ADVANCE DATA FROM THE QUARTERLY FINANCIAL REPORT FOR MANUFACTURING, MINING, AND TRADE CORPORATIONS--SECOND QUARTER 1993 (Except where noted, all figures in text and tables are not seasonally adjusted.) Sales and after-tax profits data 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 total nondurable manufacturing, are presented in Table 3. Data for individual manufacturing industries are not seasonally adjusted. Manufacturing corporations' seasonally adjusted after-tax profits averaged 3.2 cents per dollar of sales for the second quarter of 1993. This is an increase of 1.3 cents from the first quarter of 1993 which included significant nonrecurring charges against income explained below. The Commerce Department's Bureau of the Census also reported that on an unadjusted basis, after-tax profits for the second quarter averaged 3.3 cents per dollar of sales, up 1.4 cents from the preceding quarter, but down 0.8 cents from the same quarter in 1992. For the second quarter of 1993, manufacturers' seasonally adjusted after-tax profits were $23.8 billion, up $9.5 billion from last quarter. On an unadjusted basis, second quarter after-tax profits were $25.6 billion, up $11.8 billion from last quarter, but down $4.4 billion from the same quarter a year ago. Unadjusted durable manufacturers' reported after-tax profits of $9.4 billion, up $9.4 billion from the first quarter of 1993. Sharp upturns reported in most underlying durable industry categories more than offset a $7.0 billion loss in machinery due to restructuring. Stone, clay, and glass, primary metals, and motor vehicles all improved from net losses last quarter. Marked improvements in profits were also reported by fabricated metals, electrical machinery, instruments, lumber and wood products, and miscellaneous manufacturing. Most of the improvement for these industries was due to the absence of nonrecurring charges against income reported in the first quarter. Those charges reflected the cumulative effect of a change in accounting principle, namely the adoption of Financial Accounting Standards Board (FASB) Statements 106 and 109. Aircraft, and furniture and fixtures were flat. When compared to the same quarter in 1992, total durables were down $1.8 billion, or 15.9 percent, with the decrease being chiefly attributable to the $8.2 billion decline in machinery profits. Nonferrous metals also reported a decrease. Stone, clay, and glass, electrical machinery, and motor vehicles posted sharp increases over second quarter 1992. Also improving significantly were iron and steel, aircraft, instruments, lumber and wood products, and furniture and fixtures. Fabricated metals and miscellaneous manufacturing were flat. Unadjusted after-tax profits for nondurable manufacturers were up $2.3 billion, or 17.0 percent when compared to last quarter. As with durables, most of the improvement can be traced to the inclusion in the first quarter of significant charges related to the adoption of FASB Statements 106 and 109. Food, textiles, printing, and rubber all reported significant increases in after-tax profits. The chemicals and allied products group reported mixed results with industrial chemicals up 30.3 percent, drugs down 15.8 percent, and the residual chemical category down markedly due to restructuring and FASB 106 charges. Apparel also reported slightly lower profits; paper and petroleum were up. When compared to the same quarter in 1992, nondurable manufacturers' profits were down $2.7 billion, or 14.1 percent, with the underlying industry categories showing mixed results. Petroleum's increase of $1.0 billion, or almost 50.0 percent, and increases in apparel and rubber could not overcome the $3.0 billion drop in residual chemicals caused by significant nonrecurring charges this quarter. Decreases in profits were also reported by food and paper. Textiles, printing, industrial checmicals, and drugs were flat. Manufacturers' seasonally adjusted sales in the second quarter of 1993 were $751.2 billion, up $14.2 billion, or 1.9 percent from the first quarter of 1993. On an unadjusted basis, sales were $766.7 billion, up $48.9 billion, or 6.8 percent from last quarter, and up $33.1 billion, or 4.5 percent from the second quarter in 1992. Unadjusted sales at the all nondurable manufacturing level were up $17.5 billion, or 4.8 percent, on a quarter-to-quarter basis, with all the underlying nondurable industry categories improving, except drugs which was flat. On a same quarter a year ago basis, nondurable manufacturers' sales were up $8.3 billion or 2.2 percent with the underlying nondurable categories improving, except for residual of chemicals, petroleum, and rubber which showed slight decreases. Durable manufacturers' unadjusted sales were up $31.4 billion or 9.0 percent when compared to the first quarter of 1993, with all the underlying durable industry categories improving. Machinery posted the largest sales increase, $7.2 billion, while stone, clay, and glass, iron and steel, aircraft, lumber and wood products, and miscellaneous manufacturing all reported increases of 10 percent or more. When compared to the same quarter last year, durable manufacturers' sales were up $24.8 billion or 7.0 percent. Motor vehicles rose sharply, up $9.7 billion or 16.7 percent. Also showing notable increases were machinery and electrical machinery, up $6.3 and $5.4 billion respectively. Stone, clay, and glass, iron and steel, and other durable goods also improved. Nonferrous metals was down, while fabricated metals and aircraft showed little change. The annual rate of return (after taxes) on stockholders' equity for manufacturing corporations was 9.8 percent compared to 5.4 percent last quarter and 11.6 percent for the same quarter last year. Also included in this release are second quarter 1993 data for large mining and wholesale corporations. These advance data, based on quarterly financial reports from about 8,650 corporations, were released today from the Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--Second Quarter 1993 (QFR-93-2). 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. Third quarter 1993 advance data are scheduled for release on December 13, 1993. NOTES: This quarter's publication contains data revised due to the reclassification of corporations by industry. These changes are in addition to the usual revisions included in each publication that reflect respondents' corrections of submitted data subsequent to original publication. Schedule of Advance Data Release Dates--1993 Quarter Manufacturing, Mining, and Wholesale Trade Retail Trade Second 1993 October 13, 1993 Third 1993 December 13, 1993 SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-93-2, September 1993. 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 5.25 inch flexible diskettes single- or double-sided, 8 or 9 sectors per track format. The cost of an annual subscription (four quarterly issues) is $96; $60 for the first diskette and $12 for each additional diskette. Questions concerning this report should be directed to Ronald Lee on (301) 763-4270 or Frank Hartman on (301) 763-4274. TABLE 1. PART A--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS Seasonally Adjusted 2Q 1Q 2Q 1993 1993(1) 1992(1) Rate of return (after taxes): Cents per dollar of sales ................ 3.2 1.9 3.9 Percent on equity (annual rate) .......... NA NA NA (million dollars) Net sales ................................. 751,240 737,043 719,020 Income after income taxes ................ 23,800 14,252 27,916 Dividends paid (cash) .................... NA NA NA -------------------------------------------------------------------------- TABLE 1. PART B--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS Unadjusted 2Q 1Q 2Q 1993 1993(1) 1992(1) Rate of return (after taxes): Cents per dollar of sales ................ 3.3 1.9 4.1 Percent on equity (annual rate) .......... 9.8 5.4 11.6 (million dollars) Net Sales.................................. 766,717 717,774 733,622 Income after income taxes ................ 25,563 13,774 30,005 Dividends paid (cash) .................... 16,938 16,111 15,533 (1) Revised. ------------------------------------------------------------------------- TABLE 2. PART A--SALES AND PROFITS OF CORPORATIONS ENGAGED IN MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED Sales 2Q 1Q 2Q Industry Group 1993 1993(1) 1992(1) (million dollars) All manufacturing corporations ............ 766,717 717,774 733,622 Nondurable goods .......................... 385,941 368,405 377,677 Food and tobacco......................... 105,973 102,383 103,519 Textiles ................................ 16,291 15,285 15,484 Apparel(2)............................... 18,600 17,298 16,537 Paper ................................... 33,187 31,865 31,845 Printing ................................ 38,328 36,737 37,130 Chemicals ............................... 81,995 78,071 80,252 Industrial chemicals and synthetics(3).. 31,592 29,974 31,105 Drugs(3) ............................... 19,519 19,579 17,880 Residual of chemicals(3)(4)............. 30,884 28,518 31,266 Petroleum ............................... 69,212 65,350 70,036 Rubber .................................. 22,355 21,416 22,873 Durable goods ............................. 380,776 349,368 355,945 Stone, clay, and glass .................. 14,197 11,182 13,436 Primary metals .......................... 29,485 28,023 30,008 Iron and steel(3) ...................... 13,992 12,731 13,094 Nonferrous metals(3).................... 15,493 15,292 16,914 Fabricated metals ....................... 34,421 31,886 34,322 Machinery ............................... 74,599 67,421 68,300 Electrical machinery .................... 62,354 57,840 56,975 Transportation Equipment ................ 106,568 98,213 96,997 Motor vehicles and equipment(3) ........ 68,008 63,461 58,290 Aircraft, guided missiles, and parts(3). 34,460 30,594 34,675 Instruments ............................. 28,633 26,987 27,430 Other durable goods ..................... 30,519 27,816 28,477 Lumber and wood products(4) ............ 12,777 11,240 11,631 Furniture and fixtures(4) .............. 9,229 9,086 8,626 Miscellaneous manufacturing(4) ......... 8,513 7,490 8,220 Mining(5) ................................. 10,210 10,124 9,395 Wholesale trade(5) ........................ 193,786 188,942 183,815 Retail trade(5) ........................... NA 179,199 178,375 (1)Revised. (2)Includes leather industry (previously titled "Other Nondurables"). (3)Included in major industry above. (4)Not previously published. (5)Mining and trade data are quarterly results of companies in those divisions drawn into the sample in the fall of 1992 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-93-2, September 1993. 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 5.25 inch flexible diskettes single- or double-sided, 8 or 9 sectors per track format. The cost of an annual subscription (four quarterly issues) is $96; $60 for the first diskette and $12 for each additional diskette. Questions concerning this report should be directed to Ronald Lee on (301) 763-4270 or Frank Hartman on (301) 763-4274. ------------------------------------------------------------------------ TABLE 2. PART B--SALES AND PROFITS OF CORPORATIONS ENGAGED IN MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED After-Tax Profits 2Q 1Q 2Q Industry Group 1993 1993(1) 1992(1) (million dollars) All manufacturing corporations ............ 25,563 13,774 30,005 Nondurable goods .......................... 16,190 13,841 18,854 Food and tobacco ........................ 5,030 3,500 5,948 Textiles ................................ 596 229 568 Apparel(2) .............................. 578 646 443 Paper ................................... 814 686 869 Printing ................................ 1,632 1,010 1,691 Chemicals ............................... 3,202 4,465 6,229 Industrial chemicals and synthetics(3).. 2,037 1,563 1,965 Drugs(3) ............................... 2,592 3,078 2,696 Residual of chemicals(3)(4)............. (1,427) (176) 1,568 Petroleum ............................... 3,296 2,755 2,204 Rubber .................................. 1,042 549 902 Durable goods ............................. 9,374 (67) 11,151 Stone, clay, and glass .................. 1,502 (737) 519 Primary metals .......................... 949 (1,409) 691 Iron and steel(3) ...................... 687 (680) 259 Nonferrous metals(3) ................... 263 (792) 432 Fabricated metals ....................... 1,612 800 1,628 Machinery ............................... (7,039) (108) 1,157 Electrical machinery .................... 4,048 2,090 2,930 Transportation equipment ................ 4,233 (1,757) 1,132 Motor vehicles and equipment(3) ........ 2,626 (3,293) (72) Aircraft, guided missiles, and parts(3). 1,379 1,432 1,077 Instruments ............................. 2,596 18 1,988 Other durable goods ..................... 1,472 1,035 1,106 Lumber and wood products(4) ............ 754 542 462 Furniture and fixtures(4) .............. 344 342 260 Miscellaneous manufacturing(4).......... 373 152 384 Mining(5) ................................. 764 351 142 Wholesale trade(5) ........................ 2,407 709 1,470 Retail trade(5) ........................... NA 1,509 2,411 (1)Revised. (2)Includes leather industry (previosly titled "Other Nondurables"). (3)Included in major industry above. (4)Not previously published. (5)Mining and trade data are quarterly results of companies in those divisions drawn into the sample in the fall of 1992 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-93-2, September 1993. 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 5.25 inch flexible diskettes single- or double-sided, 8 or 9 sectors per track format. The cost of an annual subscription (four quarterly issues) is $96; $60 for the first diskette and $12 for each additional diskette. Questions concerning this report should be directed to Ronald Lee on (301) 763-4270 or Frank Hartman on (301) 763-4274. ------------------------------------------------------------------------- TABLE 3. PART A--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS--SEASONALLY ADJUSTED Net Sales Industry Group and Year Q1 Q2 Q3 Q4 (million dollars) All manufacturing: 1989 ............................ 683,501 693,660 686,471 681,597 1990 ............................ 689,280 692,563 709,655 719,015 1991 ............................ 672,453 684,968 703,056 700,340 1992r............................ 697,626 719,020 734,488 738,579 1993r............................ 737,043 751,240 All nondurable manufacturing: 1989 ............................ 341,641 351,879 347,603 347,208 1990 ............................ 353,170 350,135 366,087 383,808 1991 ............................ 358,895 360,630 369,284 368,148 1992r............................ 361,934 374,680 382,237 381,189 1993r............................ 376,461 382,878 All durable manufacturing: 1989 ............................ 341,859 341,781 338,868 334,389 1990 ............................ 336,111 342,428 343,568 335,207 1991 ............................ 313,557 324,338 333,772 332,192 1992r............................ 335,692 344,341 352,251 357,391 1993r............................ 360,582 368,362 ------------------------------------------------------------------------- TABLE 3. PART B--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS--SEASONALLY ADJUSTED After-Tax Profits Industry Group and Year Q1 Q2 Q3 Q4 (million dollars) All manufacturing: 1989 ............................ 39,769 33,625 33,789 29,229 1990 ............................ 29,498 32,375 29,645 19,219 1991 ............................ 18,937 21,589 17,277 8,598 1992r............................(47,409) 27,916 28,106 10,660 1993r............................ 14,252 23,800 All nondurable manufacturing: 1989 ............................ 22,580 19,391 19,123 19,560 1990 ............................ 16,824 18,989 19,720 14,893 1991 ............................ 17,382 15,075 16,099 11,518 1992r............................ (4,095) 18,400 18,716 14,020 1993r............................ 14,324 15,800 All durable manufacturing: 1989 ............................ 17,189 14,234 14,667 9,669 1990 ............................ 12,675 13,386 9,925 4,325 1991 ............................ 1,555 6,514 1,179 (2,920) 1992r............................(43,314) 9,517 9,390 (3,361) 1993r............................ (72) 8,000 rRevised SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-93-2, September 1993. 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 5.25 inch flexible diskettes single- or double-sided, 8 or 9 sectors per track format. The cost of an annual subscription (four quarterly issues) is $96; $60 for the first diskette and $12 for each additional diskette. Questions concerning this report should be directed to Ronald Lee on (301) 763-4270 or Frank Hartman on (301) 763-4274. -----------------------------------------------------------------------------