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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 6.4 cents per dollar of sales for the second quarter of 1997, up 0.1 (+/-0.1) cents from the first quarter of 1997. The Commerce Department`s Bureau of the Census also reported that on an unadjusted basis, after-tax profits for the second quarter averaged 6.8 cents per dollar of sales, up 0.4 (+/-0.1) cents from the preceding quarter and up 0.5 (+/-0.1) cents from the same quarter in 1996.
For the second quarter of 1997, manufacturers` seasonally adjusted after-tax profits were $61.8 billion, up $0.6 (+/-1.2) billion from last quarter. On an unadjusted basis, second quarter after-tax profits were $66.7 billion, up $6.8 (+/-1.2) billion from last quarter and up $7.3 (+/-1.1) billion from the same quarter a year ago.
Unadjusted durable manufacturers` after-tax profits for the second quarter of 1997 were $35.9 billion, up $9.0 billion or 33.5 percent (+/-4.4%) when compared to the first quarter of 1997. All underlying industry categories reported statistically significant increases, except nonferrous metals and miscellaneous manufacturing. Stone, clay, and glass, machinery, and motor vehicles led the group. Stone, clay, and glass`s $2.1 (+/-0.1) billion increase was due primarily to higher operating profits and the absence of significant nonrecurring charges made against last quarter`s income. Machinery`s $1.8 (+/-0.4) billion improvement was due principally to higher operating profits. Motor vehicles` $1.3 (+/-0.1) billion increase was a result of improved operating profits and foreign earnings.
When compared to the second quarter of 1996, unadjusted durable manufacturers` profits were up $4.8 billion or 15.5 percent (+/-3.4%). Most underlying industries reported increases in after-tax profits. Electrical machinery led the group with an increase of $2.2 (+/-0.4) billion due primarily to improved operating profits.
Unadjusted nondurable manufacturers` after-tax profits for the second quarter of 1997 were $30.8 billion, down $2.2 billion or 6.5 percent (+/-1.5%) when compared to the first quarter of 1997. The underlying industry categories showed mixed results. Drugs and residual chemicals reported marked declines. Drugs` $4.1 (+/-0.1) billion decline was due principally to lower operating profits and the inclusion of significant nonrecurring charges in the second quarter. The $1.1 (+/-0.1) billion drop in the residual chemicals was due chiefly to the inclusion of significant gains from asset sales in the first quarter. Petroleum was also down. Food reported an increase of $1.8 (+/-0.2) billion due to improved operating profits and gains from asset sales. Rubber, printing, industrial chemicals, and textiles also reported increases.
When compared to the same quarter in 1996, unadjusted nondurable manufacturers` profits were up $2.5 billion or 8.9 percent (+/-1.8%). The underlying industry categories showed mixed results. Industrial chemicals, food, printing, and apparel were up. Industrial chemicals` $4.2 (+/-0.1) billion increase was due primarily to the absence of significant nonrecurring charges reported in the second quarter of 1996. The increases in food, printing, and apparel were due mostly to improved operating profits. Drugs, petroleum, paper, and residual chemicals were down. Drugs` decrease of $3.2 (+/-0.1) billion was due chiefly to a decrease in operating profits.
Manufacturers` seasonally adjusted sales for the second quarter of 1997 were $967.0 billion, showing no statistically significant change from last quarter. On an unadjusted basis, sales were $986.0 billion, up $52.7 billion or 5.6 percent (+/-1.0%) from last quarter and up $37.5 billion or 4.0 percent (+/-1.0%) from the second quarter of 1996.
Seasonally adjusted sales of nondurables were $456.3 billion, showing no statistically significant change from last quarter. Seasonally adjusted durable manufacturers` sales were $510.6 billion, also showing no statistically significant change from last quarter. Unadjusted sales at the nondurable manufacturing level were $459.6 billion, up $12.8 billion or 2.9 percent (+/-1.4%) from last quarter, but showing no statistically significant change from the second quarter of 1996. Unadjusted durable manufacturers` sales were $526.3 billion, up $40.0 billion or 8.2 percent (+/-1.8%) when compared to the first quarter of 1997. On a same quarter a year ago basis, durable manufacturers` sales were up $33.8 billion or 6.9 percent (+/-1.6%).
Also included in this release are second 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--Second Quarter 1997 (QFR-97-2). 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.
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 on the Internet, under "Products", at <http://www.census.gov/csd/www/qfr.html>.
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
2Q 1Q 2Q
1997 1997(1) 1996(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 6.4 6.3 5.8
Percent on equity (annual rate) .......... NA NA NA
(million dollars)
Net Sales.................................. 966,953 963,999 914,588
Income after income taxes ................ 61,786 61,144 52,622
Dividends paid (cash) .................... NA NA NA
(1) Revised.
SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-2), U.S. Bureau of the Census, September 1997.
Item Unadjusted
2Q 1Q 2Q
1997 1997(1) 1996(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 6.8 6.4 6.3
Percent on equity (annual rate) .......... 18.3 16.8 17.9
(million dollars)
Net Sales.................................. 985,946 933,233 948,430
Income after income taxes ................ 66,716 59,873 59,386
Dividends paid (cash) .................... 27,358 21,106 27,067
(1) Revised.
SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-2), U.S. Bureau of the Census, September 1997.
Sales
2Q 1Q 2Q
Industry Group 1997 1997(1) 1996(1)
(million dollars)
All manufacturing corporations ............ 985,946 933,233 948,430
Nondurable goods .......................... 459,632 446,881 455,919
Food and tobacco......................... 120,381 116,109 119,481
Textiles ................................ 17,507 17,095 17,610
Apparel(2) .............................. 16,641 16,591 16,617
Paper ................................... 41,429 39,325 40,843
Printing ................................ 46,400 44,325 42,741
Chemicals ............................... 107,996 103,049 106,255
Industrial chemicals and synthetics(3).. 42,788 41,339 42,426
Drugs(3) ............................... 29,024 28,374 27,020
Residual of chemicals(3)................ 36,184 33,336 36,809
Petroleum ............................... 77,510 80,741 81,403
Rubber .................................. 31,768 29,647 30,968
Durable goods ............................. 526,314 486,352 492,511
Stone, clay, and glass .................. 18,369 15,141 18,474
Primary metals .......................... 39,525 36,463 38,149
Iron and steel(3) ...................... 19,806 18,308 18,016
Nonferrous metals(3).................... 19,718 18,155 20,133
Fabricated metals ....................... 45,312 42,491 42,224
Machinery ............................... 111,670 103,617 102,650
Electrical machinery .................... 105,410 98,567 93,765
Transportation Equipment ................ 132,706 122,517 128,263
Motor vehicles and equipment(3) ........ 89,282 83,971 86,124
Aircraft, guided missiles, and parts(3). 35,525 31,695 33,194
Instruments ............................. 29,577 26,991 29,092
Other durable goods ..................... 43,746 40,565 39,894
Lumber and wood products(3) ............ 19,594 18,053 17,880
Furniture and fixtures(3) .............. 15,467 14,215 13,952
Miscellaneous manufacturing(3) ......... 8,685 8,297 8,062
Mining(4) ................................. 15,356 15,927 13,416
Wholesale trade(4) ........................ 275,741 271,389 260,274
Retail trade(4) ........................... NA 238,001 235,246
(1) Revised.SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-2), U.S. Bureau of the Census, September 1997.
Operating Profits*
2Q 1Q 2Q
Industry Group 1997 1997(1) 1996(1)
(million dollars)
All manufacturing corporations ............ 82,358 69,697 76,874
Nondurable goods .......................... 42,508 37,723 40,181
Food and tobacco......................... 11,768 10,022 10,077
Textiles ................................ 1,211 1,063 1,097
Apparel(2) .............................. 978 1,222 477
Paper ................................... 3,045 2,652 3,356
Printing ................................ 5,029 3,719 3,711
Chemicals ............................... 11,110 11,141 12,500
Industrial chemicals and synthetics(3).. 4,836 4,016 4,759
Drugs(3) ............................... 2,217 3,517 3,699
Residual of chemicals(3)................ 4,057 3,608 4,042
Petroleum ............................... 6,506 5,816 6,305
Rubber .................................. 2,861 2,089 2,659
Durable goods ............................. 39,849 31,974 36,693
Stone, clay, and glass .................. 2,121 864 2,054
Primary metals .......................... 2,853 2,367 2,591
Iron and steel(3) ...................... 1,306 1,003 1,076
Nonferrous metals(3).................... 1,548 1,364 1,515
Fabricated metals ....................... 4,138 3,508 3,574
Machinery ............................... 7,063 4,919 6,286
Electrical machinery .................... 10,193 9,528 8,160
Transportation Equipment ................ 7,354 6,332 8,524
Motor vehicles and equipment(3) ........ 3,612 3,196 4,746
Aircraft, guided missiles, and parts(3). 2,972 2,591 3,030
Instruments ............................. 2,509 1,807 2,487
Other durable goods ..................... 3,619 2,649 3,017
Lumber and wood products(3) ............ 1,623 1,215 1,272
Furniture and fixtures(3) .............. 1,345 926 998
Miscellaneous manufacturing(3) ......... 651 507 747
Mining(4) ................................. 2,268 2,360 1,874
Wholesale trade(4) ........................ 6,811 6,218 5,118
Retail trade(4) ........................... NA 8,542 8,927
* Operating profits are profits before nonoperating income and expense
items and income taxes.SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-2), U.S. Bureau of the Census, September 1997.
After-Tax Profits
2Q 1Q 2Q
Industry Group 1997 1997(1) 1996(1)
(million dollars)
All manufacturing corporations ............ 66,716 59,873 59,386
Nondurable goods .......................... 30,843 32,996 28,332
Food and tobacco ........................ 7,504 5,727 6,168
Textiles ................................ 661 424 596
Apparel(2) .............................. 918 865 255
Paper ................................... 1,041 1,127 1,593
Printing ................................ 2,985 2,346 1,946
Chemicals ............................... 8,603 13,332 7,988
Industrial chemicals and synthetics(3).. 3,987 3,521 (226)
Drugs(3) ............................... 980 5,048 4,214
Residual of chemicals(3)................ 3,637 4,763 4,001
Petroleum ............................... 7,174 7,942 8,137
Rubber .................................. 1,956 1,232 1,649
Durable goods ............................. 35,874 26,877 31,054
Stone, clay, and glass .................. 1,356 (766) 1,247
Primary metals .......................... 2,118 1,685 1,780
Iron and steel(3) ...................... 903 565 666
Nonferrous metals(3) ................... 1,215 1,120 1,114
Fabricated metals ....................... 2,936 2,368 2,416
Machinery ............................... 7,363 5,580 6,444
Electrical machinery .................... 8,669 7,916 6,489
Transportation equipment ................ 8,797 6,924 8,225
Motor vehicles and equipment(3) ........ 6,110 4,839 5,624
Aircraft, guided missiles, and parts(3). 2,177 1,799 2,108
Instruments ............................. 2,157 1,493 2,552
Other durable goods ..................... 2,478 1,679 1,903
Lumber and wood products(3) ............ 1,246 918 933
Furniture and fixtures(3) .............. 788 453 550
Miscellaneous manufacturing(3) ......... 444 308 419
Mining(4) ................................. 1,650 2,027 1,435
Wholesale trade(4) ........................ 4,480 3,769 3,277
Retail trade(4) ........................... NA 3,623 3,916
(1) Revised.SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-2), U.S. Bureau of the Census, September 1997.
Net Sales (1)
Industry Group and Year Q1 Q2 Q3 Q4
(million dollars)
All manufacturing:
1992 ............................ 704,530 718,070 729,653 737,233
1993 ............................ 743,865 750,882 753,431 766,652
1994 ............................ 784,895 802,145 825,713 841,946
1995 ............................ 871,968 870,854 884,779 900,302
1996 ............................ 914,588 929,743 950,669 961,042
1997 ............................ 963,999 966,953
All nondurable manufacturing:
1992 ............................ 367,327 374,371 378,417 379,988
1993 ............................ 381,938 382,593 379,389 381,217
1994 ............................ 387,412 394,633 405,793 409,886
1995 ............................ 425,755 427,378 431,133 436,126
1996 ............................ 441,728 452,114 458,327 463,608
1997 ............................ 461,330 456,310
All durable manufacturing:
1992 ............................ 337,203 343,699 351,236 357,245
1993 ............................ 361,927 368,289 374,042 385,435
1994 ............................ 397,483 407,512 419,920 432,060
1995............................. 446,213 443,476 453,646 464,176
1996 ............................ 472,860 477,629 492,342 497,434
1997 ............................ 502,669 510,643
(1) Revised.
SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-2), U.S. Bureau of the Census, September 1997.
After-Tax Profits (1)
Industry Group and Year Q1 Q2 Q3 Q4
(million dollars)
All manufacturing:
1992 ............................ (42,449) 24,549 26,236 14,923
1993 ............................ 12,823 19,626 23,829 27,605
1994 ............................ 36,980 41,556 46,041 52,046
1995 ............................ 53,828 52,410 50,030 43,842
1996 ............................ 52,622 54,413 62,041 57,885
1997 ............................ 61,144 61,786
All nondurable manufacturing:
1992 ............................ (3,990) 18,328 17,334 15,175
1993 ............................ 12,860 15,464 12,119 15,760
1994 ............................ 19,231 20,077 23,269 26,352
1995 ............................ 26,393 28,428 28,766 21,678
1996 ............................ 28,683 28,507 33,875 29,303
1997 ............................ 33,010 30,991
All durable manufacturing:
1992 ............................ (38,459) 6,221 8,902 (252)
1993 ............................ (37) 4,162 11,710 11,845
1994 ............................ 17,749 21,479 22,772 25,694
1995 ............................ 27,435 23,982 21,264 22,164
1996 ............................ 23,939 25,906 28,166 28,582
1997 ............................ 28,134 30,795
(1) Revised.
SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-2), U.S. Bureau of the Census, September 1997.
Quarter Manufacturing, Mining, and Wholesale Trade Retail Trade Second 1997 October 15, 1997 Third 1997 December 15, 1997