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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--FIRST QUARTER 1996
June 1996-------------------Released 10A.M. EDT, June 17, 1996 (CB-96-93)
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
5.8 cents per dollar of sales for the first quarter of 1996, up 0.8
(+/-0.20) cents from the fourth quarter of 1995. The Commerce Department`s
Bureau of the Census also reported that on an unadjusted basis, after-tax
profits for the first quarter averaged 5.9 cents per dollar of sales, up 1.5
(+/-0.20) cents from the preceding quarter, but down 0.3 (+/-0.16) cents from
the same quarter in 1995.
For the first quarter of 1996, manufacturers` seasonally adjusted after-tax
profits were $52.8 billion, up $8.2 (+/-1.0) billion from last quarter. On
an unadjusted basis, first quarter after-tax profits were $51.8 billion,
up $12.1 (+/-1.0) billion from last quarter, but showing no significant
change from the same quarter a year ago.
Unadjusted durable manufacturers` after-tax profits for the first quarter
of 1996 were $23.7 billion, up $4.5 billion or 23.5 percent (+/-4.2%) when
compared to the fourth quarter of 1995. The underlying industry
categories showed mixed results. Fabricated metals, instruments, and
aircraft reported sharp increases. Fabricated metals` increase of $2.6
(+/-0.6) billion was due principally to higher operating profits and the
absence of significant nonrecurring charges reported last quarter.
Instruments` $1.5 (+/-0.2) billion increase was a result of higher operating
profits, the absence of significant nonrecurring charges reported last
quarter, and improved foreign equity earnings. Aircraft`s $0.9 (+/-0.04)
billion upturn was due chiefly to the improved operating profits.
Electrical machinery, iron and steel, and motor vehicles reported decreases
for the quarter due largely to lower operating profits. When compared to
the first quarter of 1995, total durables were down $2.4 (+/-0.6) billion
from that quarter`s after-tax profit of $26.1 billion, with the underlying
industries showing mixed results. Motor vehicles and machinery reported
the largest decreases. Motor vehicles` $1.6 (+/-0.1) billion drop was due
primarily to lower operating profits. Machinery`s $1.1 (+/-0.3) billion
decline was a result of lower operating profits, decreased foreign equity
earnings, and the inclusion of significant nonrecurring charges.
Instruments, iron and steel, nonferrous metals, and lumber and wood also
were down. Electrical machinery, stone, clay, and glass, and fabricated
metals reported improvements in earnings over the same quarter last year.
Unadjusted nondurable manufacturers` after-tax profits for the first
quarter of 1996 were $28.1 billion, up $7.6 billion or 36.9 percent
(+/-5.0%) when compared to the fourth quarter of 1995. All underlying
industry categories reported increases, except paper and apparel.
Petroleum and industrial chemicals led the group with increases of $3.4
(+/-0.04) and $2.6 (+/-0.1) billion, respectively, due chiefly to improved
profits and the absence of substantial nonrecurring charges reported last
quarter. When compared to the same quarter in 1995, nondurable
manufacturers` profits were up $1.7 billion or 6.5 percent (+/-1.7%). The
underlying industry categories showed mixed results. Petroleum and drugs
were up. Petroleum`s $2.0 (+/-0.04) billion increase was primarily due to
improvements in operating profits and equity earnings of foreign
subsidiaries. Textiles, apparel, paper, and industrial chemicals were
down.
Manufacturers` seasonally adjusted sales for the first quarter of
1996 were $905.4 billion, up $9.9 billion or 1.1 percent (+/-0.8%) from last
quarter. On an unadjusted basis, sales were $880.9 billion, down $27.3
billion or 3.0 percent (+/-0.8%) from last quarter, but up $37.8 billion or
4.5 percent (+/-0.9%) from the first quarter of 1995.
Seasonally adjusted sales at the nondurable level were $443.1 billion, up
$6.8 billion or 1.6 percent (+/-1.0%) from last quarter. Seasonally adjusted
durable manufacturers` sales were $462.4 billion, up $3.2 billion or 0.7
percent (+/-1.3%) from last quarter. Unadjusted sales at the nondurable
manufacturing level were $430.0 billion, down $11.0 billion or 2.5 percent
(+/-1.0%) from last quarter, but up $18.5 billion or 4.5 percent (+/-1.0%)
from the first quarter of 1995. Unadjusted durable manufacturers` sales
were $450.9 billion, down $16.2 billion or 3.5 percent (+/-1.3%) when
compared to the fourth quarter of 1995. On a same quarter a year ago
basis, durable manufacturers` sales were up $19.3 billion or 4.5 percent
(+/-1.2%).
Also included in this release are first quarter 1996 data for large mining
and wholesale trade corporations.
These advance data, based on quarterly financial reports from about 7,900
corporations, were released today from the Quarterly Financial Report for
Manufacturing, Mining, and Trade Corporations--First Quarter 1996
(QFR-96-1). 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. 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 $24 and a single copy is $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.
Second quarter 1996 advance data are scheduled for release on
September 13, 1996.
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.
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
through the Census Bureau`s on-line information service--CENDATA.
Further information about accessing CENDATA can be obtained from Dialog
Information Services, Inc. (1-800-334-2564) and CompuServe
(1-800-848-8199). The CENDATA staff at the Bureau of the Census
(301-457-1214) can provide content information and general guidance. The
release is also available on the Internet at this address:
(http://www.census.gov/ftp/pub/csd/www/qfr.html).
TABLE 1. PART A--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING
CORPORATION
Seasonally Adjusted
1Q 4Q* 1Q*
1996 1995(1) 1995(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 5.8 5.0 6.2
Percent on equity (annual rate) .......... NA NA NA
(million dollars)
Net Sales.................................. 905,426 895,491 868,029
Income after income taxes ................ 52,806 44,611 53,697
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 first quarter of
1995 has been restated to reflect this change.
(1) Revised.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-96-1, June 1996.
TABLE 1. PART B--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING
CORPORATIONS
Unadjusted
1Q 4Q* 1Q*
1996 1995(1) 1995(1)
Rate of return (after taxes):
Cents per dollar of sales ................ 5.9 4.4 6.2
Percent on equity (annual rate) .......... 16.0 12.5 17.6
(million dollars)
Net Sales.................................. 880,879 908,145 843,044
Income after income taxes ................ 51,846 39,751 52,534
Dividends paid (cash) .................... 19,328 20,964 18,292
* 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 first quarter of
1995 has been restated to reflect this change.
(1) Revised.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-96-1, June 1996.
TABLE 2. PART A--SALES AND PROFITS OF CORPORATIONS ENGAGED IN
MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED
Sales
1Q 4Q* 1Q*
Industry Group 1996 1995(1) 1995(1)
(million dollars)
All manufacturing corporations ............ 880,879 908,145 843,044
Nondurable goods .......................... 429,966 440,992 411,478
Food and tobacco......................... 116,198 120,608 108,726
Textiles ................................ 15,907 16,665 16,090
Apparel(2) .............................. 15,404 17,619 17,172
Paper ................................... 39,225 42,297 40,315
Printing ................................ 41,781 44,332 38,779
Chemicals ............................... 97,762 97,950 95,121
Industrial chemicals and synthetics(3).. 38,646 38,252 39,295
Drugs(3) ............................... 26,685 26,864 24,611
Residual of chemicals(3)................ 32,430 32,835 31,215
Petroleum ............................... 75,415 72,950 68,622
Rubber .................................. 28,274 28,571 26,652
Durable goods ............................. 450,913 467,153 431,566
Stone, clay, and glass .................. 14,324 15,556 13,140
Primary metals .......................... 35,430 36,060 37,014
Iron and steel(3) ...................... 16,131 15,913 17,431
Nonferrous metals(3).................... 19,299 20,147 19,583
Fabricated metals ....................... 41,723 41,016 39,997
Machinery ............................... 93,052 96,471 86,106
Electrical machinery .................... 80,675 86,783 69,059
Transportation Equipment ................ 116,523 120,294 120,395
Motor vehicles and equipment(3) ........ 80,036 83,018 83,300
Aircraft, guided missiles, and parts(3). 29,767 31,196 30,088
Instruments ............................. 33,731 35,247 31,842
Other durable goods ..................... 35,457 35,726 34,013
Lumber and wood products(3) ............ 15,257 14,811 14,622
Furniture and fixtures(3) .............. 11,594 11,768 11,041
Miscellaneous manufacturing(3) ......... 8,606 9,147 8,349
Mining(4) ................................. 12,644 12,659 10,597
Wholesale trade(4) ........................ 251,575 254,588 226,806
Retail trade(4) ........................... NA 260,241 208,398
* 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 first quarter of
1995 has 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-96-1, June 1996.
TABLE 2. PART B--SALES AND PROFITS OF CORPORATIONS ENGAGED IN
MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED
Operating Profits*
1Q 4Q** 1Q**
Industry Group 1996 1995(1) 1995(1)
(million dollars)
All manufacturing corporations ............ 61,305 58,406 64,792
Nondurable goods .......................... 34,688 33,935 34,294
Food and tobacco......................... 8,427 9,344 8,621
Textiles ................................ 804 582 940
Apparel(2) .............................. 547 664 874
Paper ................................... 4,103 4,964 4,761
Printing ................................ 3,321 3,804 3,197
Chemicals ............................... 10,565 9,397 10,743
Industrial chemicals and synthetics(3).. 4,425 2,874 4,610
Drugs(3) ............................... 2,649 3,015 2,990
Residual of chemicals(3)................ 3,491 3,508 3,144
Petroleum ............................... 4,915 3,724 3,354
Rubber .................................. 2,006 1,455 1,803
Durable goods ............................. 26,617 24,471 30,498
Stone, clay, and glass .................. 726 1,252 845
Primary metals .......................... 2,037 2,234 3,188
Iron and steel(3) ...................... 644 793 1,385
Nonferrous metals(3).................... 1,393 1,442 1,802
Fabricated metals ....................... 3,190 2,573 2,939
Machinery ............................... 4,228 2,658 4,464
Electrical machinery .................... 6,744 7,977 6,848
Transportation Equipment ................ 4,702 3,304 6,793
Motor vehicles and equipment(3) ........ 2,006 2,630 4,382
Aircraft, guided missiles, and parts(3). 2,212 344 1,929
Instruments ............................. 2,969 2,653 3,265
Other durable goods ..................... 2,021 1,819 2,156
Lumber and wood products(3) ............ 674 570 912
Furniture and fixtures(3) .............. 644 623 643
Miscellaneous manufacturing(3) ......... 703 626 601
Mining(4) ................................. 1,392 1,154 569
Wholesale trade(4) ........................ 5,492 5,615 4,918
Retail trade(4) ........................... NA 13,156 6,878
*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 first quarter of
1995 has 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-96-1, June 1996.
TABLE 2. PART C--SALES AND PROFITS OF CORPORATIONS ENGAGED IN
MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED
After-Tax Profits
1Q 4Q* 1Q*
Industry Group 1996 1995(1) 1995(1)
(million dollars)
All manufacturing corporations ............ 51,846 39,751 52,534
Nondurable goods .......................... 28,132 20,545 26,409
Food and tobacco ........................ 6,059 5,765 5,883
Textiles ................................ 204 (38) 340
Apparel(2) .............................. 195 480 404
Paper ................................... 2,282 2,763 2,481
Printing ................................ 3,250 2,626 3,484
Chemicals ............................... 9,465 6,094 9,245
Industrial chemicals and synthetics(3).. 3,446 810 3,574
Drugs(3) ............................... 3,568 3,205 3,333
Residual of chemicals(3)................ 2,451 2,079 2,338
Petroleum ............................... 5,395 2,012 3,381
Rubber .................................. 1,283 842 1,192
Durable goods ............................. 23,714 19,206 26,124
Stone, clay, and glass .................. 799 621 253
Primary metals .......................... 1,328 1,623 2,429
Iron and steel(3) ...................... 196 494 845
Nonferrous metals(3) ................... 1,132 1,129 1,585
Fabricated metals ....................... 2,241 (381) 1,813
Machinery ............................... 3,574 3,326 4,719
Electrical machinery .................... 6,248 7,169 5,565
Transportation equipment ................ 5,677 4,503 6,614
Motor vehicles and equipment(3) ........ 3,413 3,560 5,030
Aircraft, guided missiles, and parts(3). 1,586 668 1,243
Instruments ............................. 2,644 1,102 3,471
Other durable goods ..................... 1,202 1,244 1,260
Lumber and wood products(3) ............ 379 371 623
Furniture and fixtures(3) .............. 360 325 296
Miscellaneous manufacturing(3) ......... 463 549 341
Mining(4) ................................. 759 528 244
Wholesale trade(4) ........................ 3,655 3,100 2,594
Retail trade(4) ........................... NA 4,567 3,201
* 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 first quarter of
1995 has 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-96-1, June 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 ............................ 678,387 684,739 699,784 697,496
1992 ............................ 703,939 719,032 730,907 735,837
1993 ............................ 742,719 752,308 754,277 765,977
1994 ............................ 782,813 804,091 825,965 842,823
1995 ............................ 868,029 872,629 881,463 895,491
1996 ............................ 905,426
All nondurable manufacturing:
1991 ............................ 362,179 361,126 366,716 366,562
1992 ............................ 366,016 375,004 379,193 379,790
1993 ............................ 380,838 383,195 379,762 381,328
1994 ............................ 386,584 394,696 406,076 410,736
1995 ............................ 424,726 428,468 430,408 436,309
1996 ............................ 443,072
All durable manufacturing:
1991 ............................ 316,208 323,613 333,068 330,934
1992 ............................ 337,923 344,028 351,714 356,047
1993 ............................ 361,881 369,113 374,515 384,649
1994............................. 396,229 409,395 419,889 432,087
1995 ............................ 443,303 444,161 451,055 459,182
1996 ............................ 462,354
* 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 first quarter of
1995 has been restated to reflect this change.
(1)Revised.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-96-1, June 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 ............................ 19,826 17,863 16,010 13,905
1992 ............................ (42,439) 24,276 26,345 15,148
1993 ............................ 12,793 19,206 24,072 27,886
1994 ............................ 36,908 40,966 46,450 52,376
1995 ............................ 53,697 51,467 50,550 44,611
1996 ............................ 52,806
All nondurable manufacturing:
1991 ............................ 16,890 14,705 15,076 13,424
1992 ............................ (3,859) 18,042 17,480 15,211
1993 ............................ 13,027 15,022 12,350 15,831
1994 ............................ 19,462 19,441 23,588 26,450
1995 ............................ 26,707 27,510 28,489 21,679
1996 ............................ 28,453
All durable manufacturing:
1991 ............................ 2,936 3,158 934 481
1992 ............................ (38,580) 6,234 8,865 (63)
1993 ............................ (234) 4,184 11,722 12,055
1994 ............................ 17,446 21,525 22,862 25,926
1995 ............................ 26,990 23,957 22,061 22,932
1996 ............................ 24,353
* 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 first quarter of 1995
has been restated to reflect this change.
(1)Revised
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-96-1, June 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.