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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 first quarter of 1997, up 0.2 (+/-0.13) cents from the fourth quarter of 1996. The Commerce Department`s Bureau of the Census also reported that on an unadjusted basis, after-tax profits for the first quarter averaged 6.2 cents per dollar of sales, up 0.8 (+/-0.13) cents from the preceding quarter and up 0.4 (+/-0.11) cents from the same quarter in 1996.
For the first quarter of 1997, manufacturers` seasonally adjusted after-tax profits were $59.3 billion, up $1.8 (+/-1.2) billion from last quarter. On an unadjusted basis, first quarter after-tax profits were $57.8 billion, up $4.7 (+/-1.2) billion from last quarter and up $6.4 (+/-1.0) billion from the same quarter a year ago.
Unadjusted durable manufacturers` after-tax profits for the first quarter of 1997 were $27.0 billion, up $2.0 billion or 7.8 percent (+/-4.0%) when compared to the fourth quarter of 1996, with the underlying industry categories showing mixed results. Motor vehicles, fabricated metals, lumber, iron and steel, nonferrous metals, and aircraft reported statistically significant increases. Motor vehicles` $1.8 (+/-0.1) billion increase, the largest of the group, was due chiefly to higher operating profits. Stone, clay, and glass reported a $0.8 billion loss for the quarter, down $1.4 (+/-0.02) billion from last quarter. The downturn in stone, clay, and glass was due principally to lower operating profits and the inclusion of signficant nonrecurring charges against first quarter income. Also reporting decreases were machinery and furniture and fixtures.
When compared to the first quarter of 1996, unadjusted durable manufacturers` profits were up $4.3 billion or 19.0 percent (+/-3.9%). The underlying industries showed mixed results. Machinery, electrical machinery, motor vehicles, lumber, iron and steel, and aircraft reported increases. Machinery`s $1.9 (+/-0.4) billion increase was due chiefly to higher operating profits and the absence of significant nonrecurring charges reported last year. The increases reported in electrical machinery and motor vehicles of $1.8 (+/-0.3) and $1.5 (+/-0.1) billion, respectively, were primarily a result of improved operating margins. Stone, clay, and glass` $1.2 (+/-0.03) billion decrease in earnings over the same quarter last year was due principally to the inclusion of significant nonrecurring charges in this quarter`s income. Instruments and miscellaneous manufacturing also reported decreases in earnings.
Unadjusted nondurable manufacturers` after-tax profits for the first quarter of 1997 were $30.8 billion, up $2.8 billion or 9.9 percent (+/-2.3%) when compared to the fourth quarter of 1996. Most underlying industries reported improved earnings. Industrial chemical`s increase of $1.2 (+/-0.2) billion was due primarily to improved operating profits and the absence of significant nonrecurring charges reported in the fourth quarter of 1996. Petroleum, rubber, drugs, residual of chemicals, and paper also reported increases. The decreases reported in food and printing of $1.6 (+/-0.3) and $0.8 (+/-0.2) billion, respectively, were due chiefly to lower operating profits.
When compared to the same quarter in 1996, unadjusted nondurable manufacturers` profits were up $2.1 billion or 7.3 percent (+/-1.9%). The underlying industry categories showed mixed results. Petroleum, drugs, apparel, and textiles were up. Petroleum`s $2.8 (+/-0.04) billion increase was primarily a result of improved operating profits and increased dividend and equity income from foreign subsidiaries. Drugs` improvement of $1.5 (+/-0.1) billion was related to increased operating profits, gains on asset sales, and the absence of significant nonrecurring charges reported in the first quarter of 1996. Paper, food, printing, industrial chemicals, and residual of chemicals were down. Paper`s decrease of $1.1 (+/-0.2) billion was due chiefly to a decrease in operating profits.
Manufacturers` seasonally adjusted sales for the first quarter of 1997 were $964.3 billion, showing no statistically significant change from last quarter. On an unadjusted basis, sales were $933.1 billion, down $42.4 billion or 4.4 percent (+/-0.9%) from last quarter, but up $48.3 billion or 5.5 percent (+/-1.0%) from the first quarter of 1996.
Seasonally adjusted sales at the nondurable level were $461.9 billion, showing no statistically significant change from last quarter. Seasonally adjusted durable manufacturers` sales were $502.5 billion, also showing no statistically significant change from last quarter. Unadjusted sales at the nondurable manufacturing level were $446.9 billion, down $22.1 billion or 4.7 percent (+/-1.3%) from last quarter, but up $19.5 billion or 4.6 percent (+/-1.2%) from the first quarter of 1996. Unadjusted durable manufacturers` sales were $486.2 billion, down $20.4 billion or 4.0 percent (+/-1.6%) when compared to the fourth quarter of 1996. On a same quarter a year ago basis, durable manufacturers` sales were up $28.8 billion or 6.3 percent (+/-1.6%).
Also included in this release are first quarter 1997 data for large mining and wholesale trade corporations.
These advance data, based on quarterly financial reports from about 8,300 corporations, were released today from the Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--First Quarter 1997 (QFR-97-1). 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.
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.
AVAILABILITY:
This report is available on the day of issue through the Department of Commerce`s on-line Economic Bulletin Board (202-482-1986) and on the Internet at < http://www.census.gov/csd/www/qfr.html>. See "Products."
The "Quarterly Financial Report for Manufacturing, Mining and Trade Corporations" publication series is offered for sale by the Superintendent of Documents, P.O. Box 371954, Pittsburgh, PA 15250-7954 (202-512-1800). Publications are available two weeks from the date of this release and phone orders are taken at (202) 512-1800 (see also the "Subscription order form"). The annual subscription rate is $33. [Remittances from foreign countries must be by international money order or by draft on a U.S. bank, $41.25 a year.]
Files are also available on 3.5 inch flexible diskettes from U.S. Department of Commerce, Bureau of the Census (MS1921), P.O. Box 277943, Atlanta, GA 30384-7943 (301-763-INFO(4636)). The annual subscription cost is $84; $66 for the first diskette and $6 for each additional diskette.
Questions regarding this report (or program) should be directed to Ronald Lee on (301) 763-5435 or Frank Hartman on (301) 763-7182.
Item Seasonally Adjusted
1Q 4Q 1Q
1997 1996(1) 1996(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 6.2 6.0 5.8
Percent on equity (annual rate) .......... NA NA NA
(million dollars)
Net Sales.................................. 964,314 959,797 914,879
Income after income taxes ................ 59,311 57,462 52,872
Dividends paid (cash) .................... NA NA NA
(1) Revised.
SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-1), U.S. Bureau of the Census, June 1997.
Item Unadjusted
1Q 4Q 1Q
1997 1996(1) 1996(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 6.2 5.4 5.8
Percent on equity (annual rate) .......... 16.3 15.2 15.8
(million dollars)
Net Sales.................................. 933,082 975,528 884,789
Income after income taxes ................ 57,818 53,078 51,402
Dividends paid (cash) .................... 20,739 24,438 20,048
(1) Revised.
SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-1), U.S. Bureau of the Census, June 1997.
Sales
1Q 4Q 1Q
Industry Group 1997 1996(1) 1996(1)
(million dollars)
All manufacturing corporations ............ 933,082 975,528 884,789
Nondurable goods .......................... 446,850 468,933 427,310
Food and tobacco......................... 115,997 124,631 114,601
Textiles ................................ 17,095 17,474 15,997
Apparel(2) .............................. 16,623 18,919 15,203
Paper ................................... 39,325 39,153 39,220
Printing ................................ 43,247 46,492 41,456
Chemicals ............................... 103,416 103,176 99,852
Industrial chemicals and synthetics(3).. 41,124 40,124 39,747
Drugs(3) ............................... 28,490 28,646 26,295
Residual of chemicals(3)................ 33,802 34,406 33,810
Petroleum ............................... 81,496 89,198 72,126
Rubber .................................. 29,650 29,890 28,856
Durable goods ............................. 486,232 506,595 457,479
Stone, clay, and glass .................. 15,172 18,155 14,287
Primary metals .......................... 36,447 36,040 35,926
Iron and steel(3) ...................... 18,308 17,573 16,606
Nonferrous metals(3).................... 18,139 18,467 19,319
Fabricated metals ....................... 42,347 41,983 40,039
Machinery ............................... 103,827 107,357 96,818
Electrical machinery .................... 98,542 106,790 88,011
Transportation Equipment ................ 122,517 125,524 116,864
Motor vehicles and equipment(3) ........ 83,971 83,936 79,911
Aircraft, guided missiles, and parts(3). 31,695 32,758 28,652
Instruments ............................. 26,826 28,297 28,951
Other durable goods ..................... 40,554 42,449 36,585
Lumber and wood products(3) ............ 18,053 18,451 15,533
Furniture and fixtures(3) .............. 14,205 14,541 12,679
Miscellaneous manufacturing(3) ......... 8,297 9,457 8,373
Mining(4) ................................. 15,807 15,492 12,362
Wholesale trade(4) ........................ 268,391 272,957 250,724
Retail trade(4) ........................... NA 271,926 227,573
(1) Revised.SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-1), U.S. Bureau of the Census, June 1997.
Operating Profits*
1Q 4Q 1Q
Industry Group 1997 1996(1) 1996(1)
(million dollars)
All manufacturing corporations ............ 69,308 65,874 61,184
Nondurable goods .......................... 37,164 36,812 35,143
Food and tobacco......................... 10,023 11,328 8,824
Textiles ................................ 1,063 1,111 813
Apparel(2) .............................. 1,227 948 548
Paper ................................... 2,652 2,665 3,988
Printing ................................ 3,701 4,718 2,960
Chemicals ............................... 10,510 8,356 11,288
Industrial chemicals and synthetics(3).. 3,661 2,833 4,577
Drugs(3) ............................... 3,528 2,529 3,166
Residual of chemicals(3)................ 3,322 2,994 3,545
Petroleum ............................... 5,895 5,763 4,693
Rubber .................................. 2,093 1,922 2,028
Durable goods ............................. 32,145 29,062 26,041
Stone, clay, and glass .................. 886 1,690 712
Primary metals .......................... 2,362 1,903 2,061
Iron and steel(3) ...................... 1,003 815 673
Nonferrous metals(3).................... 1,359 1,088 1,388
Fabricated metals ....................... 3,525 2,823 3,030
Machinery ............................... 5,093 4,549 4,037
Electrical machinery .................... 9,539 10,184 6,821
Transportation Equipment ................ 6,332 3,661 4,770
Motor vehicles and equipment(3) ........ 3,196 1,078 1,991
Aircraft, guided missiles, and parts(3). 2,591 2,198 2,145
Instruments ............................. 1,755 1,980 2,488
Other durable goods ..................... 2,652 2,274 2,121
Lumber and wood products(3) ............ 1,215 752 688
Furniture and fixtures(3) .............. 930 1,069 740
Miscellaneous manufacturing(3) ......... 507 453 693
Mining(4) ................................. 2,350 2,367 1,409
Wholesale trade(4) ........................ 6,317 5,771 5,452
Retail trade(4) ........................... NA 13,265 7,619
* Operating profits are profits before nonoperating income and expense
items and income taxes.SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-1), U.S. Bureau of the Census, June 1997.
After-Tax Profits
1Q 4Q 1Q
Industry Group 1997 1996(1) 1996(1)
(million dollars)
All manufacturing corporations ............ 57,818 53,078 51,402
Nondurable goods .......................... 30,806 28,026 28,701
Food and tobacco ........................ 5,708 7,287 6,393
Textiles ................................ 424 375 213
Apparel(2) .............................. 869 669 196
Paper ................................... 1,127 917 2,204
Printing ................................ 2,417 3,176 2,927
Chemicals ............................... 11,040 8,326 10,233
Industrial chemicals and synthetics(3).. 3,120 1,871 3,561
Drugs(3) ............................... 4,994 4,171 3,485
Residual of chemicals(3)................ 2,926 2,284 3,187
Petroleum ............................... 7,986 6,952 5,213
Rubber .................................. 1,235 325 1,322
Durable goods ............................. 27,012 25,052 22,701
Stone, clay, and glass .................. (758) 632 401
Primary metals .......................... 1,683 822 1,333
Iron and steel(3) ...................... 565 113 215
Nonferrous metals(3) ................... 1,118 710 1,118
Fabricated metals ....................... 2,388 1,531 2,136
Machinery ............................... 5,713 6,525 3,859
Electrical machinery .................... 7,938 7,610 6,156
Transportation equipment ................ 6,924 4,841 5,636
Motor vehicles and equipment(3) ........ 4,839 3,020 3,356
Aircraft, guided missiles, and parts(3). 1,799 1,714 1,522
Instruments ............................. 1,443 1,576 1,926
Other durable goods ..................... 1,682 1,515 1,253
Lumber and wood products(3) ............ 918 404 374
Furniture and fixtures(3) .............. 456 710 421
Miscellaneous manufacturing(3) ......... 308 401 459
Mining(4) ................................. 2,020 1,567 794
Wholesale trade(4) ........................ 3,870 3,169 3,388
Retail trade(4) ........................... NA 6,369 2,943
(1) Revised.SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-1), U.S. Bureau of the Census, June 1997.
Net Sales (1)
Industry Group and Year Q1 Q2 Q3 Q4
(million dollars)
All manufacturing:
1992 ............................ 704,535 718,080 729,628 737,233
1993 ............................ 743,892 750,893 753,359 766,685
1994 ............................ 784,949 802,167 825,486 842,100
1995 ............................ 872,140 870,781 884,355 900,640
1996 ............................ 914,879 929,578 949,866 959,797
1997 ............................ 964,314
All nondurable manufacturing:
1992 ............................ 367,337 374,361 378,390 380,008
1993 ............................ 381,996 382,537 379,328 381,283
1994 ............................ 387,525 394,529 405,596 410,090
1995 ............................ 426,012 427,124 430,760 436,529
1996 ............................ 442,106 451,792 457,877 462,601
1997 ............................ 461,851
All durable manufacturing:
1992 ............................ 337,198 343,719 351,238 357,225
1993 ............................ 361,896 368,356 374,031 385,402
1994 ............................ 397,424 407,638 419,890 432,010
1995............................. 446,128 443,657 453,595 464,111
1996 ............................ 472,773 477,786 491,989 497,196
1997 ............................ 502,463
(1) Revised.
SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-1), U.S. Bureau of the Census, June 1997.
After-Tax Profits (1)
Industry Group and Year Q1 Q2 Q3 Q4
(million dollars)
All manufacturing:
1992 ............................ (42,454) 24,497 26,284 14,934
1993 ............................ 12,856 19,503 23,896 27,613
1994 ............................ 37,104 41,305 46,147 52,048
1995 ............................ 54,039 52,049 50,166 43,850
1996 ............................ 52,872 54,036 61,752 57,462
1997 ............................ 59,311
All nondurable manufacturing:
1992 ............................ (3,980) 18,268 17,371 15,191
1993 ............................ 12,914 15,325 12,161 15,792
1994 ............................ 19,390 19,791 23,328 26,403
1995 ............................ 26,669 28,000 28,825 21,759
1996 ............................ 29,044 28,009 33,500 28,993
1997 ............................ 31,210
All durable manufacturing:
1992 ............................ (38,474) 6,229 8,913 (257)
1993 ............................ (58) 4,178 11,735 11,821
1994 ............................ 17,714 21,514 22,819 25,645
1995 ............................ 27,370 24,049 21,341 22,091
1996 ............................ 23,828 26,027 28,252 28,469
1997 ............................ 28,101
(1) Revised.
SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-1), U.S. Bureau of the Census, June 1997.
Quarter Manufacturing, Mining, and Wholesale Trade Retail Trade First 1997 July 16, 1997 Second 1997 September 15, 1997 October 15, 1997 Third 1997 December 15, 1997