Note: For order & release information, see the end of this report.
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. |
Beginning with the first quarter of 1998, the reporting forms used by the Quarterly Financial Report Program were updated to conform with changes in accounting principles and to provide more meaningful data to users. As a result, net income before and after tax have been redefined to include minority stockholders` interest. Prior quarter data in the publication and the press release have been restated to reflect this change in definition. |
For the third quarter of 1998, manufacturers` seasonally adjusted after-tax profits were $60.4 billion, up $9.0 (+\-1.2) billion from last quarter. On an unadjusted basis, third quarter after-tax profits were $61.2 billion, up $4.6 (+\-1.2) billion from last quarter, but down $1.3 (+\-1.2) billion from the same quarter a year ago.
Unadjusted durable manufacturers` after-tax profits for the third quarter of 1998 were $28.2 billion, up $2.8 billion or 11.1 percent (+\-4.0%) compared to the second quarter of 1998, with the underlying industry categories showing mixed results. Electrical machinery, machinery, iron and steel, stone, clay, and glass, nonferrous metals, and miscellaneous manufacturing reported statistically significant increases. Electrical machinery`s increase of $4.2 (+\-0.4) billion was due primarily to gains from asset sales and the inclusion of significant nonrecurring charges against income last quarter. Machinery`s $2.2 (+\-0.4) billion improvement was due principally to the inclusion of significant nonrecurring charges against income last quarter. Motor vehicles, fabricated metals, and lumber reported statistically significant decreases. Motor vehicles` $3.5 (+\-0.1) billion downturn was due chiefly to declines in operating profits and foreign earnings.
When compared to the third quarter of 1997, unadjusted durable manufacturers` profits were down $1.3 billion or 4.5 percent (+\-3.5%). The underlying industry categories showed mixed results. Motor vehicles, instruments, lumber, and aircraft reported statistically significant decreases. Motor vehicles` $1.6 (+\-0.1) billion decline was due chiefly to lower operating profits and foreign earnings. Machinery, stone, clay, and glass, iron and steel, and miscellaneous manufacturing reported statistically significant increases. Machinery`s $1.3 (+\-0.3) billion increase was principally a result of improved foreign earnings.
Unadjusted nondurable manufacturers` after-tax profits for the third quarter of 1998 were $33.1 billion, up $1.8 billion or 5.7 percent (+\-2.3%) when compared to the second quarter of 1998, with the underlying industry categories showing mixed results. Food, drugs, apparel, printing, petroleum, and textiles reported statistically significant increases. Food`s $3.1 (+\-0.3) billion increase was due principally to improved operating profits and the absence of significant nonrecurring charges reported in the second quarter of 1998. Industrial chemicals, rubber, and residual of chemicals reported statistically significant decreases. Industrial chemical`s decline of $1.4 (+\-0.1) billion was primarily due to the inclusion of significant nonrecurring charges in the third quarter.
When compared to the same quarter in 1997, unadjusted nondurable manufacturers` after-tax profits showed no statistically significant change from last year, with the underlying industry categories showing mixed results. Printing, food, drugs, and textiles reported statistically significant increases. Printing`s $1.7 (+\-0.3) billion increase was primarily a result of improved operating profits and gains from asset sales. Food`s improvement of $1.3 (+\-0.3) billion was due chiefly to increased operating profits. Petroleum, residual of chemicals, industrial chemicals, and rubber reported statistically significant decreases. Petroleum`s $1.8 (+\-0.1) billion decrease was due chiefly to a decline in operating profits.
Manufacturers` seasonally adjusted sales for the third quarter of 1998 were $989.7 billion, showing no statistically significant change from last quarter. On an unadjusted basis, sales were $986.0 billion, down $11.1 billion or 1.1 percent (+\-1.0%) from last quarter, but showing no statistically significant change from the third quarter of 1997.
Seasonally adjusted sales of nondurables were $449.1 billion, showing no statistically significant change from last quarter. Seasonally adjusted durable manufacturers` sales were $540.6 up $12.9 billion or 2.5 percent (+\-1.3%) from last quarter. Unadjusted sales for nondurable manufacturing were $453.7 billion, showing no statistically significant change from last quarter, but down $12.9 billion or 2.8 percent (+\-1.3%) from the third quarter of 1997. Unadjusted durable manufacturers` sales were $532.3 billion, down $8.7 billion or 1.6 percent (+\-1.3%) when compared to the second quarter of 1998. On a same quarter a year ago basis, unadjusted durable manufacturers` sales were up $12.9 billion or 2.5 percent (+\-1.5%).
Also included in this release are third quarter 1998 data for large mining and wholesale trade corporations.
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--Third Quarter 1998 (QFR-98-3). 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:
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/www/qfr.html>.
This press releases is available in page image formatDownload Adobe Acrobat Reader (.pdf). This press release is also available (in text format) on the day of issue through the Department of Commerce`s on-line Economic Bulletin Board (202-482-1986).
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 $34 domestic and $42.50 foreign. [Remittances from foreign countries must be by international money order or by draft on a U.S. bank.]
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 H. Lee (301) 457-3343 or Frank Hartman (301) 457-3379.
Seasonally Adjusted 3Q 2Q 3Q 1998 1998(1) 1997(1) Rate of return (after taxes): Cents per dollar of sales ................ 6.1 5.2 6.2 Percent on equity (annual rate) .......... NA NA NA (million dollars) Sales ..................................... 989,672 981,100 989,282 Income after income taxes ................ 60,399 51,381 61,528 Dividends paid (cash) .................... NA NA NA(1) Revised.
SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-98-3), U.S. Bureau of the Census, December 1998.
Unadjusted 3Q 2Q 3Q 1998 1998(1) 1997(1) Rate of return (after taxes): Cents per dollar of sales ................ 6.2 5.7 6.3 Percent on equity (annual rate) .......... 16.1 14.9 16.8 (million dollars) Sales .................................... 986,005 997,070 986,008 Income after income taxes ................ 61,237 56,624 62,498 Dividends paid (cash) .................... 25,704 28,010 25,586(1) Revised.
SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-98-3), U.S. Bureau of the Census, December 1998.
Sales 3Q 2Q 3Q Industry Group 1998 1998(1) 1997(1) (million dollars) All manufacturing corporations ............ 986,005 997,070 986,008 Nondurable goods .......................... 453,661 455,985 466,553 Food and tobacco......................... 121,539 121,078 122,245 Textiles ................................ 15,920 16,383 16,686 Apparel(2) .............................. 19,183 17,675 18,794 Paper ................................... 41,813 41,651 42,212 Printing ................................ 50,630 49,456 47,054 Chemicals ............................... 107,530 109,100 106,124 Industrial chemicals and synthetics(3).. 36,764 38,135 41,730 Drugs(3) ............................... 34,766 34,213 30,552 Residual of chemicals(3)................ 36,000 36,752 33,843 Petroleum ............................... 65,280 68,380 81,559 Rubber .................................. 31,767 32,262 31,878 Durable goods ............................. 532,344 541,085 519,455 Stone, clay, and glass .................. 20,803 19,718 19,296 Primary metals .......................... 38,762 40,729 39,209 Iron and steel(3) ...................... 19,465 20,831 19,158 Nonferrous metals(3).................... 19,297 19,898 20,052 Fabricated metals ....................... 46,967 46,969 44,713 Machinery ............................... 111,186 114,426 108,117 Electrical machinery .................... 115,264 111,341 110,708 Transportation Equipment ................ 126,136 133,564 124,966 Motor vehicles and equipment(3) ........ 79,657 86,681 82,182 Aircraft, guided missiles, and parts(3). 37,353 38,345 35,459 Instruments ............................. 29,315 29,968 28,969 Other durable goods ..................... 43,912 44,371 43,475 Lumber and wood products(3) ............ 18,058 17,883 19,321 Furniture and fixtures(3) .............. 16,081 16,675 14,931 Miscellaneous manufacturing(3) ......... 9,773 9,813 9,224 Mining(4) ................................. 15,200 15,817 15,798 Wholesale trade(4) ........................ 280,899 278,596 274,494 Retail trade(4) ........................... NA 269,487 254,259(1) Revised.
SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-98-3), U.S. Bureau of the Census, December 1998.
Operating Profits* 3Q 2Q* 3Q* Industry Group 1998 1998(1) 1997(1) (million dollars) All manufacturing corporations ............ 77,637 79,213 80,436 Nondurable goods .......................... 42,050 40,532 43,769 Food and tobacco......................... 13,409 11,313 11,518 Textiles ................................ 1,228 1,238 1,156 Apparel(2) .............................. 1,549 1,096 1,624 Paper ................................... 3,326 3,323 3,296 Printing ................................ 5,539 5,315 4,686 Chemicals ............................... 11,076 10,533 11,938 Industrial chemicals and synthetics(3).. 3,382 3,620 3,922 Drugs(3) ............................... 3,637 2,873 4,322 Residual of chemicals(3)................ 4,057 4,041 3,695 Petroleum ............................... 3,548 4,900 7,024 Rubber .................................. 2,374 2,813 2,526 Durable goods ............................. 35,587 38,682 36,667 Stone, clay, and glass .................. 3,055 2,663 2,634 Primary metals .......................... 2,394 2,979 2,601 Iron and steel(3) ...................... 1,069 1,454 1,066 Nonferrous metals(3).................... 1,325 1,525 1,535 Fabricated metals ....................... 4,480 4,621 4,176 Machinery ............................... 5,511 6,607 5,739 Electrical machinery .................... 8,162 8,042 10,494 Transportation Equipment ................ 5,259 6,854 5,468 Motor vehicles and equipment(3) ........ 1,306 3,041 1,829 Aircraft, guided missiles, and parts(3). 3,088 2,899 3,024 Instruments ............................. 3,145 3,518 2,161 Other durable goods ..................... 3,580 3,396 3,394 Lumber and wood products(3) ............ 1,363 1,301 1,469 Furniture and fixtures(3) .............. 1,328 1,374 1,232 Miscellaneous manufacturing(3) ......... 889 720 694 Mining(4) ................................. 1,344 1,895 2,404 Wholesale trade(4) ........................ 7,139 7,274 7,668 Retail trade(4) ........................... NA 12,210 10,351* Operating profits are profits before nonoperating income and expense items and income taxes.
SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-98-3), U.S. Bureau of the Census, December 1998.
After-Tax Profits 3Q 2Q 3Q Industry Group 1998 1998(1) 1997(1) (million dollars) All manufacturing corporations ............ 61,237 56,624 62,498 Nondurable goods .......................... 33,069 31,276 33,017 Food and tobacco ........................ 9,333 6,249 8,067 Textiles ................................ 662 526 506 Apparel(2) .............................. 1,038 710 1,164 Paper ................................... 1,426 1,596 1,568 Printing ................................ 4,311 4,039 2,611 Chemicals ............................... 10,321 11,600 11,054 Industrial chemicals and synthetics(3).. 1,388 2,800 2,174 Drugs(3) ............................... 5,386 5,020 4,351 Residual of chemicals(3)................ 3,547 3,780 4,530 Petroleum ............................... 4,839 4,661 6,639 Rubber .................................. 1,139 1,894 1,408 Durable goods ............................. 28,168 25,347 29,481 Stone, clay, and glass .................. 2,009 1,770 1,693 Primary metals .......................... 1,954 1,486 1,640 Iron and steel(3) ...................... 944 696 637 Nonferrous metals(3) ................... 1,011 790 1,003 Fabricated metals ....................... 2,661 3,292 2,909 Machinery ............................... 5,867 3,618 4,567 Electrical machinery .................... 8,032 3,859 8,363 Transportation equipment ................ 4,229 7,739 5,820 Motor vehicles and equipment(3) ........ 1,633 5,086 3,257 Aircraft, guided missiles, and parts(3). 2,105 2,109 2,240 Instruments ............................. 1,438 1,263 2,364 Other durable goods ..................... 1,978 2,321 2,125 Lumber and wood products(3) ............ 598 1,015 945 Furniture and fixtures(3) .............. 796 910 784 Miscellaneous manufacturing(3) ......... 584 397 395 Mining(4) ................................. (68) 271 1,697 Wholesale trade(4) ........................ 4,327 4,054 4,982 Retail trade(4) ........................... NA 6,119 4,974(1) Revised.
SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-98-3), U.S. Bureau of the Census, December 1998.
Sales (1) Industry Group and Year Q1 Q2 Q3 Q4 (million dollars) All manufacturing: 1993 ............................ 743,881 751,095 753,429 766,287 1994 ............................ 784,850 802,978 825,246 841,321 1995 ............................ 871,899 872,587 883,844 898,965 1996 ............................ 914,835 932,386 949,567 959,317 1997 ............................ 966,688 972,081 989,282 993,527 1998 ............................ 987,735 981,100 989,672 All nondurable manufacturing: 1993 ............................ 381,988 382,607 379,364 381,142 1994 ............................ 387,520 394,687 405,691 409,742 1995 ............................ 425,949 427,613 430,904 435,680 1996 ............................ 442,196 452,581 458,113 462,371 1997 ............................ 462,806 457,385 461,929 464,474 1998 ............................ 454,754 453,454 449,096 All durable manufacturing: 1993 ............................ 361,893 368,488 374,065 385,145 1994 ............................ 397,330 408,291 419,555 431,579 1995 ............................ 445,950 444,974 452,940 463,285 1996............................. 472,639 479,805 491,454 496,946 1997 ............................ 503,882 514,696 527,353 529,053 1998 ............................ 532,981 527,646 540,576(1) Revised.
SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-98-3), U.S. Bureau of the Census, December 1998.
After-Tax Profits (1) Industry Group and Year Q1 Q2 Q3 Q4 (million dollars) All manufacturing: 1993 ............................ 12,622 19,416 23,498 27,627 1994 ............................ 36,508 41,219 45,338 51,895 1995 ............................ 53,054 51,962 49,233 43,954 1996 ............................ 51,659 53,924 61,050 58,282 1997 ............................ 61,463 61,863 61,528 59,246 1998 ............................ 74,537 51,381 60,399 All nondurable manufacturing: 1993 ............................ 12,743 15,338 11,755 15,752 1994 ............................ 19,008 19,897 22,536 26,329 1995 ............................ 25,960 28,198 27,806 21,920 1996 ............................ 28,114 28,295 32,524 29,884 1997 ............................ 33,517 30,751 31,074 27,558 1998 ............................ 29,378 31,287 31,267 All durable manufacturing: 1993 ............................ (121) 4,078 11,743 11,875 1994 ............................ 17,500 21,322 22,802 25,566 1995 ............................ 27,094 23,764 21,427 22,034 1996 ............................ 23,545 25,629 28,526 28,398 1997 ............................ 27,946 31,112 30,454 31,688 1998 ............................ 45,159 20,094 29,132(1) Revised.
SOURCE: "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations" (QFR-98-3), U.S. Bureau of the Census, December 1998.
The publication becomes available for sale approximately two weeks from the
date of this release from the Superintendent of Documents, P.O. Box 371954,
Pittsburg, PA 15250-7954 (202-512-1800). The annual subscription rate is $34,
(foriegn 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) 763-INFO(4636).
Electronic 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.
This report is also available on the day of issue through the Department of
Commerce`s on-line Economic Bulletin Board (N-8-1) (202-482-1986).
Schedule of Advance Data Release Dates--1998
Questions concerning this report should be directed to Ronald Lee on
(301) 457-3343 or Frank Hartman (301) 457-3379.
ORDER & RELEASE INFORMATION
[Economic Indicator Release Schedule]
Quarter Manufacturing, Mining, and Wholesale Trade Retail Trade
Second 1998 October 14, 1998
Third 1998 December 14, 1998 April 5, 1999
Fourth 1998 April 5, 1999
Source: U.S. Census Bureau.
Author: Durwin Knutson (Company Statistics).
Revised March012004.
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