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NOTE: Effective fourth quarter 2000, data in this release are presented on the North American Industry Classification System (NAICS) basis. Data prior to fourth quarter 2000 are presented on the Standard Industrial Classification (SIC) system basis. Comparison of NAICS data to SIC data in this release (Table 3) are useful only for trend analysis. For additional information on QFR publication visit our website at http://www.census.gov/csd/qfr/. |
Manufacturing corporations' seasonally adjusted after-tax profits for the first quarter of 2002 were $24.5 billion, up $15.2 (+/-1.4) billion from the fourth quarter 2001, the Commerce Department's Census Bureau reported. This is the first increase in profits since the second quarter last year. Profits for the quarter were up $27.3 (+/-0.4) billion from a loss of $2.8 billion in first quarter of 2001, but remain significantly below the $70 billion levels of early 2000. Profits per dollar of sales at 2.4 cents showed the first increase since the second quarter 2001 when the ratio was 1.6 cents. Profits of nondurable manufacturers, however, continue to offset losses by durable manufacturers.
First quarter 2002 sales of manufacturers at $1,035.3 billion showed no significant change from the prior quarter, following three consecutive quarterly declines. Sales were down $79.1 (+/-8.6) billion from first quarter 2001.
Durable Goods Manufacturers: Durable goods manufacturers recorded their fifth consecutive quarterly after-tax loss. However, the $1.2 billion loss this quarter was significantly less than those in the prior four quarters. Sales for this quarter were $570.6 billion, with losses averaging 0.2 cents per dollar of sales for the quarter, 1.8 cents in the fourth quarter 2001, 2.7 cents in the third quarter, 2.8 cents in the second quarter, and 5.7 cents in the first quarter.
Nondurable Goods Manufacturers: Nondurable goods manufacturers' first quarter 2002 after-tax profits were $25.8 billion, up from the $19.3 billion in the previous quarter, and down $5.8 (+/-0.7) billion from the first quarter 2001. Sales were $464.6 billion, with profits averaging 5.5 cents per dollar of sales, up 1.4 (+/-0.1) cents from the previous quarter, and down 0.7 (+/-0.1) cents from the first quarter 2001.
Manufacturing corporations' unadjusted after-tax profits in the first quarter 2002 were $27.8 billion, up $27.9 (+/-0.4) billion from $0.2 billion loss in the first quarter a year ago. Sales at $1,005.0 billion were down $77.2 (+/-8.6) billion from the same quarter a year ago. Profits averaged 2.8 cents per dollar of sales compared to 0.0 cents a year earlier.
Durable Goods Manufacturers: Durable goods manufacturers had a profit of $2.2 billion in the first quarter 2002 compared to a $31.6 billion loss in the first quarter 2001. The improvement in after-tax profit in first quarter 2002 was due to lower nonrecurring charges in first quarter 2002 than in first quarter 2001. Six of the ten durable goods categories posted after-tax profits. Electrical equipment, appliances, and components had a $4.7 billion profit. Miscellaneous manufacturing had a profit of $1.9, and transportation equipment and fabricated metals products $1.6 billion each.
Offsetting these gains were losses of $6.9 billion in computer and electronic products and $1.6 billion in machinery products.
First quarter 2002 sales of durable manufacturers, at $554.7 billion, were down $36.9 (+/-6.6) billion or 6.2 (+/-1.1) percent from a year earlier. Profits for the current quarter averaged 0.4 cents per dollar of sales.
When compared to the fourth quarter 2001 after-tax loss of $13.6 billion, durable manufacturers after-tax profits rose $15.8 (+/-0.2) billion in the first quarter 2001, about a third of which ($5.7 billion) came from motor vehicles and parts, and $3.1 billion from computer and electronics.
Nondurable Goods Manufacturers: Nondurable goods manufacturers after-tax profits were down $5.9 (+/-0.7) billion from the $31.6 billion recorded in the first quarter 2001. An $8.7(+/-0.1) billion decline in petroleum and coal products resulting from lower operating profits and equity income was partially offset by $1.2 (+/-0.2) billion in beverage and tobacco products due to higher operating income.
First quarter 2002 sales of $450.3 billion, were down $40.4 (+/-5.5) billion from last year. Profits averaged 5.7 cents per dollar of sales compared to 6.4 cents a year ago.
When compared to fourth quarter of 2001 after-tax profit of $16.8 billion, nondurable goods manufacturers after-tax profits were up $8.7(+/-0.7) billion with petroleum, paper products, beverage and tobacco each accounting for over $2.0 billion.
Mining Corporations:. First quarter 2002 after-tax profits of large mining corporations with assets of $50 million and over were reported at $1.0 billion, compared to a profit of $5.9 billion same quarter a year ago. Sales for these mining corporations for the first quarter 2002 were $18.6 billion, down $15.8 (+/-0.4) billion from the same quarter a year ago. After-tax profit per dollar of sales averaged 5.1 cents compared to 17.3 cents profits per dollar of sales in the first quarter 2001.
Wholesale Trade Corporations: First quarter 2002 after-tax profits of large wholesale corporations with assets of $50 million and over were $3.5 billion, up $1.3 (+/-0.3) billion from the first quarter 2001. Sales for these wholesalers were $291.4 billion, down $24.3 (+/-4.5) billion from the same quarter a year ago. After-tax profits per dollar of sales averaged 1.2 cents compared to 0.7 cents in the first quarter 2001.
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 2002 (QFR-02-1). 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, P.O. Box 371954, Pittsburgh, PA 15250-7954 (202-512-1800). The cost for an annual subscription is $39 domestic and $48.75 foreign. Remittances from foreign countries must be by international money order or by draft on a U.S. bank. Second quarter 2002 advance data are scheduled for release on September 13, 2002.
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.
The complete report, Quarterly Financial Report for Manufacturing,
Mining and Trade Corporations, is available for download,
under "Products: Publication", at
<http://www.census.gov/csd/qfr/>.
This press release is available in
page image format (.pdf).
This press release is available on the day of issue on the
Internet (http://www.census.gov/csd/www/qfr.html).
Questions regarding this report (or program) should be directed to
Ronald B. Horton (301) 457-3343 or Frank Hartman (301) 457-3379.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-1, June 2002. U.S. Census Bureau, June 2002.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-1, June 2002. U.S. Census Bureau, June 2002.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-1, June 2002. U.S. Census Bureau, June 2002.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-1, June 2002. U.S. Census Bureau, June 2002.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-1, June 2002. U.S. Census Bureau, June 2002.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-1, June 2002. U.S. Census Bureau, June 2002.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade
Corporations--QFR-02-1, June 2002. U.S. Census Bureau, June 2002.
The publication becomes available for sale approximately two weeks from the
date of this release from the Superintendent of Documents, P.O. Box 371954,
Pittsburgh, PA 15250-7954 (202-512-1800). The annual subscription rate is $34,
(foreign customers, $42.50 on an international money order or by draft on a
U.S. bank). Single publication copies are $10 and $12.50, respectively and
are available at the Bureau of the Census, (301) 457-4100.
Schedule of Advance Data Release Dates--2002
Conversion to the North American Industry Classification System
Effective fourth quarter 2000, data in this release are presented on the North American Industry Classification System (NAICS). Data prior to fourth quarter 2000 are presented on the Standard Industrial Classification (SIC) system.
There are major changes in how industries are defined, requiring the movement of many corporations to different industry categories. Nearly all published industry groupings have been affected by the conversion to NAICS. Major changes include the following:
• Publishing, part of SIC Manufacturing Major Group 27, has been deleted from the Manufacturing sector, and Eating and Drinking Places, SIC Retail Trade Major Group 58, (included in All Other Retail Trade in the SIC Publication) has been deleted from the Retail Trade sector. These industries have been moved to NAICS sectors outside of Manufacturing, Mining and Trade. Printing and Related Support Activities, the remainder of SIC 27, now comprises NAICS subsector 323.
• A new group has been created, NAICS subsector 334, Computer and Electronic Product Manufacturing. This group is primarily comprised of parts of SIC Major Groups 35 Machinery, Except Electrical; 36, Electrical and Electronic Equipment; and 38, Instruments and Related Products. The new group presents for the first time separate financial data for manufacturers of Computer and Peripheral Equipment, as well as for Communications Equipment.
• Most of the remainder of SIC Major Group 35, Machinery, Except Electrical, is now included in NAICS subsector 333, Machinery Manufacturing; and the remainder of SIC Major Group 36, Electrical and Electronic Equipment, is in NAICS subsector 335, Electrical Equipment, Appliance and Component Manufacturing.
• SIC Major Group 38, Instruments and Related Products, was reorganized with the major sections moving to NAICS subsector 334, Computer and Electronic Product Manufacturing; NAICS subsector 333, Machinery Manufacturing, and NAICS subsectore 339, Miscellaneous Manufacturing.
• Food Manufacturing, NAICS subsector 311, and Beverage and Tobacco products Manufacturing, NAICS subsector 312, previously combined on an SIC basis, are now published separately.
• NAICS subsector 331, Primary Metal Manufacturing, formerly SIC Major Group 33, has a new industry group, Foundries. Foundries was previously included in the SIC Ferrous and Non-Ferrous categories.
• A number of other NAICS groups, while largely consistent with their SIC counterparts, have small but noticeable changes due to the transfer of certain product lines from one group to another. Once example is NAICS subsector 336, Transportation Equipment Manufacturing, which includes products such as vehicle seating, lighting, and air-conditioning that were not part of SIC 37, Transportation Equipment.
• NAICS expands the definition of Manufacturing to include companies that perform the entrepreneurial functions of manufacturing, but contract out the actual making of the product. This includes companies contracting overseas for manufacturing their products. The operations of those foreign plants are not fully consolidated in the financial reports, but are reported on the equity or cost basis of accounting. This change resulted in the reclassification of a number of companies from Wholesale Trade in the SIC publication to Manufacturing in the NAICS publication.
For a comprehensive treatment of the SIC to NAICS Conversion, see the 1997 NAICS manual, or visit the NAICS Web site at http://www.census.gov/naics.
Questions concerning this advance report should be directed to
Contact:
Ronald B. Horton (301) 457-3343 or
Frank Hartman (301) 457-3379.
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Quarterly Financial Report
AVAILABILITY:
Seasonally Adjusted
1Q 4Q 1Q
2002 2001 2001
Rate of return (after taxes):
Cents per dollar of sales ................ 2.4 0.9 (0.3)
Percent on equity (annual rate) .......... NA NA NA
(million dollars)
Sales ....................................1,035,275 1,033,027 1,114,376
Income after income taxes ................ 24,538 9,343 (2,811)
Dividends paid (cash) .................... NA NA NA
*Some of the data in this table have been revised since first published.
Unadjusted
1Q 4Q 1Q
2002 2001 2001
Rate of return (after taxes):
Cents per dollar of sales ................ 2.8 0.3 0.0
Percent on equity (annual rate) .......... 6.1 0.7 (0.0)
(million dollars)
Sales ....................................1,004,993 1,041,475 1,082,233
Income after income taxes ................ 27,768 3,215 (172)
Dividends paid (cash) .................... 21,340 29,183 25,428
*Some of the data in this table have been revised since first published.
Sales
1Q 4Q 1Q
Industry Group 2002 2001 2001
(million dollars)
All manufacturing corporations(1)..........1,004,993 1,041,475 1,082,233
All nondurable goods....................... 450,263 474,627 490,619
Food..................................... 76,303 81,864 79,409
Beverage and tobbaco products............ 33,086 38,081 34,221
Textiles mills and textile product mills. 11,592 11,004 12,325
Apparel and leather products............. 21,453 22,521 23,129
Paper ................................... 37,069 37,671 40,680
Printing and related support activities.. 16,192 17,310 17,411
Petroleum and coal products.............. 97,338 106,636 118,006
Chemicals ............................... 127,373 129,141 133,720
Basic chemicals, resins, and
synthetics(2).......................... 36,300 35,149 43,671
Pharmaceuticals and medicines(2)........ 55,750 58,376 53,159
All other chemicals(2).................. 35,323 35,616 36,890
Plastics and rubber products............. 29,857 30,400 31,717
All durable manufacturing.................. 554,731 566,848 591,615
Wood products............................ 14,758 14,749 13,665
Nonmetallic mineral products............. 19,191 21,805 20,200
Primary metals........................... 33,156 32,603 37,307
Iron, steel, and ferroalloys(2)......... 13,491 13,379 14,533
Nonferrous metals(2).................... 14,224 13,977 18,002
Foundries(2)............................ 5,441 5,247 4,773
Fabricated metal products................ 47,947 47,744 50,067
Machinery ............................... 59,058 62,739 67,314
Computer and electronic products......... 114,944 118,314 143,589
Computer and peripheral equipment(2).... 38,824 39,837 43,563
Communications equipment(2)............. 22,888 23,937 33,534
All other electronic products(2)........ 53,232 54,540 66,492
Electrical equipment, appliances and
components.............................. 45,331 44,359 46,324
Transportation equipment ................ 181,319 184,549 175,062
Motor vehicles and parts(2)............. 133,305 129,643 126,898
Aerospace products and parts(2)......... 39,875 45,092 37,960
Furniture and related products........... 14,478 14,609 14,929
Miscellaneous manufacturing.............. 24,549 25,376 23,157
All mining(1).............................. 18,593 21,097 34,380
All wholesale trade(1)..................... 291,425 300,335 315,767
All retail trade(1)........................ NA 375,400 318,014
*Some of the data in this table have been revised since first published.
(1)Mining and trade data are the quarterly results of companies in those
divisions with assets over $50 million; whereas, data for
manufacturing corporations represent the quarterly results of
companies with assets over $250,000.
(2)Included in major industry above.
Operating Profits*
1Q 4Q 1Q
Industry Group 2002 2001 2001
(million dollars)
All manufacturing corporations(1).......... 46,166 27,820 51,892
All nondurable goods....................... 32,633 25,945 36,992
Food..................................... 5,236 5,490 4,683
Beverage and tobbaco products............ 6,451 5,918 4,398
Textiles mills and textile product mills. 496 440 632
Apparel and leather products............. 1,475 839 1,550
Paper ................................... 2,035 1,738 2,615
Printing and related support activities.. 765 577 888
Petroleum and coal products.............. 1,763 2,008 11,294
Chemicals ............................... 12,630 8,293 9,439
Basic chemicals, resins, and
synthetics(2).......................... 1,373 238 (437)
Pharmaceuticals and medicines(2)........ 8,194 5,863 7,130
All other chemicals(2).................. 3,063 2,192 2,745
Plastics and rubber products............. 1,780 641 1,494
All durable manufacturing.................. 13,533 1,875 14,900
Wood products............................ 445 30 49
Nonmetallic mineral products............. 611 790 958
Primary metals........................... 387 (255) 348
Iron, steel, and ferroalloys(2)......... (265) (360) (568)
Nonferrous metals(2).................... 456 43 713
Foundries(2)............................ 196 62 203
Fabricated metal products................ 3,283 1,822 3,618
Machinery ............................... 2,230 1,125 4,339
Computer and electronic products......... (4,740) (8,584) (4,569)
Computer and peripheral equipment(2).... (187) 231 948
Communications equipment(2)............. (4,575) (6,857) (8,778)
All other electronic products(2)........ 23 (1,957) 3,260
Electrical equipment, appliances and
components.............................. 5,010 4,145 4,717
Transportation equipment ................ 3,124 208 3,426
Motor vehicles and parts(2)............. (548) (2,802) (754)
Aerospace products and parts(2)......... 3,190 2,319 3,390
Furniture and related products........... 915 597 970
Miscellaneous manufacturing.............. 2,267 1,996 1,042
All mining(1).............................. 1,247 1,692 8,157
All wholesale trade(1)..................... 6,885 7,680 6,292
All retail trade(1)........................ NA 20,336 12,667
*Operating profits before nonoperating income and expense items and income taxes.
**Some of the data in this table have been revised since first published.
(1)Mining and trade data are the quarterly results of companies in those
divisions with assets over $50 million; whereas, data for
manufacturing corporations represent the quarterly results of
companies with assets over $250,000.
(2)Included in major industry above.
After-Tax Profits
1Q 4Q 1Q
Industry Group 2002 2001 2001
(million dollars)
All manufacturing corporations(1).......... 27,768 3,215 (172)
All nondurable goods....................... 25,540 16,806 31,425
Food..................................... 3,122 2,500 2,460
Beverage and tobbaco products............ 4,365 2,149 3,193
Textiles mills and textile product mills. 40 71 72
Apparel and leather products............. 1,069 319 901
Paper ................................... 725 (1,581) 829
Printing and related support activities.. 393 71 246
Petroleum and coal products.............. 3,948 1,274 12,607
Chemicals ............................... 11,134 13,095 10,539
Basic chemicals, resins, and
synthetics(2).......................... (294) 2,602 (297)
Pharmaceuticals and medicines(2)........ 9,556 9,025 9,279
All other chemicals(2).................. 1,872 1,468 1,557
Plastics and rubber products............. 745 (1,092) 578
All durable manufacturing.................. 2,228 (13,591) (31,597)
Wood products............................ 638 (206) (209)
Nonmetallic mineral products............. (179) (81) 522
Primary metals........................... (116) (1,957) (173)
Iron, steel, and ferroalloys(2)......... (483) (1,484) (999)
Nonferrous metals(2).................... 297 (336) 744
Foundries(2)............................ 70 (138) 82
Fabricated metal products................ 1,626 (955) 2,169
Machinery ............................... (1,597) 176 3,242
Computer and electronic products......... (6,944) (10,018) (44,477)
Computer and peripheral equipment(2).... 1,501 2,013 1,276
Communications equipment(2)............. (7,429) (9,065) (47,305)
All other electronic products(2)........ (1,061) (2,967) 1,553
Electrical equipment, appliances and
components.............................. 4,713 3,419 3,986
Transportation equipment ................ 1,606 (5,152) 1,898
Motor vehicles and parts(2)............. (753) (6,436) (899)
Aerospace products and parts(2)......... 2,142 858 2,381
Furniture and related products........... 541 302 534
Miscellaneous manufacturing.............. 1,942 882 913
All mining(1).............................. 954 (511) 5,936
All wholesale trade(1)..................... 3,486 2,921 2,186
All retail trade(1)........................ NA 9,259 5,834
*Some of the data in this table have been revised since first published.
(1)Mining and trade data are the quarterly results of companies in those
divisions with assets over $50 million; whereas, data for
manufacturing corporations represent the quarterly results of
companies with assets over $250,000.
(2)Included in major industry above.
Sales(1)(2)
Industry Group and Year Q1 Q2 Q3 Q4
(million dollars)
All manufacturing:
1994 .......................... 784,482 803,035 825,313 841,727
1995 .......................... 871,276 872,770 883,573 899,749
1996 .......................... 914,239 932,616 948,312 961,353
1997 .......................... 965,780 972,314 986,677 995,351
1998 .......................... 989,682 981,732 986,039 993,699
1999 ..........................1,002,548 1,026,727 1,048,713 1,071,196
2000 ..........................1,119,343 1,128,220 1,147,226 1,119,384
2001 ..........................1,114,376 1,095,075 1,066,461 1,033,027
2002 ..........................1,035,275
All nondurable manufacturing:
1994 .......................... 387,249 394,755 405,708 409,989
1995 .......................... 425,606 427,673 430,818 435,993
1996 .......................... 442,144 452,378 457,677 463,169
1997 .......................... 463,122 456,470 461,210 463,840
1998 .......................... 452,134 446,055 443,503 440,229
1999 .......................... 445,123 453,153 461,059 475,742
2000 .......................... 505,906 515,766 527,915 504,001
2001 .......................... 506,408 506,629 490,055 473,172
2002 .......................... 464,648
All durable manufacturing:
1994 .......................... 397,233 408,280 419,605 431,738
1995 .......................... 445,670 445,097 452,755 463,756
1996........................... 472,095 480,238 490,635 498,184
1997 .......................... 502,658 515,844 525,467 531,511
1998 .......................... 537,548 535,677 542,536 553,470
1999 .......................... 557,425 573,574 587,654 595,454
2000 .......................... 613,437 612,454 619,311 615,383
2001 .......................... 607,968 588,446 576,406 559,855
2002 .......................... 570,627
(1)The seasonally adjusted estimates presented in this table were derived using a combination of SIC-based and NAICS-based estimates.
(2)Some of the data in this table have been revised since first published.
After-Tax Profits(1)(2)
Industry Group and Year Q1 Q2 Q3 Q4
(million dollars)
All manufacturing:
1994 .......................... 36,420 41,091 45,436 52,131
1995 .......................... 52,736 51,908 49,414 44,275
1996 .......................... 51,081 53,929 61,346 58,810
1997 .......................... 60,438 61,876 62,107 60,457
1998 .......................... 74,025 49,371 61,494 49,978
1999 .......................... 58,605 64,064 67,656 67,895
2000 .......................... 75,331 72,106 75,292 47,874
2001 .......................... (2,811) 17,882 11,519 9,343
2002 .......................... 24,538
All nondurable manufacturing:
1994 .......................... 18,985 19,817 22,450 26,564
1995 .......................... 25,870 28,187 27,598 22,251
1996 .......................... 28,032 28,302 32,115 30,463
1997 .......................... 33,398 30,685 30,493 28,709
1998 .......................... 29,738 28,666 30,680 17,637
1999 .......................... 26,413 29,204 31,142 30,729
2000 .......................... 37,427 39,119 36,761 29,027
2001 .......................... 31,603 34,625 26,823 19,252
2002 .......................... 25,778
All durable manufacturing:
1994 .......................... 17,435 21,274 22,986 25,567
1995 .......................... 26,866 23,721 21,816 22,024
1996 .......................... 23,049 25,627 29,231 28,347
1997 .......................... 27,040 31,191 31,614 31,748
1998 .......................... 44,287 20,705 30,814 32,341
1999 .......................... 32,192 34,860 36,514 37,166
2000 .......................... 37,904 32,987 38,531 18,847
2001 .......................... (34,414) (16,743) (15,304) (9,909)
2002 .......................... (1,240)
(1)The seasonally adjusted estimates presented in this table were derived using a combination of SIC-based and NAICS-based estimates.
(2)Some of the data in this table have been revised since first published.
ORDER & RELEASE INFORMATION
[Economic Indicator Release Schedule]
Quarter Manufacturing, Mining, and Wholesale Trade Retail Trade
First 2002 July 16, 2002
Second 2002 September 13, 2002 October 16, 2002
Third 2002 December 13, 2002
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Report
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Maintained by Traci Gillespie-Brown
Revised Monday, 01-Mar-2004 09:03:15 EST.