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Economic and Statistics Administration, U.S. Department of Commerce
ADVANCE DATA FROM THE QUARTERLY FINANCIAL REPORT FOR MANUFACTURING,
MINING, AND TRADE CORPORATIONS--SECOND QUARTER 1996
September 1996--------------------Released 10A.M. EDT, Sept 13, 1996
(CB-96-93)
Contact: Ronald H. Lee (301) 763-5435 or Frank Hartman (301) 763-7182.
Except where noted, all figures in text and tables are not seasonally
adjusted.
Sales and after-tax profits 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 nondurable manufacturing, are presented in Table 3. Data for
individual manufacturing industries are not seasonally
adjusted.
Manufacturing corporations` seasonally adjusted after-tax profits averaged
6.2 cents per dollar of sales for the second quarter of 1996, up 0.4
(+/-0.18) cents from the first quarter of 1996. The Commerce Department`s
Bureau of the Census also reported that on an unadjusted basis, after-tax
profits for the second quarter averaged 6.7 cents per dollar of sales, up
0.9 (+/-0.18) cents from the preceding quarter and up 0.2 (+/-0.18) cents
from the same quarter in 1995.
For the second quarter of 1996, manufacturers` seasonally adjusted
after-tax profits were $57.0 billion, up $4.2 (+/-0.9) billion from last
quarter. On an unadjusted basis, second quarter after-tax profits were
$63.1 billion, up $11.7 (+/-0.9) billion from last quarter and up $5.5
(+/-0.9) billion from the same quarter a year ago.
Unadjusted durable manufacturers` after-tax profits for the second quarter
of 1996 were $31.8 billion, up $8.3 billion or 35.2 percent (+/-3.9%) when
compared to the first quarter of 1996. Most underlying industry
categories were up. Machinery and motor vehicles led the group with
increases of $2.7 (+/-0.5) and $2.3 (+/-0.1) billion, respectively.
Machinery`s increase was due primarily to improved operating profits and
the absence of significant nonrecurring charges reported last quarter.
Motor vehicles` increase was due principally to higher operating profits,
as were the improvements in stone, clay, and glass, lumber and wood, and
iron and steel. Instruments` increase was due chiefly to an increase in
foreign equity earnings. Aircraft`s improvement was a result of increased
operating profits, higher foreign equity earnings, and gains from asset
sales more than offsetting substantial nonrecurring charges taken this
quarter for restructuring.
When compared to the second quarter of 1995, total durables were up $2.6
(+/-0.8) billion from that quarter`s after-tax profit of $29.2 billion,
with the underlying industries showing mixed results. Aircraft and motor
vehicles reported the largest increases. Aircraft`s $1.2 (+/-0.04)
billion increase was due primarily to increased operating profits, higher
foreign equity earnings, and gains from asset sales more than offsetting
substantial nonrecurring charges taken this quarter for restructuring.
Motor vehicles` $0.8 (+/-0.1) billion increase was a result of improved
operating profits. Increases were also reported by stone, clay, and glass
and miscellaneous manufacturing. Electrical machinery and nonferrous
metals reported declines in earnings over the same quarter last year.
Unadjusted nondurable manufacturers` after-tax profits for the second
quarter of 1996 were $31.3 billion, up $3.4 billion or 12.3 percent
(+/-1.8%) when compared to the first quarter of 1996. The underlying
industry categories showed mixed results. Petroleum, drugs, textiles,
rubber, and industrial chemicals were up. The increases reported by
petroleum and drugs of $2.8 (+/-0.1) and $0.7 (+/-0.1) billion were due
chiefly to improved profits and increased dividend income from foreign
subsidiaries. Residual chemicals` improvement of $0.8 (+/-0.1) billion
was related to increased operating income and gains from asset sales.
Printing, paper, and food reported declines. Printing`s downturn of $1.0
(+/-0.2) billion resulted from a decline in foreign equity earnings and
the inclusion of significant gains from asset sales in the first quarter
that more than offset an improvement in operating profits.
When compared to the same quarter in 1995, nondurable manufacturers`
profits were up $2.9 billion or 10.4 percent (+/-1.7%). The underlying
industry categories showed mixed results. Petroleum, residual chemicals,
drugs, and rubber were up. Petroleum`s $4.3 (+/-0.1) billion increase was
due primarily to improved in operating profits, increased dividend and
equity income from foreign subsidiaries, and the absence of significant
nonrecurring charges reported in the second quarter of 1995. Paper, food,
industrial chemicals, and printing were down. Paper`s decrease of $1.5
(+/-0.1) billion was due chiefly to a decrease in operating profits.
Manufacturers` seasonally adjusted sales for the second quarter of 1996
were $918.7 billion, up $11.9 billion or 1.3 percent (+/-1.1%) from last
quarter. On an unadjusted basis, sales were $938.6 billion, up $60.0
billion or 6.8 percent (+/-1.1%) from last quarter and up $49.6 billion
or 5.6 percent (+/-0.9%) from the second quarter of 1995.
Seasonally adjusted sales at the nondurable level were $447.0 billion,
up $6.8 billion or 1.5 percent (+/-1.2%) from last quarter. Seasonally
adjusted durable manufacturers` sales were $471.7 billion, up $5.1 billion
or 1.1 percent (+/-1.4%) from last quarter. Unadjusted sales at the
nondurable manufacturing level were $451.7 billion, up $25.0 billion or
5.9 percent (+/-1.2%) from last quarter and up $20.3 billion or 4.7 percent
(+/-1.0%) from the second quarter of 1995. Unadjusted durable
manufacturers` sales were $486.9 billion, up $35.0 billion or 7.7 percent
(+/-1.4%) when compared to the first quarter of 1996. On a same quarter a
year ago basis, durable manufacturers` sales were up $29.3 billion or
6.4 percent (+/-1.2%).
Also included in this release are second quarter 1996 data for large
mining and wholesale trade corporations.
These advance data, based on quarterly financial reports from about 7,900
corporations, were released today from the Quarterly Financial Report for
Manufacturing, Mining, and Trade Corporations--Second Quarter 1996
(QFR-96-2). 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, 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.
Third quarter 1996 advance data are scheduled for release on
December 16, 1996.
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.
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. The
release is also available on the Internet at this address:
(http://www.census.gov/ftp/pub/csd/www/qfr.html).
TABLE 1. PART A--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING
CORPORATION
Seasonally Adjusted
2Q 1Q* 2Q*
1996 1996(1) 1995(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 6.2 5.8 5.9
Percent on equity (annual rate) .......... NA NA NA
(million dollars)
Net Sales.................................. 918,668 906,771 869,806
Income after income taxes ................ 57,001 52,841 51,366
Dividends paid (cash) .................... NA NA NA
* Beginning in the fourth quarter of 1995 the threshold for
sampling
on less than a 1:1 ratio was raised from $50 million to $250 million
in assets. To provide comparability, data for the second quarter of
1995 has been restated to reflect this change.
(1) Revised.
SOURCE: Quarterly Financial Report for Manufacturing, Mining,
and Trade
Corporations--QFR-96-2, Sept 1996.
TABLE 1. PART B--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING
CORPORATIONS
Unadjusted
2Q 1Q* 2Q*
1996 1996(1) 1995(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 6.7 5.8 6.5
Percent on equity (annual rate) .......... 19.1 15.9 18.6
(million dollars)
Net Sales.................................. 938,617 878,662 889,012
Income after income taxes ................ 63,094 51,393 57,560
Dividends paid (cash) .................... 26,613 19,325 20,646
* Beginning in the fourth quarter of 1995 the threshold for
sampling
on less than a 1:1 ratio was raised from $50 million to $250 million
in assets. To provide comparability, data for the second quarter of
1995 has been restated to reflect this change.
(1) Revised.
SOURCE: Quarterly Financial Report for Manufacturing, Mining,
and Trade
Corporations--QFR-96-2, Sept 1996.
TABLE 2. PART A--SALES AND PROFITS OF CORPORATIONS ENGAGED IN
MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED
Sales
2Q 1Q* 2Q*
Industry Group 1996 1996(1) 1995(1)
(million dollars)
All manufacturing corporations ............ 938,617 878,662 889,012
Nondurable goods .......................... 451,730 426,733 431,422
Food and tobacco......................... 120,086 115,425 112,668
Textiles ................................ 17,456 15,889 16,818
Apparel(2) .............................. 16,816 15,327 16,699
Paper ................................... 40,793 39,269 43,393
Printing ................................ 42,725 41,397 39,153
Chemicals ............................... 102,024 98,545 100,668
Industrial chemicals and synthetics(3).. 40,132 39,258 41,137
Drugs(3) ............................... 27,910 28,101 26,804
Residual of chemicals(3)................ 33,982 31,187 32,726
Petroleum ............................... 81,384 72,541 73,544
Rubber .................................. 30,445 28,340 28,480
Durable goods ............................. 486,887 451,928 457,589
Stone, clay, and glass .................. 18,299 14,342 16,173
Primary metals .......................... 37,748 35,448 39,345
Iron and steel(3) ...................... 17,827 16,385 18,366
Nonferrous metals(3).................... 19,921 19,063 20,979
Fabricated metals ....................... 41,722 39,847 39,286
Machinery ............................... 102,773 96,337 95,270
Electrical machinery .................... 85,930 80,250 76,516
Transportation Equipment ................ 129,194 117,601 123,556
Motor vehicles and equipment(3) ........ 87,055 80,711 84,108
Aircraft, guided missiles, and parts(3). 33,188 28,607 31,054
Instruments ............................. 32,060 31,975 30,786
Other durable goods ..................... 39,162 36,129 36,657
Lumber and wood products(3) ............ 17,150 14,977 15,520
Furniture and fixtures(3) .............. 13,793 12,679 12,533
Miscellaneous manufacturing(3) ......... 8,219 8,472 8,604
Mining(4) ................................. 13,901 13,016 11,210
Wholesale trade(4) ........................ 260,018 251,756 229,594
Retail trade(4) ........................... NA 225,342 218,442
* Beginning in the fourth quarter of 1995 the threshold for
sampling
on less than a 1:1 ratio was raised from $50 million to $250 million
in assets. To provide comparability, data for the second quarter of
1995 has been restated to reflect this change.
**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 1995 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-96-2, Sept 1996.
TABLE 2. PART B--SALES AND PROFITS OF CORPORATIONS ENGAGED IN
MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED
Operating Profits*
2Q 1Q** 2Q**
Industry Group 1996 1996(1) 1995(1)
(million dollars)
All manufacturing corporations ............ 76,035 61,048 75,295
Nondurable goods .......................... 39,091 34,330 41,939
Food and tobacco......................... 9,394 8,437 9,877
Textiles ................................ 1,079 803 1,065
Apparel(2) .............................. 481 532 551
Paper ................................... 3,396 4,099 5,427
Printing ................................ 3,697 2,979 3,763
Chemicals ............................... 12,022 10,691 13,863
Industrial chemicals and synthetics(3).. 4,935 4,541 5,451
Drugs(3) ............................... 3,526 3,027 4,880
Residual of chemicals(3)................ 3,561 3,123 3,531
Petroleum ............................... 6,400 4,780 5,288
Rubber .................................. 2,621 2,008 2,105
Durable goods ............................. 36,944 26,719 33,356
Stone, clay, and glass .................. 2,007 733 1,754
Primary metals .......................... 2,548 2,017 3,525
Iron and steel(3) ...................... 1,050 645 1,650
Nonferrous metals(3).................... 1,498 1,372 1,875
Fabricated metals ....................... 3,529 3,039 3,340
Machinery ............................... 6,562 4,187 5,367
Electrical machinery .................... 7,941 6,925 7,733
Transportation Equipment ................ 8,612 4,824 5,632
Motor vehicles and equipment(3) ........ 4,826 2,050 3,598
Aircraft, guided missiles, and parts(3). 3,027 2,134 1,315
Instruments ............................. 2,800 2,883 3,446
Other durable goods ..................... 2,944 2,110 2,559
Lumber and wood products(3) ............ 1,216 666 1,041
Furniture and fixtures(3) .............. 972 740 901
Miscellaneous manufacturing(3) ......... 757 704 616
Mining(4) ................................. 1,862 1,429 891
Wholesale trade(4) ........................ 4,433 5,194 4,724
Retail trade(4) ........................... NA 7,462 7,917
*Beginning in the fourth quarter of 1995 the threshold for
sampling
on less than a 1:1 ratio was raised from $50 million to $250 million
in assets. To provide comparability, data for the second quarter of
1995 has been restated to reflect this change.
**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 1995 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-96-2, Sept 1996.
TABLE 2. PART C--SALES AND PROFITS OF CORPORATIONS ENGAGED IN
MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED
After-Tax Profits
2Q 1Q* 2Q*
Industry Group 1996 1996(1) 1995(1)
(million dollars)
All manufacturing corporations ............ 63,094 51,393 57,560
Nondurable goods .......................... 31,310 27,887 28,372
Food and tobacco ........................ 5,781 6,111 6,713
Textiles ................................ 587 207 390
Apparel(2) .............................. 249 174 198
Paper ................................... 1,758 2,286 3,228
Printing ................................ 1,958 2,952 2,090
Chemicals ............................... 11,272 9,565 10,523
Industrial chemicals and synthetics(3).. 3,845 3,546 4,009
Drugs(3) ............................... 4,270 3,614 3,942
Residual of chemicals(3)................ 3,157 2,404 2,573
Petroleum ............................... 8,067 5,264 3,798
Rubber .................................. 1,638 1,329 1,432
Durable goods ............................. 31,784 23,506 29,187
Stone, clay, and glass .................. 1,205 418 722
Primary metals .......................... 1,750 1,303 2,062
Iron and steel(3) ...................... 644 191 617
Nonferrous metals(3) ................... 1,106 1,112 1,445
Fabricated metals ....................... 2,384 2,146 2,117
Machinery ............................... 6,767 4,023 6,354
Electrical machinery .................... 6,302 6,065 6,702
Transportation equipment ................ 8,274 5,679 6,246
Motor vehicles and equipment(3) ........ 5,650 3,386 4,851
Aircraft, guided missiles, and parts(3). 2,113 1,522 930
Instruments ............................. 3,238 2,608 3,369
Other durable goods ..................... 1,863 1,264 1,615
Lumber and wood products(3) ............ 912 377 738
Furniture and fixtures(3) .............. 527 421 600
Miscellaneous manufacturing(3) ......... 424 466 277
Mining(4) ................................. 1,280 807 646
Wholesale trade(4) ........................ 3,206 3,407 2,606
Retail trade(4) ........................... NA 2,838 3,621
* Beginning in the fourth quarter of 1995 the threshold for
sampling
on less than a 1:1 ratio was raised from $50 million to $250 million
in assets. To provide comparability, data for the second quarter of
1995 has been restated to reflect this change.
**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 1995 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-96-2, Sept 1996.
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:
1991 ............................ 677,922 683,604 698,747 699,899
1992 ............................ 703,980 717,725 729,872 737,718
1993 ............................ 743,449 750,760 753,447 767,236
1994 ............................ 784,397 801,700 825,878 843,245
1995 ............................ 871,069 869,806 881,880 896,213
1996 ............................ 906,771 918,668
All nondurable manufacturing:
1991 ............................ 362,858 360,061 366,303 367,344
1992 ............................ 366,612 374,145 378,828 380,308
1993 ............................ 381,418 382,613 379,428 381,635
1994 ............................ 387,012 394,396 405,733 410,912
1995 ............................ 425,194 426,687 428,047 435,489
1996 ............................ 440,154 446,959
All durable manufacturing:
1991 ............................ 315,064 323,543 332,444 332,555
1992 ............................ 337,368 343,580 351,044 357,410
1993 ............................ 362,031 368,147 374,019 385,601
1994............................. 397,385 407,304 420,145 432,333
1995 ............................ 445,875 443,119 453,833 460,724
1996 ............................ 466,617 471,709
* Beginning in the fourth quarter of 1995 the threshold for
sampling
on less than a 1:1 ratio was raised from $50 million to $250 million
in assets. To provide comparability, data for the second quarter of
1995 has been restated to reflect this change.
(1)Revised.
SOURCE: Quarterly Financial Report for Manufacturing, Mining,
and Trade
Corporations--QFR-96-2, Sept 1996.
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:
1991 ............................ 19,886 17,794 16,016 13,905
1992 ............................ (42,347) 24,173 26,338 15,140
1993 ............................ 12,975 19,039 24,026 27,887
1994 ............................ 37,201 40,718 46,363 52,385
1995 ............................ 54,094 51,366 50,493 44,480
1996 ............................ 52,841 57,001
All nondurable manufacturing:
1991 ............................ 16,923 14,636 15,094 13,449
1992 ............................ (3,813) 17,941 17,498 15,242
1993 ............................ 13,112 14,881 12,354 15,874
1994 ............................ 19,598 19,251 23,581 26,501
1995 ............................ 26,881 27,410 28,449 21,499
1996 ............................ 28,402 30,408
All durable manufacturing:
1991 ............................ 2,963 3,158 922 456
1992 ............................ (38,534) 6,232 8,840 (102)
1993 ............................ (137) 4,158 11,672 12,013
1994 ............................ 17,603 21,467 22,782 25,884
1995 ............................ 27,213 23,956 22,044 22,981
1996 ............................ 24,439 26,593
* Beginning in the fourth quarter of 1995 the threshold for
sampling
on less than a 1:1 ratio was raised from $50 million to $250 million
in assets. To provide comparability, data for the second quarter of 1995
has been restated to reflect this change.
(1)Revised
SOURCE: Quarterly Financial Report for Manufacturing, Mining,
and Trade
Corporations--QFR-96-2, Sept 1996.
This report is offered 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 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.
Questions concerning this report should be directed to Ronald Lee on
(301) 763-5435 or Frank Hartman on (301) 763-7182.