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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--THIRD QUARTER 1996
December 1996-------------------Released 10A.M. EDT, December 16, 1996 (CB-96-209)
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 manufactring
industries are not seasonally adjusted.
Manufacturing corporations` seasonally adjusted after-tax profits averaged
6.6 cents per dollar of sales for the third quarter of 1996, up 0.4
(+/-0.20) cents from the second quarter of 1996. The Commerce Department`s
Bureau of the Census also reported that on an unadjusted basis, after-tax
profits for the third quarter averaged 6.7 cents per dollar of sales,
showing no significant change from the preceding quarter, but up 0.9
(+/-0.18) cents from the same quarter in 1995.
For the third quarter of 1996, manufacturers` seasonally adjusted
after-tax profits were $62.6 billion, up $5.2 (+/-1.0) billion from last
quarter. On an unadjusted basis, third quarter after-tax profits were
$63.1 billion, showing no significant change from last quarter, but up
$12.4 (+/-0.9) billion from the same quarter a year ago.
Unadjusted durable manufacturers` after-tax profits for the third quarter
of 1996 were $27.2 billion, down $3.5 billion or 11.5 percent (+/-2.6%)
when compared to the second quarter of 1996. Most underlying industry
categories were down. Motor vehicles` decline of $2.3 (+/-0.1) billion,
the largest of the group, was due primarily to lower operating profits.
Also down were machinery, instruments, aircraft, and nonferrous metals.
Fabricated metals and stone, clay, and glass reported increases.
When compared to the third quarter of 1995, total durables were up $6.3
(+/-0.7) billion from that quarter`s after-tax profit of $20.8 billion,
with the underlying industries showing mixed results. Machinery,
fabricated metals, motor vehicles, lumber and wood, and aircraft reported
increases. Machinery`s $3.8 (+/-0.3) billion increase was due chiefly to
the absence of significant nonrecurring charges reported last year.
Electrical machinery, nonferrous metals, instruments, and iron and steel
reported decreases in earnings.
Unadjusted nondurable manufacturers` after-tax profits for the third
quarter of 1996 were $35.9 billion, up $3.7 billion or 11.4 percent
(+/-1.8%) when compared to the second quarter of 1996. The underlying
industry categories showed mixed results. Food, printing, and apparel
reported sharp increases, due chiefly to improved operating profits.
The $1.7 (+/-0.2) billion increase in the residual of chemicals category
was due principally to gains from asset sales. Drugs also was up.
Petroleum, industrial chemicals, and rubber were down. Petroleum`s $1.6
(+/-0.1) billion decline was due to lower operating profits and decreased
foreign equity earnings.
When compared to the same quarter in 1995, nondurable manufacturers`
profits were up $6.0 billion or 20.2 percent (+/-2.3%). Most underlying
industry categories reported upturns in after-tax profits. Improved
operating margins were responsible for the increases reported in printing,
food, textiles, and rubber categories. The $2.8 (+/-0.2) increase in
residual of chemicals was due primarily to gains from asset sales. The
increases reported in petroleum and industrial chemicals were due
primarily to improved operating profits and the absence of significant
nonrecurring charges reported in the third quarter of 1995. Paper and
drugs were down. Paper`s decrease of $1.8 (+/-0.2) billion was due
chiefly to lower operating profits.
Manufacturers` seasonally adjusted sales for the third quarter of 1996
were $944.2 billion, up $21.4 billion or 2.3 percent (+/-1.0%) from last
quarter. On an unadjusted basis, sales were $940.4 billion, showing
little change from last quarter, but up $59.2 billion or 6.7 percent
(+/-0.9%) from the third quarter of 1995.
Seasonally adjusted sales at the nondurable level were $459.3 billion,
up $7.7 billion or 1.7 percent (+/-1.3%) from last quarter. Seasonally
adjusted durable manufacturers` sales were $484.8 billion, up $13.8 billion
or 2.9 percent (+/-1.5%) from last quarter. Unadjusted sales at the
nondurable manufacturing level were $464.3 billion, up $8.2 billion or 1.8
percent (+/-1.3%) from last quarter and up $29.0 billion or 6.7 percent
(+/-1.2%) from the third quarter of 1995. Unadjusted durable
manufacturers` sales were $476.1 billion, down $9.3 billion or 1.9 percent
(+/-1.5%) when compared to the second quarter of 1996. On a same quarter
a year ago basis, durable manufacturers` sales were up $30.2 billion
or 6.8 percent (+/-1.9%).
Also included in this release are third quarter 1996 data for large mining
and wholesale trade corporations.
These advance data, based on quarterly financial reports from about
7,800 corporations, were released today from the Quarterly Financial
Report for Manufacturing, Mining, and Trade Corporations--Third Quarter
1996 (QFR-96-3). 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 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 $33 domestic and $41.25 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 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 1996 advance data are scheduled for
release on April 7, 1997.
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.
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 on
the Internet at (http://www.census.gov/ftp/pub/csd/www/qfr.html).
TABLE 1. PART A--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS
Seasonally Adjusted
3Q 2Q* 3Q*
1996 1996(1) 1995(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 6.6 6.2 5.7
Percent on equity (annual rate) .......... NA NA NA
(million dollars)
Net Sales.................................. 944,171 922,751 884,605
Income after income taxes ................ 62,608 57,425 50,127
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 third quarter of
1995 have been restated to reflect this change.
(1) Revised.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-96-3, December 1996.
TABLE 1. PART B--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS
Unadjusted
3Q 2Q* 3Q*
1996 1996(1) 1995(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 6.7 6.7 5.8
Percent on equity (annual rate) .......... 18.6 19.0 16.2
(million dollars)
Net Sales.................................. 940,358 941,393 881,182
Income after income taxes ................ 63,114 62,966 50,723
Dividends paid (cash) .................... 22,270 26,637 20,980
* 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 third quarter of
1995 have been restated to reflect this change.
(1) Revised.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-96-3, December 1996.
TABLE 2. PART A--SALES AND PROFITS OF CORPORATIONS ENGAGED IN
MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED
Sales
3Q 2Q* 3Q*
Industry Group 1996 1996(1) 1995(1)
(million dollars)
All manufacturing corporations ............ 940,358 941,393 881,182
Nondurable goods .......................... 464,272 456,035 435,304
Food and tobacco......................... 124,372 120,289 114,794
Textiles ................................ 17,838 17,588 16,726
Apparel(2) .............................. 18,748 16,869 18,670
Paper ................................... 40,946 40,841 44,316
Printing ................................ 45,157 42,577 41,418
Chemicals ............................... 104,578 104,865 100,864
Industrial chemicals and synthetics(3).. 40,806 40,132 38,817
Drugs(3) ............................... 28,056 27,924 27,533
Residual of chemicals(3)................ 35,715 36,810 34,515
Petroleum ............................... 82,926 82,083 70,450
Rubber .................................. 29,706 30,922 28,066
Durable goods ............................. 476,085 485,358 445,878
Stone, clay, and glass .................. 18,952 18,338 16,660
Primary metals .......................... 36,174 37,933 37,734
Iron and steel(3) ...................... 17,565 17,827 17,484
Nonferrous metals(3).................... 18,609 20,106 20,250
Fabricated metals ....................... 43,683 42,072 39,908
Machinery ............................... 100,747 103,361 94,403
Electrical machinery .................... 85,909 85,720 80,122
Transportation Equipment ................ 119,645 128,320 110,595
Motor vehicles and equipment(3) ........ 78,380 86,205 73,395
Aircraft, guided missiles, and parts(3). 32,448 33,188 28,805
Instruments ............................. 29,555 29,685 29,865
Other durable goods ..................... 41,420 39,928 36,591
Lumber and wood products(3) ............ 19,553 17,923 15,524
Furniture and fixtures(3) .............. 13,478 13,786 12,379
Miscellaneous manufacturing(3) ......... 8,389 8,219 8,688
Mining(4) ................................. 13,650 13,193 11,263
Wholesale trade(4) ........................ 256,002 258,443 228,033
Retail trade(4) ........................... NA 234,899 221,486
* 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 third quarter of
1995 have 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-96-3, December 1996.
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 1996 1996(1) 1995(1)
(million dollars)
All manufacturing corporations ............ 72,464 76,019 69,628
Nondurable goods .......................... 42,290 39,746 40,717
Food and tobacco......................... 11,341 9,537 10,089
Textiles ................................ 1,247 1,095 793
Apparel(2) .............................. 1,321 496 1,260
Paper ................................... 3,585 3,356 5,727
Printing ................................ 4,641 3,694 3,639
Chemicals ............................... 11,887 12,509 12,169
Industrial chemicals and synthetics(3).. 4,426 4,935 4,180
Drugs(3) ............................... 3,456 3,534 4,237
Residual of chemicals(3)................ 4,004 4,040 3,752
Petroleum ............................... 6,017 6,380 5,230
Rubber .................................. 2,251 2,678 1,810
Durable goods ............................. 30,175 36,274 28,911
Stone, clay, and glass .................. 2,363 2,020 1,895
Primary metals .......................... 2,062 2,556 2,909
Iron and steel(3) ...................... 915 1,050 1,149
Nonferrous metals(3).................... 1,147 1,506 1,759
Fabricated metals ....................... 3,945 3,560 2,765
Machinery ............................... 4,309 6,425 3,805
Electrical machinery .................... 6,903 7,769 7,817
Transportation Equipment ................ 5,217 8,536 4,338
Motor vehicles and equipment(3) ........ 1,797 4,754 1,582
Aircraft, guided missiles, and parts(3). 2,750 3,027 2,190
Instruments ............................. 2,166 2,405 2,947
Other durable goods ..................... 3,211 3,003 2,435
Lumber and wood products(3) ............ 1,606 1,275 963
Furniture and fixtures(3) .............. 1,057 971 840
Miscellaneous manufacturing(3) ......... 548 757 632
Mining(4) ................................. 1,845 1,826 (264)
Wholesale trade(4) ........................ 6,317 4,697 4,990
Retail trade(4) ........................... NA 8,976 7,743
*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 third quarter of
1995 have 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-96-3, December 1996.
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 1996 1996(1) 1995(1)
(million dollars)
All manufacturing corporations ............ 63,114 62,966 50,723
Nondurable goods .......................... 35,926 32,239 29,884
Food and tobacco ........................ 7,757 5,822 6,696
Textiles ................................ 667 595 193
Apparel(2) .............................. 838 271 894
Paper ................................... 1,734 1,592 3,509
Printing ................................ 3,022 1,955 1,945
Chemicals ............................... 13,853 12,140 10,479
Industrial chemicals and synthetics(3).. 3,492 3,845 2,574
Drugs(3) ............................... 4,646 4,269 5,019
Residual of chemicals(3)................ 5,715 4,025 2,887
Petroleum ............................... 6,611 8,183 5,072
Rubber .................................. 1,444 1,681 1,098
Durable goods ............................. 27,188 30,727 20,839
Stone, clay, and glass .................. 1,462 1,230 1,343
Primary metals .......................... 1,398 1,750 2,038
Iron and steel(3) ...................... 580 644 718
Nonferrous metals(3) ................... 818 1,106 1,320
Fabricated metals ....................... 3,148 2,412 1,353
Machinery ............................... 5,873 6,562 2,033
Electrical machinery .................... 5,919 6,201 6,811
Transportation equipment ................ 5,523 8,245 4,063
Motor vehicles and equipment(3) ........ 3,324 5,629 2,006
Aircraft, guided missiles, and parts(3). 1,809 2,110 1,600
Instruments ............................. 1,876 2,439 2,050
Other durable goods ..................... 1,989 1,887 1,149
Lumber and wood products(3) ............ 996 936 368
Furniture and fixtures(3) .............. 616 527 516
Miscellaneous manufacturing(3) ......... 378 424 265
Mining(4) ................................. 1,897 1,413 (438)
Wholesale trade(4) ........................ 3,595 3,146 2,930
Retail trade(4) ........................... NA 3,920 3,593
* 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 third quarter of
1995 have 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-96-3, December 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 ............................ 678,352 684,195 698,426 699,243
1992 ............................ 704,513 718,059 729,593 737,371
1993 ............................ 743,797 750,805 753,431 766,911
1994 ............................ 784,626 802,118 825,576 842,646
1995 ............................ 871,370 870,723 884,605 898,039
1996 ............................ 910,365 922,751 944,171
All nondurable manufacturing:
1991 ............................ 363,417 360,503 365,809 366,854
1992 ............................ 367,320 374,321 378,393 380,121
1993 ............................ 381,908 382,453 379,356 381,550
1994 ............................ 387,248 394,455 405,526 410,786
1995 ............................ 425,362 426,993 430,664 438,022
1996 ............................ 443,876 451,667 459,337
All durable manufacturing:
1991 ............................ 314,935 323,692 332,617 332,389
1992 ............................ 337,193 343,738 351,200 357,250
1993 ............................ 361,889 368,352 374,075 385,361
1994............................. 397,378 407,663 420,050 431,860
1995 ............................ 446,008 443,730 453,941 460,017
1996 ............................ 466,489 471,084 484,834
* 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 third quarter of
1995 have been restated to reflect this change.
(1)Revised.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-96-3, December 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 ............................ 19,902 17,937 15,949 13,785
1992 ............................ (42,322) 24,389 26,225 14,956
1993 ............................ 13,030 19,366 23,824 27,642
1994 ............................ 37,294 41,155 46,081 52,068
1995 ............................ 54,238 51,886 50,127 43,821
1996 ............................ 52,747 57,425 62,608
All nondurable manufacturing:
1991 ............................ 16,912 14,792 14,992 13,384
1992 ............................ (3,820) 18,182 17,318 15,139
1993 ............................ 13,135 15,229 12,073 15,722
1994 ............................ 19,661 19,706 23,211 26,292
1995 ............................ 26,995 27,929 28,686 21,604
1996 ............................ 29,297 31,854 34,778
All durable manufacturing:
1991 ............................ 2,990 3,145 957 401
1992 ............................ (38,502) 6,207 8,907 (183)
1993 ............................ (105) 4,137 11,751 11,920
1994 ............................ 17,633 21,449 22,870 25,776
1995 ............................ 27,243 23,957 21,441 22,217
1996 ............................ 23,450 25,571 27,830
* 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 third quarter of 1995
have been restated to reflect this change.
(1)Revised
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-96-3, December 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.
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