[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 435]]


Table B-94.--Relation of profits after taxes to stockholders' equity and to sales, all manufacturing
corporations, 1947-98
----------------------------------------------------------------------------------------------------------------
Ratio of profits after income taxes   Profits after income taxes per dollar
(annual rate) to stockholders'                of sales--cents
equity--percent\1\          --------------------------------------
Year or quarter          ---------------------------------------
All         Durable   Nondurable       All         Durable   Nondurable
manufacturing     goods       goods    manufacturing     goods       goods
corporations  industries  industries   corporations  industries  industries
----------------------------------------------------------------------------------------------------------------
1947..............................       15.6          14.4        16.6         6.7           6.7         6.7
1948..............................       16.0          15.7        16.2         7.0           7.1         6.8
1949..............................       11.6          12.1        11.2         5.8           6.4         5.4

1950..............................       15.4          16.9        14.1         7.1           7.7         6.5
1951..............................       12.1          13.0        11.2         4.9           5.3         4.5
1952..............................       10.3          11.1         9.7         4.3           4.5         4.1
1953..............................       10.5          11.1         9.9         4.3           4.2         4.3
1954..............................        9.9          10.3         9.6         4.5           4.6         4.4
1955..............................       12.6          13.8        11.4         5.4           5.7         5.1
1956..............................       12.3          12.8        11.8         5.3           5.2         5.3
1957..............................       10.9          11.3        10.6         4.8           4.8         4.9
1958..............................        8.6           8.0         9.2         4.2           3.9         4.4
1959..............................       10.4          10.4        10.4         4.8           4.8         4.9

1960..............................        9.2           8.5         9.8         4.4           4.0         4.8
1961..............................        8.9           8.1         9.6         4.3           3.9         4.7
1962..............................        9.8           9.6         9.9         4.5           4.4         4.7
1963..............................       10.3          10.1        10.4         4.7           4.5         4.9
1964..............................       11.6          11.7        11.5         5.2           5.1         5.4
1965..............................       13.0          13.8        12.2         5.6           5.7         5.5
1966..............................       13.4          14.2        12.7         5.6           5.6         5.6
1967..............................       11.7          11.7        11.8         5.0           4.8         5.3
1968..............................       12.1          12.2        11.9         5.1           4.9         5.2
1969..............................       11.5          11.4        11.5         4.8           4.6         5.0

1970..............................        9.3           8.3        10.3         4.0           3.5         4.5
1971..............................        9.7           9.0        10.3         4.1           3.8         4.5
1972..............................       10.6          10.8        10.5         4.3           4.2         4.4
1973..............................       12.8          13.1        12.6         4.7           4.7         4.8

1973: IV..........................       13.4          12.9        14.0         4.7           4.5         5.0

New series:

1973: IV..........................       14.3          13.3        15.3         5.6           5.0         6.1

1974..............................       14.9          12.6        17.1         5.5           4.7         6.4
1975..............................       11.6          10.3        12.9         4.6           4.1         5.1
1976..............................       13.9          13.7        14.2         5.4           5.2         5.5
1977..............................       14.2          14.5        13.8         5.3           5.3         5.3
1978..............................       15.0          16.0        14.2         5.4           5.5         5.3
1979..............................       16.4          15.4        17.4         5.7           5.2         6.1

1980..............................       13.9          11.2        16.3         4.8           4.0         5.6
1981..............................       13.6          11.9        15.2         4.7           4.2         5.1
1982..............................        9.2           6.1        11.9         3.5           2.4         4.4
1983..............................       10.6           8.1        12.7         4.1           3.1         4.9
1984..............................       12.5          12.4        12.5         4.6           4.4         4.8
1985..............................       10.1           9.2        11.0         3.8           3.4         4.1
1986..............................        9.5           7.5        11.5         3.7           2.9         4.6
1987..............................       12.8          11.9        13.7         4.9           4.5         5.2
1988\2\...........................       16.1          14.3        17.8         5.9           5.2         6.6
1989..............................       13.5          11.1        16.0         4.9           4.1         5.7

1990..............................       10.6           7.9        13.1         3.9           3.0         4.8
1991..............................        6.2           1.4        10.6         2.4            .5         4.1
1992\3\...........................        2.1          -5.1         8.2          .8          -1.7         3.1
1993..............................        8.0           5.7        10.0         2.8           1.8         3.7
1994..............................       15.8          16.3        15.2         5.4           5.3         5.5
1995..............................       16.0          15.4        16.6         5.6           5.2         6.0
1996..............................       16.7          15.7        17.6         6.0           5.5         6.5
1997..............................       16.7          16.3        17.0         6.2           5.8         6.7

1996:I............................       15.6          14.0        17.2         5.7           4.9         6.6
II............................       17.7          18.6        16.9         6.2           6.3         6.1
III...........................       18.3          16.2        20.3         6.6           5.7         7.5
IV............................       15.1          14.2        16.1         5.4           4.9         6.0

1997:I............................       17.0          15.0        19.0         6.5           5.5         7.5
II............................       18.3          19.7        16.9         6.8           6.9         6.6
III...........................       16.8          15.5        18.2         6.3           5.7         7.1
IV............................       14.6          15.0        14.1         5.3           5.2         5.5

1998:I............................       19.6          23.1        15.9         7.7           8.6         6.7
II............................       14.9          13.1        16.8         5.7           4.7         6.9
III...........................       16.1          14.4        17.9         6.2           5.3         7.3
----------------------------------------------------------------------------------------------------------------
\1\Annual ratios based on average equity for the year (using four end-of-quarter figures). Quarterly ratios
based on equity at end of quarter.
\2\See footnote 3, Table B-93.
\3\See footnote 4, Table B-93.

Note.--Based on data in millions of dollars.
See Note, Table B-93.

Source: Department of Commerce, Bureau of the Census.