chemicals(3)................ 2,459 2,934 2,082 Petroleum ............................... 2,363 3,392 2,694 Rubber .................................. 1,195 1,329 1,074 Durable goods ............................. 18,044 17,698 7,980 Stone, clay, and glass .................. 895 1,415 303 Primary metals .......................... 578 1,110 162 Iron and steel(3) ...................... 336 554 (25) Nonferrous metals(3).................... 242 556 187 Fabricated metals ....................... 1,193 2,233 1,049 Machinery ............................... 1,292 1,756 (2,626) Electrical machinery .................... 5,344 4,755 4,272 Transportation Equipment ................ 4,810 1,730 1,552 Motor vehicles and equipment(3) ........ 3,403 (275) (42) Aircraft, guided missiles, and parts(3). 1,332 1,815 1,573 Instruments ............................. 1,930 2,270 1,788 Other durable goods ..................... 2,000 2,431 1,481 Lumber and wood products(3) ............ 669 993 586 Furniture and fixtures(3) .............. 650 586 429 Miscellaneous manufacturing(3) ......... 682 851 466 Mining(4) ................................. 588 776 759 Wholesale trade(4) ........................ 3,854 3,241 3,250 Retail trade(4) ........................... 12,805 6,765 12,020 *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 quarterly results of companies in those divisions drawn into the sample in the fall of 1993 with assets over $50 million; whereas, data for manufacturing corporations represent the quarterly results of companies with assets over $250,000. SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-93-4, April 1994. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. The annual subscription rate is $24; single copy $10. Remittances from foreign countries must be by international money order or by draft on a U.S. bank, $30 a year; single copy $12.50. Files are also available on 5.25 inch flexible diskettes single- or double-sided, 8 or 9 sectors per track format. The cost of an annual subscription (four quarterly issues) is $96; $60 for the first diskette and $12 for each additional diskette. Questions concerning this report should be directed to Paul Zarrett on (301) 763-2718 or Frank Hartman on (301) 763-4274. ------------------------------------------------------------------------ TABLE 2. PART C--SALES AND PROFITS OF CORPORATIONS ENGAGED IN MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED After-Tax Profits 4Q 3Q 4Q Industry Group 1993 1993(1) 1992(1) (million dollars) All manufacturing corporations ............ 22,635 24,981 9,641 Nondurable goods .......................... 14,122 13,453 13,267 Food and tobacco ........................ 3,638 4,498 3,898 Textiles ................................ 304 314 668 Apparel(2) .............................. 335 884 577 Paper ................................... 4 (1,746) 104 Printing ................................ 1,777 1,135 1,228 Chemicals ............................... 3,237 4,715 3,657 Industrial chemicals and synthetics(3).. 675 99 (372) Drugs(3) ............................... 1,289 3,244 2,492 Residual of chemicals(3)................ 1,273 1,372 1,537 Petroleum ............................... 4,318 2,972 2,576 Rubber .................................. 510 682 559 Durable goods ............................. 8,513 11,528 (3,626) Stone, clay, and glass .................. (336) 768 (315) Primary metals .......................... (549) 201 (1,048) Iron and steel(3) ...................... (168) 43 (740) Nonferrous metals(3) ................... (381) 158 (308) Fabricated metals ....................... (841) 1,319 4 Machinery ............................... 998 443 (6,021) Electrical machinery .................... 3,198 3,320 2,076 Transportation equipment ................ 3,827 1,968 425 Motor vehicles and equipment(3) ........ 2,971 685 (939) Aircraft, guided missiles, and parts(3). 903 1,153 1,387 Instruments ............................. 1,136 2,046 587 Other durable goods ..................... 1,080 1,465 665 Lumber and wood products(3) ............ 433 645 349 Furniture and fixtures(3) .............. 327 321 134 Miscellaneous manufacturing(3) ......... 320 499 181 Mining(4) ................................. 164 353 132 Wholesale trade(4) ........................ 2,476 1,283 1,583 Retail trade(4) ........................... 3,778 2,617 2,943 (1)Revised. (2)Includes leather industry (previously titled "Other Nondurables"). (3)Included in major industry above. (4)Mining and trade data are quarterly results of companies in those divisions drawn into the sample in the fall of 1993 with assets over $50 million; whereas, data for manufacturing corporations represent the quarterly results of companies with assets over $250,000. SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-93-4, April 1994. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. The annual subscription rate is $24; single copy $10. Remittances from foreign countries must be by international money order or by draft on a U.S. bank, $30 a year; single copy $12.50. Files are also available on 5.25 inch flexible diskettes single- or double-sided, 8 or 9 sectors per track format. The cost of an annual subscription (four quarterly issues) is $96; $60 for the first diskette and $12 for each additional diskette. Questions concerning this report should be directed to Paul Zarrett on (301) 763-2718 or Frank Hartman on (301) 763-4274. TABLE 3. PART A--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS--SEASONALLY ADJUSTED Net Sales Industry Group and Year Q1 Q2 Q3 Q4 (million dollars) All manufacturing: 1990 ............................ 689,280 692,563 709,655 719,015 1991 ............................ 672,453 684,968 703,056 700,340 1992r............................ 697,626 719,020 734,516 738,575 1993r............................ 736,869 751,194 757,243 768,088 All nondurable manufacturing: 1990 ............................ 353,170 350,135 366,087 383,808 1991 ............................ 358,895 360,630 369,284 368,148 1992r............................ 361,934 374,680 382,265 381,180 1993r............................ 376,278 382,742 382,699 381,839 All durable manufacturing: 1990 ............................ 336,111 342,428 343,568 335,207 1991 ............................ 313,557 324,338 333,772 332,192 1992r............................ 335,692 344,341 352,251 357,396 1993r............................ 360,590 368,452 374,544 386,248 ------------------------------------------------------------------------- TABLE 3. PART B--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS--SEASONALLY ADJUSTED After-Tax Profits Industry Group and Year Q1 Q2 Q3 Q4 (million dollars) All manufacturing: 1990 ............................ 29,498 32,375 29,645 19,219 1991 ............................ 18,937 21,589 17,277 8,598 1992r............................(47,409) 27,916 27,808 9,687 1993r............................ 11,548 23,512 25,342 23,272 All nondurable manufacturing: 1990 ............................ 16,824 18,989 19,720 14,893 1991 ............................ 17,382 15,075 16,099 11,518 1992r............................ (4,095) 18,400 18,349 13,485 1993r............................ 13,296 15,532 13,131 14,355 All durable manufacturing: 1990 ............................ 12,675 13,386 9,925 4,325 1991 ............................ 1,555 6,514 1,179 (2,920) 1992r............................(43,314) 9,517 9,459 (3,798) 1993r............................ (1,748) 7,980 12,211 8,918 rRevised SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-93-4, April 1994. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. The annual subscription rate is $24; single copy $10. Remittances from foreign countries must be by international money order or by draft on a U.S. bank, $30 a year; single copy $12.50. Files are also available on 5.25 inch flexible diskettes single- or double-sided, 8 or 9 sectors per track format. The cost of an annual subscription (four quarterly issues) is $96; $60 for the first diskette and $12 for each additional diskette. Questions concerning this report should be directed to Paul Zarrett on (301) 763-2718 or Frank Hartman on (301) 763-4274. TABLE 4. INCOME STATEMENT FOR RETAIL TRADE CORPORATIONS WITH ASSETS OF $50 MILLION AND OVER 4Q 3Q 4Q Item 1993 1993(1) 1992(1) (million dollars) Net sales, receipts, and operating revenues .. 223,994 190,933 213,138 Less: Depreciation, depletion and amortization ......................... 4,187 3,947 3,897 Less: All other operating costs and expenses . 207,002 180,222 197,221 Income (or loss) from operations ........... 12,805 6,765 12,020 Net nonoperating income (expense) ............ (5,833) (2,382) (6,441) Income (or loss) before income taxes ....... 6,973 4,383 5,579 Less: Provision for current and deferred domestic income taxes ................ 3,195 1,766 2,636 Income (or loss) after income taxes ........ 3,778 2,617 2,943 Cash dividends charged to retained earnings in current quarter ......................... 1,160 1,183 1,243 Net income retained in business ............ 2,617 1,433 1,700 Retained earnings at beginning of quarter .... 73,772 69,532 65,578 Other direct credits (or charges) to retained earnings (net) ............................. 607 1,479 1,117 Retained earnings at end of quarter ........ 76,996 72,445 68,395 (1) Revised TABLE 5. INCOME STATEMENT IN RATIO FORMAT FOR RETAIL TRADE CORPORATIONS WITH ASSETS OF $50 MILLION AND OVER 4Q 3Q 4Q Item 1993 1993(1) 1992(1) (cents) Nept sales, receipts, and operating revenues .. 100.0 100.0 100.0 Less: Depreciation, depletion, and amortization ............................... 1.9 2.1 1.8 Less: All other operating costs and expenses . 92.4 94.4 92.5 Income (or loss) from operations ........... 5.7 3.5 5.6 Net nonoperating income (expense) ............ (2.6) (1.2) (3.0) Income (or loss) before income taxes ....... 3.1 2.3 2.6 Less: Provision for current and deferred domestic income taxes ...................... 1.4 0.9 1.2 Income (or loss) after income taxes ........ 1.7 1.4 1.4 (1) Revised TABLE 6. OPERATING RATIOS FOR RETAIL TRADE CORPORATIONS WITH ASSETS OF $50 MILLION AND OVER 4Q 3Q 4Q Item 1993 1993(1) 1992(1) (percent) Annual rate of profit on stockholders' equity at end of period: Before income taxes ...................... 22.39 14.67 19.64 After income taxes ....................... 12.13 8.76 10.36 Annual rate of profit on total assets: Before income taxes ...................... 6.97 4.35 5.81 After income taxes ....................... 3.77 2.59 3.06 (1) Revised. -------------------------------------------------------------------------- SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-93-4, April 1994. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. The annual subscription rate is $24; single copy $10. Remittances from foreign countries must be by international money order or by draft on a U.S. bank, $30 a year; single copy $12.50. Files are also available on 5.25 inch flexible diskettes single- or double-sided, 8 or 9 sectors per track format. The cost of an annual subscription (four quarterly issues) is $96; $60 for the first diskette and $12 for each additional diskette. Questions concerning this report should be directed to Paul Zarrett on (301) 763-2718 or Frank Hartman on (301) 763-4274.