US Data: Corporate Profits>

Release for:  Third Quarter (second estimate)

Source:  U.S. Department of Commerce

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

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

Billions of dollars, seasonally adjusted annual rates:

Corporate profits with inventory

 valuation and capital consumption

 adjustments                     2101.1 2150.7 2177.3 2242.3 2318.4

Less: Taxes on corporate income   365.2  333.8  212.0  234.8  244.9

Equals: Profits after tax with

 inventory valuation and capital

 consumption adjustments         1735.9 1816.8 1965.3 2007.5 2073.5

  Net dividends                  1215.5 1194.8 1213.2 1223.0 1250.3

  Undistributed profits with

   inventory valuation and capital

   consumption adjustments        520.5  622.0  752.1  784.5  823.2

Addenda for corporate cash flow:

  Net cash flow with inventory

   valuation                     2086.2 1348.6 2498.7 2558.2 2610.9

    Undistributed profits with

     inventory valuation and capital

     consumption adjustments      520.5  622.0  752.1  784.5  823.2

    Consumption of fixed capital 1709.0 1725.5 1745.6 1772.7 1799.0

  Less: Capital transfers

   paid (net)                     143.4  998.9   -1.1   -0.9   11.3

Addenda:

  Profits before tax (without

   inventory valuation and capital

   consumption adjustments)      2230.7 2084.6 2111.0 2197.2 2220.5

  Profits after tax (without

   inventory valuation and capital

   consumption adjustments)      1865.5 1750.8 1899.0 1962.3 1975.7

  Inventory valuation adjustment  -30.8  -74.4  -74.1  -89.9  -33.3

  Capital consumption adjustment  -98.8  140.4  140.4  135.1  131.1

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Percent change from previous quarter at quarterly rates:

Corporate profits with inventory

 valuation and capital consumption

 adjustments                               2.4    1.2    3.0    3.4

Less: Taxes on corporate income           -8.6  -36.5   10.8    4.3

Equals: Profits after tax with

 inventory valuation and capital

 consumption adjustments                   4.7    8.2    2.1    3.3

  Net dividends                           -1.7    1.5    0.8    2.2

  Undistributed profits with

   inventory valuation and capital

   consumption adjustments                19.5   20.9    4.3    4.9

Addenda for corporate cash flow:

  Net cash flow with inventory

   valuation                             -35.4   85.3    2.4    2.1

    Undistributed profits with

     inventory valuation and capital

     consumption adjustments              19.5   20.9    4.3    4.9

    Consumption of fixed capital           1.0    1.2    1.6    1.5

  Less: Capital transfers

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

Addenda:

  Profits before tax (without

   inventory valuation and capital

   consumption adjustments)               -6.5    1.3    4.1    1.1

  Profits after tax (without

   inventory valuation and capital

   consumption adjustments)               -6.1    8.5    3.3    0.7

  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                                                   10.3

Less: Taxes on corporate income                               -32.9

Equals: Profits after tax with

 inventory valuation and capital

 consumption adjustments                                       19.4

  Net dividends                                                 2.9

  Undistributed profits with

   inventory valuation and capital

   consumption adjustments                                     58.2

Addenda for corporate cash flow:

  Net cash flow with inventory

   valuation                                                   25.2

    Undistributed profits with

     inventory valuation and capital

     consumption adjustments                                   58.2

    Consumption of fixed capital                                5.3

  Less: Capital transfers

   paid (net)                                                  #N/A

Addenda:

  Profits before tax (without

   inventory valuation and capital

   consumption adjustments)                                    -0.5

  Profits after tax (without

   inventory valuation and capital

   consumption adjustments)                                     5.9

  Inventory valuation adjustment                               #N/A

  Capital consumption adjustment                               #N/A

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

[TOPICS: MAUDT$,MAUG8$]