ADVANCE DATA FROM THE QUARTERLY FINANCIAL REPORT FOR MANUFACTURING, MINING, AND TRADE CORPORATIONS--THIRD QUARTER 1995 (Except where noted, all figures in text and tables are not seasonally adjusted.) Manufacturing corporations' seasonally adjusted after-tax profits averaged 5.8 cents per dollar of sales for the third quarter of 1995, showing little or no change from the second quarter of 1995. The Commerce Department's Bureau of the Census also reported that on an unadjusted basis, after-tax profits for the third quarter averaged 5.8 cents per dollar of sales, down 0.6 (+/-0.2) cents from the preceding quarter, but showing no significant change from the same quarter in 1994. For the third quarter of 1995, manufacturers' seasonally adjusted after-tax profits were $50.9 billion, down $0.6 (+/-0.8) billion from last quarter. On an unadjusted basis, third quarter after-tax profits were $51.2 billion, down $6.0(+/-0.8) billion from last quarter, but up $4.3 (+/-0.8) billion from the same quarter a year ago. Unadjusted durable manufacturers' after-tax profits were $21.9 billion, down $7.1 billion or 24.4 percent (+/-1.8%) when compared to the second quarter of 1995. Most underlying durable industry categories were down. Machinery and motor vehicles reported sharp declines. Machinery's $4.1 (+/-0.3) billion decline was a result of lower operating profits and the inclusion of significant nonrecurring charges in the third quarter. The $2.8 (+/-0.1) billion downturn in motor vehicles was due chiefly to decreases in operating profits and foreign earnings. Also down were instruments, fabricated metals, other durables, and nonferrous metals. Instruments decrease was due chiefly to a decrease in foreign earnings. Aircraft, electrical machinery, and stone, clay, and glass reported increases. When compared to the third quarter of 1994, there was no significant change in profits for total durables. The underlying industry categories showed mixed results. Decreases in machinery, motor vehicles, and other durables offset improvements reported in electrical machinery, nonferrous metals, stone, clay, and glass, and aircraft. Unadjusted nondurable manufacturers' after-tax profits were $29.3 billion, up $1.1 billion or 3.7 percent (+/-1.8%) when compared to the second quarter of 1995. The underlying industry categories showed mixed results. Drugs, petroleum, apparel, and paper were up. Drugs' $1.3 (+/-0.1) billion increase was due primarily to asset sales, increased dividend income from foreign affiliates, and the absence of significant nonrecurring charges reported last quarter more than offsetting a drop in operating profits. Petroleum's $1.1 (+/-0.1) billion increase was related to increased dividend income from foreign affiliates and a decrease in nonrecurring charges. The increases in apparel and paper were a result of improved operating margins. Industrial chemicals, residual of chemicals, rubber, and textiles were down. The $1.3 (+/-0.1) billion drop in industrial chemicals was due chiefly to lower operating profits. When compared to the same quarter of 1994, nondurables manufacturers' profits were up $4.8 billion or 19.7 percent (+/-2.4%). Most underlying industries reported upturns in after-tax profits. Paper's increase of $2.2 (+/-0.1) billion was due to improved operating profits. Drug's $1.8 (+/-0.1) billion increase was due principally to asset sales and increased dividend income from foreign affiliates. Also improving were food, petroleum, and industrial chemicals. Textiles, printing, and residual of chemicals declined in earnings over the same quarter last year. Manufacturers' seasonally adjusted sales for the third quarter of 1995 were $884.0 billion, up $9.4 billion or 1.1 percent (+/-0.7%) from last quarter. On an unadjusted basis, sales were $880.9 billion, down $9.6 billion or 1.1 percent (+/0.7%) from last quarter, but up $57.7 billion or 7.0 percent (+/-0.7%) from the third quarter of 1994. Seasonally adjusted sales at the nondurable manufacturing level were $431.4 billion, up $1.6 billion or 0.4 percent (+/-1.0%) from last quarter. Seasonally adjusted durable manufacturers' sales were $452.5 billion, up $7.8 billion or 1.7 percent (+/-1.4%) from last quarter. Unadjusted sales at the nondurable manufacturing level were $435.7 billion, up $1.5 billion or 0.3 percent (+/-1.0%) from last quarter and up $25.4 billion or 6.2 percent (+/-1.0%) from the third quarter of 1994. Unadjusted durable manufacturers' sales were $445.2 billion, down $11.1 billion or 2.4 percent (+/-1.4%) when compared to the second quarter of 1995. On a same quarter a year ago basis, durable manufacturers' sales were up $32.3 billion or 7.8 percent (+/-1.8%). Also included in this release are third quarter 1995 data for large mining and wholesale trade corporations. These advance data, based on quarterly financial reports from about 9,200 corporations, were released today from the Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--Third Quarter 1995 (QFR-95-3). 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 2 weeks from the date of this release from the Superintendent of Documents, General Printing Office, Washington, D.C. 20402 (202) 783-3238. The cost for an annual subscription is $24 and a single copy is $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 3.5 inch flexible diskettes from Customer Services (Diskettes), Administrative and Customer Services Division, Bureau of the Census, Washington, D.C. 20233 (301) 763-INFO(4636). The annual subscription cost is $84; $66 for the first diskette and $6 for each additional diskette. Fourth quarter 1995 advance data are scheduled for release on April 8,1996. Questions concerning this report should be directed to Ronald Lee on (301) 763-5435 or Laura Schmitz on (301) 763-7165. 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. 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. Schedule of Advance Data Release Dates--1996 Manufacturing, Mining, and Wholesale Trade Retail Trade Quarter Third 1995 January 10, 1996 Fourth 1995 April 8, 1996 April 8, 1996 First 1996 June 17, 1996 July 10, 1996 Second 1996 September 13, 1996 October 16, 1996 Third 1996 December 16, 1996 This report is available on the day of issue through the Department of Commerce's on-line Economic Bulletin Board (N-8-1) (202-377-3870) and through the Census Bureau's on-line information service--CENDATA. Further information about accessing CENDATA can be obtained from Dialog Information Services, Inc. (1-800-334-2564) and CompuServe (1-800-848-8199). The CENDATA staff at the Bureau of the Census (301-457-1214) can provide content information and general guidance. TABLE 1. PART A--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS Seasonally Adjusted 3Q 2Q 3Q 1995 1995(1) 1994(1) Rate of return (after taxes): Cents per dollar of sales ................ 5.8 5.9 5.6 Percent on equity (annual rate) .......... NA NA NA (million dollars) Net Sales.................................. 883,973 874,564 825,704 Income after income taxes ................ 50,902 51,526 46,310 Dividends paid (cash) .................... NA NA NA (1) Revised. TABLE 1. PART B--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS Unadjusted 3Q 2Q 3Q 1995 1995(1) 1994(1) Rate of return (after taxes): Cents per dollar of sales ................ 5.8 6.4 5.7 Percent on equity (annual rate) .......... 16.4 18.6 16.8 (million dollars) Net Sales.................................. 880,890 890,449 823,163 Income after income taxes ................ 51,198 57,232 46,904 Dividends paid (cash) .................... 20,821 20,743 17,533 (1) Revised. ------------------------------------------------------------------------- TABLE 2. PART A--SALES AND PROFITS OF CORPORATIONS ENGAGED IN MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED Sales 3Q 2Q 3Q Industry Group 1995 1995(1) 1994(1) (million dollars) All manufacturing corporations ............ 880,890 890,449 823,163 Nondurable goods .......................... 435,658 434,151 410,253 Food and tobacco......................... 116,087 114,017 111,386 Textiles ................................ 16,739 16,901 16,525 Apparel(2) .............................. 18,898 17,038 19,325 Paper ................................... 43,294 42,487 36,819 Printing ................................ 41,830 39,732 39,266 Chemicals ............................... 98,124 99,999 90,174 Industrial chemicals and synthetics(3).. 38,455 40,745 35,509 Drugs(3) ............................... 25,012 24,933 23,670 Residual of chemicals(3)................ 34,658 34,321 30,995 Petroleum ............................... 73,406 75,879 71,492 Rubber .................................. 27,280 28,098 25,266 Durable goods ............................. 445,232 456,298 412,910 Stone, clay, and glass .................. 16,791 16,286 15,688 Primary metals .......................... 37,340 39,115 34,349 Iron and steel(3) ...................... 16,837 17,668 16,666 Nonferrous metals(3).................... 20,503 21,447 17,682 Fabricated metals ....................... 42,384 41,904 38,082 Machinery ............................... 90,587 91,762 83,666 Electrical machinery .................... 78,660 76,325 67,918 Transportation Equipment ................ 109,544 121,867 105,182 Motor vehicles and equipment(3) ........ 73,468 83,460 71,358 Aircraft, guided missiles, and parts(3). 29,792 31,824 29,224 Instruments ............................. 35,170 33,556 32,025 Other durable goods ..................... 34,756 35,483 36,000 Lumber and wood products(3) ............ 14,852 15,514 15,352 Furniture and fixtures(3) .............. 11,264 11,433 11,665 Miscellaneous manufacturing(3) ......... 8,640 8,536 8,983 Mining(4) ................................. 12,069 11,927 11,502 Wholesale trade(4) ........................ 235,220 233,717 211,162 Retail trade(4) ........................... NA 217,632 206,430 (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 drawn into the sample in the fall of 1994 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-95-3, DECEMBER 1995. 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 3.5 inch flexible diskettes. The cost of an annual subscription (four quarterly issues)is $84; $66 for the first diskette and $6 for each additional diskette. Questions concerning this report should be directed to Ronald Lee on (301) 763-5435 or Laura Schmitz on (301) 763-7165. ------------------------------------------------------------------------ TABLE 2. PART B--SALES AND PROFITS OF CORPORATIONS ENGAGED IN MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED Operating Profits* 3Q 2Q 3Q Industry Group 1995 1995(1) 1994(1) (million dollars) All manufacturing corporations ............ 70,149 75,051 62,700 Nondurable goods .......................... 40,813 42,080 39,947 Food and tobacco......................... 10,263 9,933 9,713 Textiles ................................ 795 1,076 1,178 Apparel(2) .............................. 1,285 614 1,150 Paper ................................... 5,713 5,375 2,852 Printing ................................ 3,819 3,880 3,899 Chemicals ............................... 11,872 13,791 10,213 Industrial chemicals and synthetics(3).. 4,267 5,400 3,312 Drugs(3) ............................... 3,628 4,315 3,316 Residual of chemicals(3)................ 3,977 4,076 3,585 Petroleum ............................... 5,281 5,328 4,157 Rubber .................................. 1,785 2,084 1,785 Durable goods ............................. 29,337 32,971 27,753 Stone, clay, and glass .................. 1,946 1,793 1,999 Primary metals .......................... 2,800 3,469 1,951 Iron and steel(3) ...................... 1,074 1,586 1,024 Nonferrous metals(3).................... 1,726 1,883 928 Fabricated metals ....................... 3,013 3,541 2,906 Machinery ............................... 3,805 5,119 3,301 Electrical machinery .................... 7,634 7,570 6,390 Transportation Equipment ................ 4,339 5,456 5,057 Motor vehicles and equipment(3) ........ 1,633 3,551 2,777 Aircraft, guided missiles, and parts(3). 2,291 1,379 2,004 Instruments ............................. 3,565 3,613 2,981 Other durable goods ..................... 2,235 2,410 3,166 Lumber and wood products(3) ............ 872 983 1,437 Furniture and fixtures(3) .............. 693 790 855 Miscellaneous manufacturing(3) ......... 670 637 874 Mining(4) ................................. (207) 995 928 Wholesale trade(4) ........................ 5,132 4,654 1,267 Retail trade(4) ........................... NA 7,869 8,213 *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 drawn into the sample in the fall of 1994 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-95-3, DECEMBER 1995. 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 3.5 inch flexible diskettes. The cost of an annual subscription (four quarterly issues)is $84; $66 for the first diskette and $6 for each additional diskette. Questions concerning this report should be directed to Ronald Lee on (301) 763-5435 or Laura Schmitz on (301) 763-7165. -------------------------------------------------------------------------- TABLE 2. PART C--SALES AND PROFITS OF CORPORATIONS ENGAGED IN MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED After-Tax Profits 3Q 2Q 3Q Industry Group 1995 1995(1) 1994(1) (million dollars) All manufacturing corporations ............ 51,198 57,232 46,904 Nondurable goods .......................... 29,300 28,247 24,485 Food and tobacco ........................ 6,688 6,697 5,827 Textiles ................................ 208 383 661 Apparel(2) .............................. 1,006 254 734 Paper ................................... 3,487 3,175 1,301 Printing ................................ 1,857 1,945 2,263 Chemicals ............................... 9,973 10,531 8,230 Industrial chemicals and synthetics(3).. 2,661 3,996 2,555 Drugs(3) ............................... 4,984 3,717 3,162 Residual of chemicals(3)................ 2,327 2,819 2,513 Petroleum ............................... 4,980 3,838 4,290 Rubber .................................. 1,101 1,423 1,179 Durable goods ............................. 21,899 28,899 22,420 Stone, clay, and glass .................. 1,354 751 904 Primary metals .......................... 1,973 2,009 1,311 Iron and steel(3) ...................... 659 569 707 Nonferrous metals(3) ................... 1,313 1,440 604 Fabricated metals ....................... 1,766 2,338 1,715 Machinery ............................... 2,120 6,195 3,494 Electrical machinery .................... 6,592 5,985 5,222 Transportation equipment ................ 4,033 6,161 4,593 Motor vehicles and equipment(3) ........ 2,023 4,814 3,037 Aircraft, guided missiles, and parts(3). 1,686 1,028 1,379 Instruments ............................. 2,972 4,040 2,995 Other durable goods ..................... 1,089 1,507 2,186 Lumber and wood products(3) ............ 397 700 1,027 Furniture and fixtures(3) .............. 399 508 575 Miscellaneous manufacturing(3) ......... 293 298 585 Mining(4) ................................. (257) 710 556 Wholesale trade(4) ........................ 3,038 2,508 (890) Retail trade(4) ........................... NA 3,642 3,805 (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 drawn into the sample in the fall of 1994 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-95-3, DECEMBER 1995. 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 3.5 inch flexible diskettes. The cost of an annual subscription (four quarterly issues)is $84; $66 for the first diskette and $6 for each additional diskette. Questions concerning this report should be directed to Ronald Lee on (301) 763-5435 or Laura Schmitz on (301) 763-7165. ------------------------------------------------------------------------- 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 ............................ 692,957 693,198 706,949 716,608 1991 ............................ 678,409 684,734 699,798 697,463 1992 ............................ 703,968 719,045 730,855 735,869 1993 ............................ 742,755 752,305 754,141 766,142 1994 ............................ 782,846 804,038 825,704 845,701 1995 ............................ 870,478 874,564 883,973 All nondurable manufacturing: 1990 ............................ 355,471 350,395 364,267 382,445 1991 ............................ 362,208 361,131 366,708 366,516 1992 ............................ 366,068 375,045 379,149 379,681 1993 ............................ 380,971 383,279 379,657 381,147 1994 ............................ 386,824 394,833 405,868 411,948 1995 ............................ 426,516 429,793 431,439 All durable manufacturing: 1990 ............................ 337,486 342,803 342,682 334,163 1991 ............................ 316,201 323,603 333,090 330,947 1992 ............................ 337,900 344,000 351,706 356,188 1993 ............................ 361,784 369,026 374,484 384,995 1994 ............................ 396,022 409,205 419,836 433,753 1995 ............................ 443,962 444,771 452,534 ------------------------------------------------------------------------- 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: 1990 ............................ 29,204 30,694 28,001 23,773 1991 ............................ 19,787 17,920 16,004 13,877 1992 ............................ (42,462) 24,263 26,298 15,105 1993 ............................ 12,799 19,325 23,976 27,830 1994 ............................ 36,946 41,115 46,310 52,263 1995 ............................ 53,823 51,526 50 902 All nondurable manufacturing: 1990 ............................ 16,230 18,895 18,827 16,706 1991 ............................ 16,834 14,738 15,093 13,435 1992 ............................ (3,921) 18,076 17,493 15,232 1993 ............................ 12,956 15,057 12,362 15,861 1994 ............................ 19,384 19,472 23,607 26,319 1995 ............................ 26,779 27,528 28,563 All durable manufacturing: 1990 ............................ 12,974 11,799 9,174 7,067 1991 ............................ 2,953 3,182 911 442 1992 ............................ (38,541) 6,287 8,805 (127) 1993 ............................ (157) 4,268 11,614 11,969 1994 ............................ 17,562 21,643 22,703 25,944 1995 ............................ 27,044 23,998 22,339 (1)Revised SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-95-3, DECEMBER 1995. 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 3.5 inch flexible diskettes. The cost of an annual subscription (four quarterly issues)is $84; $66 for the first diskette and $6 for each additional diskette. Questions concerning this report should be directed to Ronald Lee on (301) 763-5435 or Laura Schmitz on (301) 763-7165.