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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 6.3 cents per dollar of sales for the third quarter of 1997, down 0.1 (+/-0.1) cents from the second quarter of 1997. The Commerce Department`s Bureau of the Census also reported that on an unadjusted basis, after-tax profits for the third quarter averaged 6.3 cents per dollar of sales, down 0.5 (+/-0.1) cents from the preceding quarter and down 0.3 (+/-0.1) cents from the same quarter in 1996.
For the third quarter of 1997, manufacturers` seasonally adjusted after-tax profits were $61.9 billion, up $0.2 (+/-1.3) billion from last quarter. On an unadjusted basis, third quarter after-tax profits were $62.7 billion, down $4.1 (+/-1.3) billion from last quarter, but showing no significant change from the same quarter a year ago.
Unadjusted durable manufacturers` after-tax profits for the third quarter of 1997 were $29.2 billion, down $6.9 billion or 19.2 percent (+/-2.8%) when compared to the second quarter of 1997. Most underlying industry categories were down. Motor vehicles and machinery reported sharp decreases. The $2.8 (+/-0.1) billion downturn in motor vehicles was due chiefly to decreases in operating profits and foreign earnings. Machinery`s $2.7 (0.4) billion decline was a result of lower operating profits and the inclusion of significant nonrecurring charges in the third quarter. Electrical machinery also was down significantly from last quarter. Stone, clay, and glass` $0.4 (+/-0.2) billion increase, due primarily to improved operating profits, was the only statistically significant increase for the durable`s group.
When compared to the third quarter of 1996, unadjusted durable manufacturers` profits were up $1.4 billion or 5.0 percent (+/-3.7%), with the underlying industries showing mixed results. Electrical machinery, aircraft, stone, clay, and glass, and nonferrous metals reported increases. Electrical machinery`s $1.9 (+/-0.3) billion increase was due primarily to improved operating profits. Machinery`s $1.3 (+/-0.4) billion drop resulted from the inclusion of significant nonrecurring charges against income and reduced foreign earnings that more than offset an improvement in operating profits.
Unadjusted nondurable manufacturers` after-tax profits for the third quarter of 1997 were $33.5 billion, up $2.8 billion or 9.1 percent (+/-1.8%) when compared to the second quarter of 1997, with the underlying industry categories showing mixed results. Drugs, food, residual chemicals, paper, and apparel were up. Drugs` $3.3 (+/-0.1) billion increase was due principally to improved operating profits and the absence of significant nonrecurring charges reported in the second quarter of 1997. Industrial chemicals, petroleum, rubber, and textiles reported declines. Industrial chemicals` downturn of $1.7 (+/-0.1) billion was due chiefly to lower operating profits and the inclusion of significant nonrecurring charges in the third quarter.
When compared to the same quarter in 1996, unadjusted nondurable manufacturers` profits were down $1.4 billion or 3.9 percent (+/-1.6%). The underlying industry categories showed mixed results. Residual chemicals, industrial chemicals, printing, and textiles were down. Residual chemicals` $1.5 (+/-0.2) billion decrease was due primarily to lower operating profits and the absence of gains reported on asset sales last year. Industrial chemicals` $1.1 (+/-0.1) billion decline was due chiefly to the inclusion of significant nonrecurring charges in the third quarter. Food and apparel were up. Food`s $1.4 (+/-0.3) increase was due principally to improved operating profits and foreign earnings.
Manufacturers` seasonally adjusted sales for the third quarter of 1997 were $991.1 billion, up $21.0 billion or 2.2 percent (+/-1.0%) from last quarter. On an unadjusted basis, sales were $987.0 billion, showing no significant change from last quarter, but up $40.4 billion or 4.3 percent (+/-1.0%) from the third quarter of 1996.
Seasonally adjusted sales of nondurables were $463.4 billion, up $6.3 billion or 1.4 percent (+/-1.3%) from last quarter. Seasonally adjusted durable manufacturers` sales were $527.7 billion, up $14.7 billion or 2.9 percent (+/-1.6%) from last quarter. Unadjusted sales at the nondurable manufacturing level were $467.8 billion, up $7.8 billion or 1.7 percent (+/-1.3%) from last quarter and up $5.1 billion or 1.1 percent (+/-1.3%) from the third quarter of 1996. Unadjusted durable manufacturers` sales were $519.2 billion, down $8.4 billion or 1.6 percent (+/-1.6%) when compared to the second quarter of 1997. On a same quarter a year ago basis, durable manufacturers` sales were up $35.2 billion or 7.3 percent (+/-1.8%).
Also included in this release are third quarter 1997 data for large mining and wholesale trade corporations.
These advance data, based on quarterly financial reports from about 8,200 corporations, were released today from the Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--Third Quarter 1997 (QFR-97-3). 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.
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 press release is available on the day of issue on the Internet, under "PRESS RELEASES", 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
3Q 2Q 3Q
1997 1997(1) 1996(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 6.3 6.4 6.5
Percent on equity (annual rate) .......... NA NA NA
(million dollars)
Net Sales.................................. 991,078 970,092 950,373
Income after income taxes ................ 61,943 61,770 61,931
Dividends paid (cash) .................... NA NA NA
(1) Revised.
SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-3), U.S. Bureau of the Census, December 1997.
Item Unadjusted
3Q 2Q 3Q
1997 1997(1) 1996(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 6.3 6.8 6.6
Percent on equity (annual rate) .......... 17.0 18.4 18.4
(million dollars)
Net Sales.................................. 986,987 987,625 946,601
Income after income taxes ................ 62,654 66,802 62,613
Dividends paid (cash) .................... 25,584 25,784 23,387
(1) Revised.
SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-3), U.S. Bureau of the Census, December 1997.
Sales
3Q 2Q 3Q
Industry Group 1997 1997(1) 1996(1)
(million dollars)
All manufacturing corporations ............ 986,987 987,625 946,601
Nondurable goods .......................... 467,784 460,002 462,644
Food and tobacco......................... 122,255 119,929 124,198
Textiles ................................ 17,021 17,535 17,852
Apparel(2) .............................. 18,606 16,647 18,443
Paper ................................... 41,780 41,402 40,910
Printing ................................ 49,602 46,328 45,210
Chemicals ............................... 106,161 108,627 104,416
Industrial chemicals and synthetics(3).. 40,955 42,677 41,227
Drugs(3) ............................... 29,980 29,651 27,366
Residual of chemicals(3)................ 35,226 36,299 35,823
Petroleum ............................... 80,402 77,604 81,536
Rubber .................................. 31,955 31,931 30,079
Durable goods ............................. 519,203 527,623 483,957
Stone, clay, and glass .................. 19,320 18,592 19,462
Primary metals .......................... 38,792 39,718 36,580
Iron and steel(3) ...................... 19,419 19,973 17,916
Nonferrous metals(3).................... 19,373 19,745 18,663
Fabricated metals ....................... 45,005 45,715 43,749
Machinery ............................... 109,111 111,045 99,177
Electrical machinery .................... 109,527 106,963 95,546
Transportation Equipment ................ 124,909 132,372 119,492
Motor vehicles and equipment(3) ........ 82,083 88,950 78,210
Aircraft, guided missiles, and parts(3). 35,455 35,523 32,447
Instruments ............................. 29,230 29,634 28,910
Other durable goods ..................... 43,309 43,584 41,042
Lumber and wood products(3) ............ 19,276 19,372 19,264
Furniture and fixtures(3) .............. 14,726 15,510 13,654
Miscellaneous manufacturing(3) ......... 9,307 8,702 8,125
Mining(4) ................................. 15,812 15,486 14,296
Wholesale trade(4) ........................ 277,257 275,133 259,401
Retail trade(4) ........................... NA 248,355 237,535
(1) Revised.SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-3), U.S. Bureau of the Census, December 1997.
Operating Profits*
3Q 2Q 3Q
Industry Group 1997 1997(1) 1996(1)
(million dollars)
All manufacturing corporations ............ 80,377 82,096 72,648
Nondurable goods .......................... 44,096 41,880 41,272
Food and tobacco......................... 11,452 11,226 10,803
Textiles ................................ 1,186 1,222 1,236
Apparel(2) .............................. 1,606 977 1,302
Paper ................................... 3,405 3,037 3,648
Printing ................................ 4,851 5,057 4,594
Chemicals ............................... 12,183 10,993 11,572
Industrial chemicals and synthetics(3).. 3,879 4,849 4,010
Drugs(3) ............................... 4,316 2,075 3,311
Residual of chemicals(3)................ 3,988 4,070 4,250
Petroleum ............................... 6,860 6,512 5,879
Rubber .................................. 2,552 2,856 2,238
Durable goods ............................. 36,281 40,216 31,375
Stone, clay, and glass .................. 2,647 2,131 2,442
Primary metals .......................... 2,574 2,870 2,119
Iron and steel(3) ...................... 1,082 1,321 962
Nonferrous metals(3).................... 1,491 1,549 1,157
Fabricated metals ....................... 4,230 4,169 3,967
Machinery ............................... 5,762 6,988 4,481
Electrical machinery .................... 10,128 10,637 7,371
Transportation Equipment ................ 5,478 7,318 5,211
Motor vehicles and equipment(3) ........ 1,837 3,584 1,794
Aircraft, guided missiles, and parts(3). 3,021 2,963 2,752
Instruments ............................. 2,095 2,502 2,600
Other durable goods ..................... 3,368 3,601 3,184
Lumber and wood products(3) ............ 1,466 1,600 1,575
Furniture and fixtures(3) .............. 1,203 1,348 1,065
Miscellaneous manufacturing(3) ......... 699 653 544
Mining(4) ................................. 2,346 2,320 2,063
Wholesale trade(4) ........................ 7,786 7,004 6,254
Retail trade(4) ........................... NA 9,956 9,430
* Operating profits are profits before nonoperating income and expense
items and income taxes.SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-3), U.S. Bureau of the Census, December 1997.
After-Tax Profits
3Q 2Q 3Q
Industry Group 1997 1997(1) 1996(1)
(million dollars)
All manufacturing corporations ............ 62,654 66,802 62,613
Nondurable goods .......................... 33,475 30,679 34,834
Food and tobacco ........................ 8,200 7,229 6,839
Textiles ................................ 518 668 657
Apparel(2) .............................. 1,135 944 816
Paper ................................... 1,680 1,058 1,752
Printing ................................ 2,663 2,867 2,945
Chemicals ............................... 11,322 8,787 13,889
Industrial chemicals and synthetics(3).. 2,315 3,990 3,398
Drugs(3) ............................... 4,476 1,138 4,486
Residual of chemicals(3)................ 4,530 3,659 6,006
Petroleum ............................... 6,489 7,174 6,524
Rubber .................................. 1,468 1,953 1,412
Durable goods ............................. 29,179 36,123 27,779
Stone, clay, and glass .................. 1,751 1,320 1,472
Primary metals .......................... 1,624 2,128 1,440
Iron and steel(3) ...................... 634 914 615
Nonferrous metals(3) ................... 990 1,214 825
Fabricated metals ....................... 2,991 2,946 3,151
Machinery ............................... 4,535 7,237 5,849
Electrical machinery .................... 7,957 9,123 6,082
Transportation equipment ................ 5,850 8,788 5,506
Motor vehicles and equipment(3) ........ 3,283 6,100 3,322
Aircraft, guided missiles, and parts(3). 2,234 2,178 1,806
Instruments ............................. 2,349 2,128 2,307
Other durable goods ..................... 2,122 2,454 1,971
Lumber and wood products(3) ............ 943 1,218 969
Furniture and fixtures(3) .............. 780 791 623
Miscellaneous manufacturing(3) ......... 400 444 378
Mining(4) ................................. 1,718 1,436 2,074
Wholesale trade(4) ........................ 5,088 4,612 3,464
Retail trade(4) ........................... NA 3,990 4,858
(1) Revised.SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-3), U.S. Bureau of the Census, December 1997.
Net Sales (1)
Industry Group and Year Q1 Q2 Q3 Q4
(million dollars)
All manufacturing:
1992 ............................ 704,550 718,085 729,656 737,181
1993 ............................ 743,858 751,006 753,389 766,518
1994 ............................ 784,843 802,547 825,532 841,608
1995 ............................ 871,954 871,634 884,403 899,661
1996 ............................ 914,683 930,944 950,373 960,110
1997 ............................ 965,024 970,092 991,078
All nondurable manufacturing:
1992 ............................ 367,325 374,374 378,425 379,980
1993 ............................ 381,932 382,609 379,390 381,194
1994 ............................ 387,416 394,682 405,764 409,813
1995 ............................ 425,812 427,507 431,037 435,941
1996 ............................ 441,877 452,370 458,319 463,374
1997 ............................ 461,851 457,074 463,358
All durable manufacturing:
1992 ............................ 337,225 343,711 351,231 357,201
1993 ............................ 361,926 368,397 373,999 385,324
1994 ............................ 397,427 407,865 419,768 431,795
1995............................. 446,142 444,127 453,366 463,720
1996 ............................ 472,806 478,574 492,054 496,736
1997 ............................ 503,173 513,018 527,720
(1) Revised.
SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-3), U.S. Bureau of the Census, December 1997.
After-Tax Profits (1)
Industry Group and Year Q1 Q2 Q3 Q4
(million dollars)
All manufacturing:
1992 ............................ (42,466) 24,579 26,216 14,934
1993 ............................ 12,792 19,682 23,800 27,609
1994 ............................ 36,941 41,633 45,992 52,068
1995 ............................ 53,783 52,474 49,985 43,892
1996 ............................ 52,581 54,413 61,931 58,072
1997 ............................ 62,333 61,770 61,943
All nondurable manufacturing:
1992 ............................ (3,999) 18,365 17,303 15,169
1993 ............................ 12,855 15,535 12,065 15,722
1994 ............................ 19,243 20,207 23,155 26,295
1995 ............................ 26,427 28,614 28,597 21,600
1996 ............................ 28,747 28,727 33,563 29,306
1997 ............................ 34,297 31,048 32,256
All durable manufacturing:
1992 ............................ (38,467) 6,214 8,913 (235)
1993 ............................ (63) 4,147 11,735 11,887
1994 ............................ 17,698 21,426 22,837 25,773
1995 ............................ 27,356 23,860 21,388 22,292
1996 ............................ 23,834 25,686 28,368 28,766
1997 ............................ 28,036 30,722 29,687
(1) Revised.
SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-97-3), U.S. Bureau of the Census, December 1997.
Economic Indicator Release Schedule