ADVANCE DATA FROM THE QUARTERLY FINANCIAL REPORT FOR MANUFACTURING, MINING, AND TRADE CORPORATIONS--THIRD 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 3.4 cents per dollar of sales for the third quarter of 1993, up 0.3 cents from the second quarter of 1993. The Commerce Department's Bureau of the Census reported that on an unadjusted basis, after-tax profits for the third quarter averaged 3.3 cents per dollar of sales, unchanged from the preceding quarter, but down 0.5 cents from the same quarter in 1992. For the third quarter of 1993, manufacturers' seasonally adjusted after-tax profits were $25.4 billion, up $1.9 billion from last quarter. On an unadjusted basis, third quarter after-tax profits were $25.1 billion, down $0.2 billion from last quarter and down $2.7 billion from the same quarter a year ago. Durable manufacturers reported unadjusted after-tax profits of $11.5 billion, up $2.2 billion or 23.1 percent when compared to the second quarter of 1993. Machinery's improvement from a second quarter loss that included substantial restructuring charges, along with a 34.7 percent increase in miscellaneous manufacturing, more than offset decreases in all the other durable industry categories. Stone, clay, and glass and electrical machinery were down from second quarters that included gains on subsidiary sales. Primary metals and motor vehicles were down sharply, 82.7 and 74.3 percent respectively, with motor vehicles reporting an operating loss for the quarter. Restructuring charges contributed significantly to instrument's drop of 20.3 percent. When compared to the same quarter in 1992, total durables were up $2.6 billion, or 28.8 percent, with the underlying industry categories showing mixed results. Machinery and motor vehicles improved over a third quarter last year that was marked by substantial operating losses. Iron and steel's operating profits improved; however, after- tax income was down due to sizeable gains on assets sales reported in the third quarter last year. Nonferrous metals, fabricated metals, instruments, and furniture also were down. Stone, clay, and glass, electrical machinery, lumber, and miscellaneous manufacturing improved, while aircraft was flat. Unadjusted after-tax profits for nondurable manufacturers were down $2.4 billion, or 14.9 percent with the underlying industry categories showing mixed results. Paper's net loss and industrial chemicals' $1.9 billion downturn were due chiefly to significant restructuring and other nonrecurring charges against income. Industrial chemicals also reported a sharp drop in foreign income. Printing was down due to losses on the sale of investments. Food, textiles, petroleum, and rubber also were down. The residual chemical category improved over a second quarter net loss that was due to restructuring and other nonrecurring charges. Apparel and drugs also improved. When compared to the same quarter in 1992, nondurable manufacturers' profits were down $5.2 billion or 27.9 percent, with all the underlying industry categories down except drugs and petroleum. Apparel was down from a third quarter last year that included substantial gains from sales of subsidiaries. Also down sharply were textiles, paper, printing, and industrial chemicals. Manufacturers' seasonally adjusted sales in the third quarter of 1993 were $757.5 billion, up $6.4 billion or 0.9 percent from the second quarter of 1993. On an unadjusted basis, sales were $752.5 billion, down $14.0 billion or 1.8 percent from last quarter, but up $22.6 billion or 3.1 percent from the third quarter last year. Unadjusted sales at the all nondurable manufacturing level were down slightly, $1.5 billion, on a quarter-to-quarter basis, with the underlying industries showing mixed results. On a same quarter a year ago basis, nondurable manufacturers' sales also showed little change. A sharp downturn in petroleum sales of $5.8 billion was offset by increases in food, apparel, printing, and drugs. Rubber increased and the remaining industry categories--textiles, paper, industrial chemicals, residual of chemicals, and rubber--changed slightly from last year. Durable manufacturers' unadjusted sales were down $12.5 billion or 3.3 percent when compared to the second quarter of 1993, with the drop of $14.0 billion in transportation equipment accountable for the downward movement. The remaining industry categories showed mixed results. When compared to the same quarter last year, durable manufacturers' sales were up $22.1 billion or 6.4 percent. Machinery and motor vehicles rose sharply, up $8.1 and $6.5 billion, respectively. Also showing notable increases were electrical machinery, up $4.3 billion, and other durable manufacturing, up 2.5 billion. Iron and steel, fabricated metals and instruments also improved. Nonferrous metals and aircraft were down. The annual rate of return (after taxes) on stockholders' equity for manufacturing corporations was 9.5 percent compared to 9.7 percent last quarter and 10.5 percent for the same quarter last year. Also included in this release are third quarter 1993 data for large mining and wholesale trade corporations. These advance data, based on quarterly financial reports from about 8,700 corporations, were released today from the Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--Third Quarter 1993 (QFR-93-3). 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. Fourth quarter 1993 advance data are scheduled for release on April 4, 1994. 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--1994 Quarter Manufacturing, Mining, and Wholesale Trade Retail Trade Third 1993 January 12, 1994 Fourth 1993 April 4, 1994 April 4, 1994 First 1994 June 13, 1994 July 13, 1994 Second 1994 September 12, 1994 October 12, 1994 Third 1994 December 13, 1994 SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-93-3, December 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 3Q 2Q 3Q 1993 1993(1) 1992(1) Rate of return (after taxes): Cents per dollar of sales ................ 3.4 3.1 3.8 Percent on equity (annual rate) .......... NA NA NA (million dollars) Net sales ................................. 757,494 751,046 734,516 Income after income taxes ................ 25,416 23,526 27,808 Dividends paid (cash) .................... NA NA NA -------------------------------------------------------------------------- TABLE 1. PART B--QUARTERLY FINANCIAL REPORT FOR MANUFACTURING CORPORATIONS Unadjusted 3Q 2Q 3Q 1993 1993(1) 1992(1) Rate of return (after taxes): Cents per dollar of sales ................ 3.3 3.3 3.8 Percent on equity (annual rate) .......... 9.5 9.7 10.5 (million dollars) Net Sales.................................. 752,503 766,521 729,910 Income after income taxes ................ 25,059 25,280 27,729 Dividends paid (cash) .................... 16,765 16,947 15,519 (1) Revised. ------------------------------------------------------------------------- TABLE 2. PART A--SALES AND PROFITS OF CORPORATIONS ENGAGED IN MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED Sales 3Q 2Q 3Q Industry Group 1993 1993(1) 1992(1) (million dollars) All manufacturing corporations ............ 752,503 766,521 729,910 Nondurable goods .......................... 384,218 385,756 383,718 Food and tobacco......................... 107,374 105,949 104,825 Textiles ................................ 15,793 16,291 15,551 Apparel(2)............................... 18,912 18,581 18,091 Paper ................................... 33,181 33,187 32,990 Printing ................................ 39,776 38,308 37,566 Chemicals ............................... 80,622 81,922 79,896 Industrial chemicals and synthetics(3).. 30,634 31,592 30,996 Drugs(3) ............................... 20,265 19,494 18,744 Residual of chemicals(3)(4)............. 29,724 30,835 30,156 Petroleum ............................... 66,701 69,212 72,460 Rubber .................................. 21,859 22,306 22,339 Durable goods ............................. 368,285 380,765 346,192 Stone, clay, and glass .................. 14,763 14,197 14,690 Primary metals .......................... 29,066 29,531 28,902 Iron and steel(3) ...................... 13,779 13,992 12,574 Nonferrous metals(3).................... 15,287 15,539 16,328 Fabricated metals ....................... 34,210 34,363 33,411 Machinery ............................... 73,832 74,670 65,776 Electrical machinery .................... 62,963 62,319 58,689 Transportation Equipment ................ 92,589 106,568 87,675 Motor vehicles and equipment(3) ........ 58,030 68,008 51,492 Aircraft, guided missiles, and parts(3). 30,741 34,460 32,415 Instruments ............................. 28,807 28,602 27,491 Other durable goods ..................... 32,056 30,516 29,560 Lumber and wood products(4) ............ 13,260 12,777 12,115 Furniture and fixtures(4) .............. 9,766 9,286 9,150 Miscellaneous manufacturing(4) ......... 9,029 8,454 8,294 Mining(5) ................................. 10,410 10,221 9,899 Wholesale trade(5) ........................ 190,306 193,468 190,472 Retail trade(5) ........................... NA 188,841 179,580 (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-93-3, December 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 Operating Profits* 3Q 2Q 3Q Industry Group 1993 1993 1992 (million dollars) All manufacturing corporations ............ 46,231 49,197 41,199 Nondurable goods .......................... 28,652 29,400 30,020 Food and tobacco......................... 8,076 8,170 9,522 Textiles ................................ 1,134 1,343 1,411 Apparel(2)............................... 1,145 974 1,198 Paper ................................... 1,984 2,077 2,190 Printing ................................ 3,519 3,477 3,535 Chemicals ............................... 8,044 7,933 6,985 Industrial chemicals and synthetics(3).. 2,147 2,238 1,719 Drugs(3) ............................... 2,964 2,766 2,850 Residual of chemicals(3)(4)............. 2,933 2,929 2,416 Petroleum ............................... 3,370 3,696 3,665 Rubber .................................. 1,380 1,730 1,514 Durable goods ............................. 17,578 19,797 11,179 Stone, clay, and glass .................. 1,411 1,261 1,289 Primary metals .......................... 1,108 1,515 952 Iron and steel(3) ...................... 550 883 109 Nonferrous metals(3).................... 558 632 843 Fabricated metals ....................... 2,230 2,541 2,344 Machinery ............................... 1,651 814 (1,203) Electrical machinery .................... 4,735 4,099 3,899 Transportation Equipment ................ 1,732 4,680 (539) Motor vehicles and equipment(3) ........ (271) 2,282 (2,253) Aircraft, guided missiles, and parts(3). 1,808 2,114 1,541 Instruments ............................. 2,264 2,549 2,247 Other durable goods ..................... 2,447 2,338 2,190 Lumber and wood products(4) ............ 1,011 1,085 832 Furniture and fixtures(4) .............. 581 576 593 Miscellaneous manufacturing(4) ......... 855 677 765 Mining(5) ................................. 773 1,034 838 Wholesale trade(5) ........................ 3,136 3,445 2,776 Retail trade(5) ........................... NA 7,207 6,220 *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)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-93-3, December 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 C--SALES AND PROFITS OF CORPORATIONS ENGAGED IN MANUFACTURING, MINING, AND TRADE--NOT SEASONALLY ADJUSTED After-Tax Profits 3Q 2Q 3Q Industry Group 1993 1993(1) 1992(1) (million dollars) All manufacturing corporations ............ 25,059 25,280 27,729 Nondurable goods .......................... 13,558 15,935 18,799 Food and tobacco ........................ 4,502 4,858 4,605 Textiles ................................ 314 596 570 Apparel(2) .............................. 885 578 1,713 Paper ................................... (1,746) 814 726 Printing ................................ 1,136 1,631 1,793 Chemicals ............................... 4,775 3,124 6,228 Industrial chemicals and synthetics(3).. 123 2,037 1,599 Drugs(3) ............................... 3,280 2,592 2,819 Residual of chemicals(3)(4)............. 1,371 (1,505) 1,810 Petroleum ............................... 2,962 3,296 2,350 Rubber .................................. 731 1,039 814 Durable goods ............................. 11,501 9,345 8,930 Stone, clay, and glass .................. 740 1,502 530 Primary metals .......................... 165 952 879 Iron and steel(3) ...................... 42 687 393 Nonferrous metals(3) ................... 123 265 486 Fabricated metals ....................... 1,316 1,601 1,505 Machinery ............................... 420 (7,038) (450) Electrical machinery .................... 3,374 4,047 2,717 Transportation equipment ................ 1,951 4,233 41 Motor vehicles and equipment(3) ........ 675 2,626 (1,223) Aircraft, guided missiles, and parts(3). 1,139 1,379 1,192 Instruments ............................. 2,048 2,570 2,257 Other durable goods ..................... 1,488 1,479 1,451 Lumber and wood products(4) ............ 657 754 560 Furniture and fixtures(4) .............. 330 353 423 Miscellaneous manufacturing(4).......... 501 372 468 Mining(5) ................................. 351 761 170 Wholesale trade(5) ........................ 1,301 2,443 1,447 Retail trade(5) ........................... NA 3,565 1,551 (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-93-3, December 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............................ 697,626 719,020 734,516 738,649 1993r............................ 737,017 751,046 757,494 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............................ 361,934 374,680 382,265 381,189 1993r............................ 376,326 382,694 382,763 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............................ 335,692 344,341 352,251 357,461 1993r............................ 360,690 368,352 374,730 ------------------------------------------------------------------------- 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 27,808 10,450 1993r............................ 14,504 23,526 25,416 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 18,349 14,018 1993r............................ 14,129 15,551 13,234 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 9,459 (3,568) 1993r............................ 375 7,976 12,182 rRevised SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-93-3, December 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. -----------------------------------------------------------------------------