[Economic Indicators March, 2004]
[Page Number 8]
[From the U.S. Government Publishing Office, www.gpo.gov]



 
CORPORATE PROFITS

In the fourth quarter of 2003, according to current estimates, corporate 
profits before tax rose $92.2 billion (annual rate) and profits after 
tax rose $79.1 billion.
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  ______________________________________________________________________

                                                            [Billions of dollars; quarterly data at seasonally adjusted annual rates]
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                                                         Profits (before tax) with inventory valuation adjustment \1\                                       Profits after tax
                                            -------------------------------------------------------------------------------------                  ----------------------------------
                                                                                   Domestic industries                                      Taxes
                                                       -------------------------------------------------------------------------- Profits     on                                       Inventory
                   Period                                                                       Nonfinancial                       before   corpo-              Net    Undistributed   valuation
                                             Total \2\                     ------------------------------------------------------   tax    rate in-   Total    divi-      profits     adjustment
                                                         Total   Financial              Manufac-    Utili-    Whole-                         come              dends
                                                                            Total \3\    turing      ties      sale      Retail
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1994 ......................................     564.6     487.6     119.9      367.7       147.0  .........      30.9      46.2     577.1    193.7     383.3    234.7        148.6        -12.4
1995 ......................................     656.0     563.2     162.2      401.0       173.7  .........      27.3      43.1     674.3    218.7     455.6    254.2        201.4        -18.3
1996 ......................................     736.1     634.2     172.6      461.6       188.8  .........      39.8      51.9     733.0    231.7     501.4    297.6        203.8          3.1
1997 ......................................     812.3     701.4     193.0      508.4       209.0  .........      47.6      64.2     798.2    246.1     552.1    334.5        217.6         14.1
1998 ......................................     738.5     635.5     165.9      469.6       173.5  .........      52.3      73.4     718.3    248.3     470.0    351.6        118.3         20.2
 
1998  \4\..................................     738.5     635.5     165.4      470.1       157.0       32.7      53.2      66.4     718.3    248.3     470.0    351.6        118.3         20.2
1999 ......................................     776.8     655.3     194.3      461.1       150.6       33.1      55.5      65.2     775.9    258.6     517.2    337.4        179.9          1.0
2000 ......................................     759.3     613.6     200.2      413.4       144.3       24.4      59.7      59.6     773.4    265.2     508.2    377.9        130.3        -14.1
2001 ......................................     705.9     544.4     225.6      318.8        54.0       24.1      51.6      71.1     696.8    201.1     495.6    373.2        122.4          9.1
2002 ......................................     742.7     589.4     255.1      334.3        73.3       22.0      49.1      76.7     745.0    195.0     549.9    398.3        151.6         -2.2
2003 ......................................     843.8     678.7     268.8      410.0        96.6       24.4      45.4      80.1     856.4    224.9     631.5  r 431.0        200.5        -12.6
 
2001:I ....................................     730.7     581.3     228.3      353.0        86.8       26.0      46.1      64.2     735.5    219.1     516.4    380.0        136.4         -4.9
      II ..................................     731.4     578.6     219.9      358.8        79.3       27.1      47.7      66.8     733.0    217.2     515.8    371.5        144.3         -1.6
      III .................................     685.8     541.7     211.1      330.6        50.1       25.0      54.1      74.3     671.5    198.2     473.3    368.7        104.6         14.3
      IV ..................................     675.7     476.0     243.2      232.7         -.2       18.4      58.5      79.1     647.0    170.1     477.0    372.6        104.4         28.7
 
2002:I ....................................     702.7     551.4     267.5      283.8        42.0       18.5      48.8      75.8     690.6    181.6     509.0    382.3        126.7         12.1
      II ..................................     738.9     594.8     260.6      334.2        69.2       25.3      53.9      79.7     738.0    197.1     540.9    393.5        147.4           .9
      III .................................     745.1     594.0     249.0      345.0        87.2       21.5      45.7      77.5     756.3    198.6     557.7    404.3        153.4        -11.1
      IV ..................................     784.2     617.2     243.4      373.9        95.1       22.8      47.9      73.9     795.0    202.9     592.1    413.1        179.1        -10.8
 
2003:I ....................................     780.9     632.1     261.8      370.3        87.1       28.1      39.8      72.9     809.0    213.9     595.0    420.3        174.7        -28.1
      II ..................................     793.6     645.1     260.6      384.5        80.3       21.1      42.6      85.0     792.5    211.4     581.0    427.5        153.5          1.2
      III .................................     864.2     706.4     274.6      431.8        97.7       21.5      51.0      84.3     865.9    230.6     635.4    434.3        201.1         -1.8
      IV ..................................     936.4     731.2     278.0      453.2       121.1       26.7      48.2      78.2     958.1    243.7     714.5  r 441.8        272.7        -21.7
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    \1\ See p. 4 for profits with 
inventory valuation and capital 
consumption adjustments.
    \2\ Includes rest of the world, 
not shown separately.
    \3\ Includes industries not 
shown separately.
    \4\ Data by industry beginning 
1998 are based on the 1997 North 
American Industry Classification 
System (NAICS) and are not directly 
comparable with data for prior years 
shown, which are based on the 1987 
Standard Industrial Classification 
(SIC).

    Source: Department of Commerce, 
Bureau of Economic Analysis.