Q2 Corporate Profits Up 5.3% Year Over Year
In the final revision to Q2 2013 corporate profits, corporations took a slight trimming to $1.821 trillion of quarterly profit, down from previous estimates of $1.830 trillion, according to a Commerce Department report (link opens a PDF) released today.
That translates to a 5.3% year-over-year gain, 0.5 percentage points less than previously estimated, but a major turnaround after Q1's 1.3% decrease in corporate profits.
At an industry level, financial and non-financial corporations both fared better for Q2. While financial sector profits increased $24.5 billion from Q1, non-financial corporations added $37.8 billion to their coffers. Retail added on $21 billion and utilities increased $8.9 billion.
Manufacturing made a dark mark on the report with a $7.9 billion decrease, although durable goods (a sub-component of manufacturing) managed an $8.7 billion bump. Petroleum and coal products proved to be the sub-component culprit behind the drop, plummeting $30.3 billion.
The article Q2 Corporate Profits Up 5.3% Year Over Year originally appeared on Fool.com.Fool contributor Justin Loiseau has no position in any stocks mentioned. You can follow him on Twitter @TMFJLo and on Motley Fool CAPS @TMFJLo.The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.