US Data: Corporate Profits>

Release for:  Second Quarter (third estimate)

Source:  U.S. Department of Commerce

Billions of current U.S. dollars, seasonally adjusted annual rate

                                  2Q-17  3Q-17  4Q-17  1Q-18  2Q-18

Billions of dollars, seasonally adjusted annual rates:

Corporate profits with inventory

 valuation and capital consumption

 adjustments                     2089.5 2101.1 2150.7 2177.3 2242.3

Less: Taxes on corporate income   355.8  365.2  333.8  212.0  234.8

Equals: Profits after tax with

 inventory valuation and capital

 consumption adjustments         1733.7 1735.9 1816.8 1965.3 2007.5

  Net dividends                  1233.3 1215.5 1194.8 1213.2 1223.0

  Undistributed profits with

   inventory valuation and capital

   consumption adjustments        500.4  520.5  622.0  752.1  784.5

Addenda for corporate cash flow:

  Net cash flow with inventory

   valuation                     2194.1 2086.2 1348.6 2498.7 2558.2

    Undistributed profits with

     inventory valuation and capital

     consumption adjustments      500.4  520.5  622.0  752.1  784.5

    Consumption of fixed capital 1692.1 1709.0 1725.5 1745.6 1772.7

  Less: Capital transfers

   paid (net)                      -1.5  143.4  998.9   -1.1   -0.9

Addenda:

  Profits before tax (without

   inventory valuation and capital

   consumption adjustments)      2200.4 2230.7 2084.6 2111.0 2197.2

  Profits after tax (without

   inventory valuation and capital

   consumption adjustments)      1844.6 1865.5 1750.8 1899.0 1962.3

  Inventory valuation adjustment  -13.0  -30.8  -74.4  -74.1  -89.9

  Capital consumption adjustment  -97.9  -98.8  140.4  140.4  135.1

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Percent change from previous quarter at quarterly rates:

Corporate profits with inventory

 valuation and capital consumption

 adjustments                               0.6    2.4    1.2    3.0

Less: Taxes on corporate income            2.6   -8.6  -36.5   10.8

Equals: Profits after tax with

 inventory valuation and capital

 consumption adjustments                   0.1    4.7    8.2    2.1

  Net dividends                           -1.4   -1.7    1.5    0.8

  Undistributed profits with

   inventory valuation and capital

   consumption adjustments                 4.0   19.5   20.9    4.3

Addenda for corporate cash flow:

  Net cash flow with inventory

   valuation                              -4.9  -35.4   85.3    2.4

    Undistributed profits with

     inventory valuation and capital

     consumption adjustments               4.0   19.5   20.9    4.3

    Consumption of fixed capital           1.0    1.0    1.2    1.6

  Less: Capital transfers

   paid (net)                             #N/A   #N/A   #N/A   #N/A

Addenda:

  Profits before tax (without

   inventory valuation and capital

   consumption adjustments)                1.4   -6.5    1.3    4.1

  Profits after tax (without

   inventory valuation and capital

   consumption adjustments)                1.1   -6.1    8.5    3.3

  Inventory valuation adjustment          #N/A   #N/A   #N/A   #N/A

  Capital consumption adjustment          #N/A   #N/A   #N/A   #N/A

--

Percent change from same quarter year-ago:

Corporate profits with inventory

 valuation and capital consumption

 adjustments                                                    7.3

Less: Taxes on corporate income                               -34.0

Equals: Profits after tax with

 inventory valuation and capital

 consumption adjustments                                       15.8

  Net dividends                                                -0.8

  Undistributed profits with

   inventory valuation and capital

   consumption adjustments                                     56.8

Addenda for corporate cash flow:

  Net cash flow with inventory

   valuation                                                   16.6

    Undistributed profits with

     inventory valuation and capital

     consumption adjustments                                   56.8

    Consumption of fixed capital                                4.8

  Less: Capital transfers

   paid (net)                                                  #N/A

Addenda:

  Profits before tax (without

   inventory valuation and capital

   consumption adjustments)                                    -0.1

  Profits after tax (without

   inventory valuation and capital

   consumption adjustments)                                     6.4

  Inventory valuation adjustment                               #N/A

  Capital consumption adjustment                               #N/A

       ** MNI Washington Bureau (202) 371-2121 **

[TOPICS: MAUDT$,MAUG8$]