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.
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