ADVANCE DATA FROM THE QUARTERLY FINANCIAL REPORT FOR MANUFACTURING, MINING, AND TRADE CORPORATIONS--FIRST QUARTER 1994 (Except where noted, all figures in text and tables are not seasonally adjusted.) Sales for all manufacturing, as well as for total durable and total nondurable manufacturing, are presented on a seasonally adjusted basis in Table 3. After-tax profits data on a seasonally adjusted basis are no longer presented as the seasonal movements for these data appear to have changed significantly in the past 2 or 3 years. Seasonal adjustment of these data will be discontinued until sufficient data are available to reliably estimate the new pattern. Manufacturing corporations after-tax profits averaged 4.7 cents per dollar of sales for the first quarter of 1994, up 1.8 (+/- 0.05) cents from the preceding quarter and up 3.1 (+/- 0.04) cents from the same quarter in 1993, the Commerce Department's Bureau of the Census reported today. First quarter after-tax profits were $35.7 billion, up $13.3 (+/- 0.7) billion from last quarter and up $24.5 (+/- 0.5) billion from the same quarter a year ago. Durable manufacturers' after-tax profits were $16.2 billion, up $7.8 billion or 91.8 percent (+/- 5.5%) when compared to the fourth quarter of 1993. All underlying industry categories reported increases, except stone, clay, and glass and furniture and fixtures. Fabricated metals lead the group with an increase of $2.3 billion. Fabricated metals' increase, as well as those in nonferrous metals and motor vehicles, were due primarily to improved operating profits and the absence of significant nonrecurring charges reported last quarter. The improvements in iron and steel, machinery, aircraft, lumber, and miscellaneous manufacturing were due to improvements in operating profits. Upturns in electrical machinery and instruments were related to the absence of significant nonrecurring charges reported last quarter. When compared to the first quarter of 1993, total durables were up $17.9 (+/- 0.4) billion from that quarter's after-tax loss of $1.7 billion. All underlying industries reported increases, except furniture. Motor vehicles' $6.7 billion increase over first quarter last year, as well as those in iron and steel, nonferrous metals, fabricated metals, machinery, and electrical machinery, were a result of notable increases in operating profits and the absence of significant nonrecurring charges reported last year. The increases in stone, clay, and glass, lumber and miscellaneous manufacturing were due to improved operating profits. Instruments' improvement was related to the absence of significant nonrecurring charges reported in first quarter of 1993. Nondurable manufacturers' after-tax profits were $19.5 billion, up $5.5 billion or 39.4 percent (+/- 2.1%) when compared to fourth quarter of 1993. Most underlying nondurable industry categories were up. Food and tobacco, paper, industrial chemicals, drugs, residual of chemicals, and rubber reported increases. The improvements in food and tobacco, paper, and drugs were due chiefly to the inclusion last quarter of substantial restructuring charges. Industrial chemicals' $1.7 billion increase was due primarily to improved operating profits. Petroleum and apparel were down, with petroleum's $1.3 billion decline related to a decrease in dividend income. When compared to the same quarter in 1993, nondurables manufacturer's profits were up $6.6 billion or 51.7 percent (+/- 2.3%). All underlying industries reported increases, except apparel which was down and paper which was flat. Increases in profits reported in food and tobacco, printing, and residual of chemicals were related to the absence of significant nonrecurring charges reported in the first quarter of 1993. Industrial chemicals' and drugs' increases were due to improvements in operating profits. Apparel's decline was due chiefly to a decrease in operating profits. Manufacturers' seasonally adjusted sales for the first quarter of 1994 were $783.7 billion, up $15.4 billion or 2.0 percent from last quarter. On an unadjusted basis, sales were $758.7 billion, down $19.0 billion or 2.4 percent (+/- 0.6%) from last quarter, but up $41.0 billion or 5.7 percent (+/- 0.9%) from the first quarter of 1993. Seasonally adjusted sales at the nondurable manufacturing level were $385.1 billion, up $4.0 billion or 1.1 percent from last quarter. Seasonally adjusted durable manufacturers' sales were $398.6 billion, up $11.3 billion or 2.9 percent from last quarter. Unadjusted sales at the nondurable manufacturing level were $374.5 billion, down $11.4 billion or 2.9 percent (+/- 1.0%) from last quarter, but up $6.3 billion or 1.7 percent (+/- 1.2%) from the first quarter of 1993. Unadjusted durable manufacturers' sales were $384.1 billion, down $7.6 billion or 1.9 percent (+/- 1.3%) when compared to the fourth quarter of 1993. On a same quarter a year ago basis, durable manufacturers' sales were up $34.7 billion or 9.9 percent (+/- 1.4%). Also included in this release are first quarter 1994 data for large mining and wholesale trade corporations. These advance data, based on quarterly financial reports from about 8,900 corporations, were released today from the Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--First Quarter 1994 (QFR-94-1). 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. Second quarter 1994 advance data are scheduled for release on September 12, 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 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-94-1, June 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 Ronald Lee on (301) 763-4270 or Frank Hartman on (301) 763-4274. TABLE 1. PART A--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS 1Q 4Q 1Q 1994 1993(1) 1993(1) Rate of return (after taxes): Cents per dollar of sales ................ 4.7 2.9 1.6 Percent on equity (annual rate) .......... 13.3 8.5 4.4 (million dollars) Net Sales.................................. 758,676 777,628 717,696 Income after income taxes ................ 35,676 22,424 11,148 Dividends paid (cash) .................... 16,114 17,391 16,137 (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 1994 1993(1) 1993(1) (million dollars) All manufacturing corporations ............ 758,676 777,628 717,696 Nondurable goods .......................... 374,538 385,902 368,246 Food and tobacco......................... 105,882 109,006 102,498 Textiles ................................ 14,445 15,105 15,232 Apparel(2) .............................. 17,048 19,085 17,323 Paper ................................... 32,896 33,029 31,865 Printing ................................ 36,684 39,696 36,788 Chemicals ............................... 84,458 83,514 78,370 Industrial chemicals and synthetics(3).. 33,151 30,533 29,934 Drugs(3) ............................... 21,875 22,163 19,793 Residual of chemicals(3)................ 29,432 30,817 28,644 Petroleum ............................... 60,874 64,845 64,890 Rubber .................................. 22,251 21,623 21,280 Durable goods ............................. 384,138 391,726 349,450 Stone, clay, and glass .................. 11,927 13,519 10,557 Primary metals .......................... 30,763 29,576 28,103 Iron and steel(3) ...................... 14,836 14,155 12,731 Nonferrous metals(3).................... 15,927 15,421 15,372 Fabricated metals ....................... 33,795 33,196 31,914 Machinery ............................... 75,990 79,105 67,361 Electrical machinery .................... 62,963 67,621 58,004 Transportation Equipment ................ 108,385 104,896 98,325 Motor vehicles and equipment(3) ........ 73,921 67,689 63,573 Aircraft, guided missiles, and parts(3). 30,194 32,866 30,594 Instruments ............................. 28,679 30,505 26,987 Other durable goods ..................... 31,636 33,308 28,200 Lumber and wood products(3) ............ 13,155 13,193 11,020 Furniture and fixtures(3) .............. 10,421 10,907 9,141 Miscellaneous manufacturing(3) ......... 8,060 9,208 8,039 Mining(4) ................................. 10,698 10,897 9,973 Wholesale trade(4) ........................ 201,322 201,590 189,094 Retail trade(4) ........................... NA 224,135 179,804 (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-94-1, June 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 Ronald Lee on (301) 763-4270 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* 1Q 4Q 1Q Industry Group 1994 1993(1) 1993(1) (million dollars) All manufacturing corporations ............ 52,812 43,082 41,175 Nondurable goods .......................... 28,526 25,019 26,466 Food and tobacco......................... 8,468 8,003 8,382 Textiles ................................ 841 855 1,201 Apparel(2) .............................. 722 597 993 Paper ................................... 2,051 1,708 1,961 Printing ................................ 3,193 3,794 2,847 Chemicals ............................... 8,817 6,517 6,606 Industrial chemicals and synthetics(3).. 2,785 798 1,898 Drugs(3) ............................... 3,588 3,273 2,720 Residual of chemicals(3)................ 2,444 2,446 1,988 Petroleum ............................... 2,936 2,365 3,054 Rubber .................................. 1,497 1,180 1,423 Durable goods ............................. 24,287 18,063 14,709 Stone, clay, and glass .................. 418 840 46 Primary metals .......................... 1,382 578 709 Iron and steel(3) ...................... 635 336 224 Nonferrous metals(3).................... 747 242 485 Fabricated metals ....................... 2,452 1,193 2,017 Machinery ............................... 3,028 1,324 302 Electrical machinery .................... 5,243 5,312 4,314 Transportation Equipment ................ 6,852 4,815 3,280 Motor vehicles and equipment(3) ........ 4,676 3,409 1,353 Aircraft, guided missiles, and parts(3). 1,979 1,332 1,754 Instruments ............................. 2,562 1,961 2,179 Other durable goods ..................... 2,351 2,040 1,861 Lumber and wood products(3) ............ 1,052 669 838 Furniture and fixtures(3) .............. 541 651 503 Miscellaneous manufacturing(3) ......... 758 720 520 Mining(4) ................................. 789 530 968 Wholesale trade(4) ........................ 3,669 3,688 2,898 Retail trade(4) ........................... NA 12,818 5,785 *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-94-1, June 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 Ronald Lee on (301) 763-4270 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 1Q 4Q 1Q Industry Group 1994 1993(1) 1993(1) (million dollars) All manufacturing corporations ............ 35,676 22,424 11,148 Nondurable goods .......................... 19,481 13,978 12,842 Food and tobacco ........................ 5,498 3,657 2,915 Textiles ................................ 282 304 227 Apparel(2) .............................. 178 336 645 Paper ................................... 701 4 726 Printing ................................ 1,724 1,780 971 Chemicals ............................... 7,549 3,232 4,325 Industrial chemicals and synthetics(3).. 2,087 382 1,561 Drugs(3) ............................... 3,753 1,308 3,016 Residual of chemicals(3)................ 1,710 1,542 (252) Petroleum ............................... 2,881 4,176 2,621 Rubber .................................. 666 488 411 Durable goods ............................. 16,196 8,446 (1,693) Stone, clay, and glass .................. (465) (319) (759) Primary metals .......................... 777 (546) (1,407) Iron and steel(3) ...................... 450 (164) (778) Nonferrous metals(3) ................... 327 (381) (628) Fabricated metals ....................... 1,463 (841) 703 Machinery ............................... 2,101 1,035 (1,079) Electrical machinery .................... 3,971 3,066 2,070 Transportation equipment ................ 4,618 3,840 (2,279) Motor vehicles and equipment(3) ........ 3,177 2,984 (3,566) Aircraft, guided missiles, and parts(3). 1,329 903 1,183 Instruments ............................. 2,334 1,154 23 Other durable goods ..................... 1,397 1,057 1,035 Lumber and wood products(3) ............ 725 433 540 Furniture and fixtures(3) .............. 224 326 342 Miscellaneous manufacturing(3) ......... 448 298 153 Mining(4) ................................. 376 129 241 Wholesale trade(4) ........................ 2,258 2,298 674 Retail trade(4) ........................... NA 3,782 1,511 (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-94-1, June 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 Ronald Lee on (301) 763-4270 or Frank Hartman on (301) 763-4274. TABLE 3. PART A--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS--SEASONALLY ADJUSTED Net Sales(1) Industry Group and Year Q1 Q2 Q3 Q4 (million dollars) All manufacturing: 1990 ............................ 691,497 690,668 708,217 720,098 1991 ............................ 675,372 682,651 701,009 701,375 1992 ............................ 701,351 716,438 732,150 739,348 1993 ............................ 740,946 753,517 754,894 768,346 1994 ............................ 783,728 All nondurable manufacturing: 1990 ............................ 354,228 349,264 365,689 384,004 1991 ............................ 360,161 359,983 368,600 367,920 1992 ............................ 363,585 374,249 381,246 380,654 1993 ............................ 378,284 382,623 381,350 381,089 1994 ............................ 385,137 All durable manufacturing: 1990 ............................ 337,269 341,404 342,528 336,094 1991 ............................ 315,211 322,668 332,409 333,455 1992 ............................ 337,766 342,189 350,904 358,694 1993 ............................ 362,662 370,894 373,544 387,257 1994 ............................ 398,591 ------------------------------------------------------------------------- TABLE 3. PART B--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS--SEASONALLY ADJUSTED After-Tax Profits(2) Industry Group and Year Q1 Q2 Q3 Q4 (million dollars) All manufacturing: 1990 ............................ 1991 ............................ I N T E N T I O N A L L Y 1992 ............................ B L A N K 1993 ............................ 1994 ............................ All nondurable manufacturing: 1990 ............................ 1991 ............................ 1992 ............................ 1993 ............................ 1994 ............................ All durable manufacturing: 1990 ............................ 1991 ............................ 1992 ............................ 1993 ............................ 1994 ............................ (1)Revised (2)After-tax profits data on a seasonally adjusted basis are no longer presented as the seasonal movements for these data appear to have changed significantly in the past 2 or 3 years. Seasonal adjustment of these data will be discontinued until sufficient data are available to reliably estimate the new pattern. SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-94-1, June 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 Ronald Lee on (301) 763-4270 or Frank Hartman on (301) 763-4274.