[Economic Report of the President (1999)]
[Administration of William J. Clinton]
[Online through the Government Printing Office, www.gpo.gov]



CORPORATE PROFITS AND FINANCE


[[Page 434]]


Table B-93.--Sales, profits, and stockholders' equity, all manufacturing corporations, 1952-98
[Billions of dollars]
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All manufacturing corporations                Durable goods industries                 Nondurable goods industries
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Profits                                   Profits                                   Profits
Year or  quarter                                    ------------------                        ------------------                        ------------------
Sales     Before    After  Stockholders'   Sales    Before    After  Stockholders'   Sales    Before    After  Stockholders'
(net)     income   income    equity\2\     (net)    income   income    equity\2\     (net)    income   income    equity\2\
taxes\1\   taxes                          taxes\1\   taxes                          taxes\1\   taxes
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1952............................................................      250.2     22.9     10.7        103.7      122.0     12.9      5.5         49.8      128.0     10.0      5.2         53.9
1953............................................................      265.9     24.4     11.3        108.2      137.9     14.0      5.8         52.4      128.0     10.4      5.5         55.7
1954............................................................      248.5     20.9     11.2        113.1      122.8     11.4      5.6         54.9      125.7      9.6      5.6         58.2
1955............................................................      278.4     28.6     15.1        120.1      142.1     16.5      8.1         58.8      136.3     12.1      7.0         61.3
1956............................................................      307.3     29.8     16.2        131.6      159.5     16.5      8.3         65.2      147.8     13.2      7.8         66.4
1957............................................................      320.0     28.2     15.4        141.1      166.0     15.8      7.9         70.5      154.1     12.4      7.5         70.6
1958............................................................      305.3     22.7     12.7        147.4      148.6     11.4      5.8         72.8      156.7     11.3      6.9         74.6
1959............................................................      338.0     29.7     16.3        157.1      169.4     15.8      8.1         77.9      168.5     13.9      8.3         79.2

1960............................................................      345.7     27.5     15.2        165.4      173.9     14.0      7.0         82.3      171.8     13.5      8.2         83.1
1961............................................................      356.4     27.5     15.3        172.6      175.2     13.6      6.9         84.9      181.2     13.9      8.5         87.7
1962............................................................      389.4     31.9     17.7        181.4      195.3     16.8      8.6         89.1      194.1     15.1      9.2         92.3
1963............................................................      412.7     34.9     19.5        189.7      209.0     18.5      9.5         93.3      203.6     16.4     10.0         96.3
1964............................................................      443.1     39.6     23.2        199.8      226.3     21.2     11.6         98.5      216.8     18.3     11.6        101.3
1965............................................................      492.2     46.5     27.5        211.7      257.0     26.2     14.5        105.4      235.2     20.3     13.0        106.3
1966............................................................      554.2     51.8     30.9        230.3      291.7     29.2     16.4        115.2      262.4     22.6     14.6        115.1
1967............................................................      575.4     47.8     29.0        247.6      300.6     25.7     14.6        125.0      274.8     22.0     14.4        122.6
1968............................................................      631.9     55.4     32.1        265.9      335.5     30.6     16.5        135.6      296.4     24.8     15.5        130.3
1969............................................................      694.6     58.1     33.2        289.9      366.5     31.5     16.9        147.6      328.1     26.6     16.4        142.3

1970............................................................      708.8     48.1     28.6        306.8      363.1     23.0     12.9        155.1      345.7     25.2     15.7        151.7
1971............................................................      751.1     52.9     31.0        320.8      381.8     26.5     14.5        160.4      369.3     26.5     16.5        160.5
1972............................................................      849.5     63.2     36.5        343.4      435.8     33.6     18.4        171.4      413.7     29.6     18.0        172.0
1973............................................................    1,017.2     81.4     48.1        374.1      527.3     43.6     24.8        188.7      489.9     37.8     23.3        185.4

1973: IV........................................................      275.1     21.4     13.0        386.4      140.1     10.8      6.3        194.7      135.0     10.6      6.7        191.7

New series:

1973: IV........................................................      236.6     20.6     13.2        368.0      122.7     10.1      6.2        185.8      113.9     10.5      7.0        182.1

1974............................................................    1,060.6     92.1     58.7        395.0      529.0     41.1     24.7        196.0      531.6     51.0     34.1        199.0
1975............................................................    1,065.2     79.9     49.1        423.4      521.1     35.3     21.4        208.1      544.1     44.6     27.7        215.3
1976............................................................    1,203.2    104.9     64.5        462.7      589.6     50.7     30.8        224.3      613.7     54.3     33.7        238.4
1977............................................................    1,328.1    115.1     70.4        496.7      657.3     57.9     34.8        239.9      670.8     57.2     35.5        256.8
1978............................................................    1,496.4    132.5     81.1        540.5      760.7     69.6     41.8        262.6      735.7     62.9     39.3        277.9
1979............................................................    1,741.8    154.2     98.7        600.5      865.7     72.4     45.2        292.5      876.1     81.8     53.5        308.0

1980............................................................    1,912.8    145.8     92.6        668.1      889.1     57.4     35.6        317.7    1,023.7     88.4     56.9        350.4
1981............................................................    2,144.7    158.6    101.3        743.4      979.5     67.2     41.6        350.4    1,165.2     91.3     59.6        393.0
1982............................................................    2,039.4    108.2     70.9        770.2      913.1     34.7     21.7        355.5    1,126.4     73.6     49.3        414.7
1983............................................................    2,114.3    133.1     85.8        812.8      973.5     48.7     30.0        372.4    1,140.8     84.4     55.8        440.4
1984............................................................    2,335.0    165.6    107.6        864.2    1,107.6     75.5     48.9        395.6    1,227.5     90.0     58.8        468.5
1985............................................................    2,331.4    137.0     87.6        866.2    1,142.6     61.5     38.6        420.9    1,188.8     75.6     49.1        445.3
1986............................................................    2,220.9    129.3     83.1        874.7    1,125.5     52.1     32.6        436.3    1,095.4     77.2     50.5        438.4
1987............................................................    2,378.2    173.0    115.6        900.9    1,178.0     78.0     53.0        444.3    1,200.3     95.1     62.6        456.6
1988\3\.........................................................    2,596.2    215.3    153.8        957.6    1,284.7     91.6     66.9        468.7    1,311.5    123.7     86.8        488.9
1989............................................................    2,745.1    187.6    135.1        999.0    1,356.6     75.1     55.5        501.3    1,388.5    112.6     79.6        497.7

1990............................................................    2,810.7    158.1    110.1      1,043.8    1,357.2     57.3     40.7        515.0    1,453.5    100.8     69.4        528.9
1991............................................................    2,761.1     98.7     66.4      1,064.1    1,304.0     13.9      7.2        506.8    1,457.1     84.8     59.3        557.4
1992\4\.........................................................    2,890.2     31.4     22.1      1,034.7    1,389.8    -33.7    -24.0        473.9    1,500.4     65.1     46.0        560.8
1993............................................................    3,015.1    117.9     83.2      1,039.7    1,490.2     38.9     27.4        482.7    1,524.9     79.0     55.7        557.1
1994............................................................    3,255.8    243.5    174.9      1,110.1    1,657.6    121.0     87.1        533.3    1,598.2    122.5     87.8        576.8
1995............................................................    3,528.3    274.5    198.2      1,240.6    1,807.7    130.6     94.3        613.7    1,720.6    143.9    103.9        627.0
1996............................................................    3,757.6    306.6    224.9      1,348.0    1,941.6    146.6    106.1        673.9    1,816.0    160.0    118.8        674.2
1997..........................................    3,922.2    331.1    244.1      1,464.2    2,075.6    166.8    121.2        743.5    1,846.6    164.3    122.9        720.8

1996:I..........................................................      884.8     69.8     50.7      1,299.4      457.5     31.7     22.6        644.2      427.3     38.1     28.2        655.2
II..........................................................      948.4     82.2     58.9      1,328.1      492.5     42.7     30.9        665.0      455.9     39.5     28.0        663.1
III.........................................................      946.6     84.2     62.1      1,358.6      484.0     38.0     27.6        680.5      462.6     46.2     34.5        678.0
IV..........................................................      977.7     70.5     53.2      1,406.0      507.6     34.2     25.0        705.8      470.1     36.3     28.2        700.2

1997:I..........................................................      935.2     82.5     60.6      1,429.3      487.7     38.9     27.0        722.7      447.5     43.6     33.6        706.5
II..........................................................      987.8     92.4     66.9      1,458.6      527.8     49.5     36.3        736.7      460.1     42.8     30.5        721.9
III.........................................................      986.0     86.9     62.5      1,483.8      519.5     42.0     29.5        758.4      466.6     44.9     33.0        725.4
IV..........................................................    1,013.2     69.4     54.2      1,485.2      540.7     36.5     28.4        756.0      472.5     33.0     25.8        729.2

1998:I..........................................................      955.5     95.3     73.5      1,503.1      515.7     55.5     44.2        764.7      439.8     39.8     29.4        738.4
II..........................................................      997.1     78.3     56.6      1,517.4      541.1     36.5     25.3        771.3      456.0     41.8     31.3        746.2
III.........................................................      986.0     82.3     61.2      1,522.2      532.3     39.4     28.2        781.5      453.7     42.8     33.1        740.7
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\1\In the old series, ``income taxes'' refers to Federal income taxes only, as State and local income taxes had already been deducted. In the new series, no income taxes have been deducted.
\2\Annual data are average equity for the year (using four end-of-quarter figures).
\3\Beginning 1988, profits before and after income taxes reflect inclusion of minority stockholders' interest in net income before and after income taxes.
\4\Data for 1992 (most significantly 1992:I) reflect the early adoption of Financial Accounting Standards Board Statement 106 (Employer's Accounting for Post-Retirement Benefits Other Than
Pensions) by a large number of companies during the fourth quarter of 1992. Data for 1993:I also reflect adoption of Statement 106. Corporations must show the cumulative effect of a change
in accounting principle in the first quarter of the year in which the change is adopted.

Note.--Data are not necessarily comparable from one period to another due to changes in accounting principles, industry classifications, sampling procedures, etc. For explanatory notes
concerning compilation of the series, see ``Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations,'' Department of Commerce, Bureau of the Census.

Source: Department of Commerce, Bureau of the Census.