Bloomberg News

Summary of First Quarter Margins for S&P 500 Stocks by Sectors

May 11, 2012

Here are the profit margin results for the first quarter of 2012 for Standard & Poor’s 500 Index stocks, broken down into ten sectors and 24 industries.

Three types of margins were measured in this report: profit margin, operating margin and EBITDA margin. The definition of each margin is in the footnotes. The EBITDA margin excludes banking industry.


================================================================================
                                   REPORTED           Margin Median             
                                     /TOTAL     Profit    Operating      EBITDA 
================================================================================
S&P500 MARGIN by SECTORS:        

CONSUMER DISCRETIONARY:               62/80       7.0%        11.8%       17.9%
CONSUMER STAPLES:                     36/42       8.1%        12.9%       17.4%
ENERGY:                               43/43      11.0%        18.0%       38.4%
FINANCIALS:                           81/81      15.8%        20.6%       48.8%
HEALTH CARE:                          48/51      13.5%        19.8%       23.1%
================================================================================
                                   REPORTED           Margin Median             
                                     /TOTAL     Profit    Operating      EBITDA 
================================================================================
INDUSTRIALS:                          57/61       7.5%        12.8%       16.1%
INFORMATION TECH:                     61/71      13.6%        18.4%       26.7%
MATERIALS:                            30/30       7.0%        12.3%       17.0%
TELECOM SVCS:                           8/8       4.3%        18.1%       32.8%
UTILITIES:                            32/32       7.3%        17.3%       28.3%

TOTAL REPORTED                      458/499       9.3%        15.9%       23.3% 
   EX-FINANCIALS:                   377/418       8.7%        15.5%       21.6%

S&P 500 MARGIN by INDUSTRIES:    

CONSUMER DISCRETIONARY:          
  Automobiles & Components              5/5       4.3%         5.8%        9.6%
  Consumer Durables & Apparel         12/13       4.4%         5.5%       10.4%
  Consumer Services                   13/14       9.7%        16.2%       21.4%
  Media                               16/16       8.8%        17.1%       24.3%
  Retailing                           16/32       4.2%         7.6%       11.5%
================================================================================
                                   REPORTED           Margin Median             
                                     /TOTAL     Profit    Operating      EBITDA 
================================================================================
CONSUMER STAPLES:                
  Food & Staples Retailing              8/9       2.1%         3.5%        5.4%
  Food Beverage & Tobacco             22/27      10.0%        14.8%       18.5%
  Household & Personal Products         6/6       9.2%        14.7%       18.6%

FINANCIALS:                      
  Banks                               15/15      19.6%        28.4%          na
  Diversified Financials              27/27      17.5%        24.5%       41.4%
  Insurance                           22/22       9.1%        14.4%       17.3%
  Real Estate                         17/17      22.9%         9.7%       59.2%

HEALTH CARE:                     
  Health Care Equipment & Srvs.       28/30       7.5%        16.3%       20.9%
  Pharma., Biotech. & Life Sci.       20/21      15.7%        24.3%       31.0%

INDUSTRIALS:                     
  Capital Goods                       37/41       8.5%        12.8%       15.3%
================================================================================
                                   REPORTED           Margin Median            
                                     /TOTAL     Profit    Operating      EBITDA
================================================================================
INDUSTRIALS:                     
  Commercial & Professional Serv.     11/11       7.4%        14.6%       24.2%
  Transportation                        9/9       5.4%         8.9%       14.7%

INFORMATION TECH:                
  Semiconductors                      15/17      12.1%        17.5%       25.5%
  Software & Services                 26/31      17.6%        21.8%       28.9%
  Technology Hardware & Equip.        20/23       8.8%        16.1%       19.5%

ENERGY:                               43/43      11.0%        18.0%       38.4%

MATERIALS:                            30/30       7.0%        12.3%       17.0%

TELECOM SVCS:                           8/8       4.3%        18.1%       32.8%
                                 
UTILITIES:                            32/32       7.3%        17.3%       28.3%

================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
Y-O-Y COMPARISONS by SECTORS:    
                                           ----------Profit Margin----------
Consumer Discretionary:               62/80         21           18          23
Consumer Staples:                     36/42          6           14          16
Energy:                               42/43         16            5          21
Financials:                           81/81         39           11          31
Health Care:                          48/51         18            9          21
Industrials:                          56/61         26           17          13
Information Tech:                     61/71         22            6          33
Materials:                            30/30          6            8          16
Telecom Svcs:                           8/8          3            1           4
Utilities:                            32/32         13            8          11
                                                                               
Total Reported:                     456/499        170           97         189

                                           -------Operating Margin-------
Consumer Discretionary:               61/80         23           19          19
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           -------Operating Margin-------
Consumer Staples:                     36/42         11            7          18
Energy:                               42/43         16            4          22
Financials:                           81/81         39            6          36
Health Care:                          48/51         16            9          23
Industrials:                          56/61         28           15          13
Information Tech:                     59/71         18            8          33
Materials:                            30/30          9            4          17
Telecom Svcs:                           8/8          3            1           4
Utilities:                            32/32         15            4          13

Total Reported:                     453/499        178           77         198

                                           ---------EBITDA Margin---------
Consumer Discretionary:               57/80         21           12          24
Consumer Staples:                     35/42          6           11          18
Energy:                               40/43         12           10          18
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
Financials:                           39/81         11            7          21
Health Care:                          45/51         15           11          19
Industrials:                          56/61         24           24           8
Information Tech:                     57/71         14           16          27
Materials:                            30/30          9            5          16
Telecom Svcs:                           8/8          2            0           6
Utilities:                            32/32         12            6          14

Total Reported:                     399/499        126          102         171

Y-O-Y COMPARISONS by INDUSTRIES: 
                                           ----------Profit Margin----------
CONSUMER DISCRETIONARY:          
  Automobiles & Components              5/5          2            1           2
  Consumer Durables & Apparel         12/13          4            2           6
  Consumer Services                   13/14          4            4           5
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ----------Profit Margin----------
CONSUMER DISCRETIONARY:          
  Media                               16/16          7            5           4
  Retailing                           16/32          4            6           6
                                                                   
CONSUMER STAPLES:                
  Food & Staples Retailing              8/9          1            5           2
  Food Beverage & Tobacco             22/27          4            7          11
  Household & Personal Products         6/6          1            2           3
                                                                   
FINANCIALS:                      
  Banks                               15/15         11            0           4
  Diversified Financials              27/27          8            7          12
  Insurance                           22/22         10            3           9
  Real Estate                         17/17         10            1           6


================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ----------Profit Margin----------
HEALTH CARE:                                          
  Health Care Equipment & Srvs.       28/30          9            7          12
  Pharma., Biotech. & Life Sci.       20/21          9            2           9

INDUSTRIALS:                     
  Capital Goods                       36/41         16           11           9
  Commercial & Professional Serv.     11/11          5            3           3
  Transportation                        9/9          5            3           1

INFORMATION TECH:                
  Semiconductors                      15/17          1            0          14
  Software & Services                 26/31         15            1          10
  Technology Hardware & Equip.        20/23          6            5           9

ENERGY:                               42/43         16            5          21

================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ----------Profit Margin----------
MATERIALS:                            30/30          6            8          16

TELECOM SVCS:                           8/8          3            1           4
                                 
UTILITIES:                            32/32         13            8          11

                                           -------Operating Margin-------
CONSUMER DISCRETIONARY:          
  Automobiles & Components              5/5          2            2           1
  Consumer Durables & Apparel         12/13          5            3           4
  Consumer Services                   13/14          3            5           5
  Media                               16/16          7            4           5
  Retailing                           15/32          6            5           4
                                                                   
CONSUMER STAPLES:                
  Food & Staples Retailing              8/9          1            4           3
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           -------Operating Margin-------
CONSUMER STAPLES:                
  Food Beverage & Tobacco             22/27          9            3          10
  Household & Personal Products         6/6          1            0           5
                                                                   
FINANCIALS:                      
  Banks                               15/15         10            1           4
  Diversified Financials              27/27          7            1          19
  Insurance                           22/22         12            2           8
  Real Estate                         17/17         10            2           5

HEALTH CARE:                                          
  Health Care Equipment & Srvs.       28/30          9            7          12
  Pharma., Biotech. & Life Sci.       20/21          7            2          11

INDUSTRIALS:                     
  Capital Goods                       36/41         18           12           6
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           -------Operating Margin-------
INDUSTRIALS:                     
  Commercial & Professional Serv.     11/11          6            1           4
  Transportation                        9/9          4            2           3

INFORMATION TECH:                
  Semiconductors                      14/17          1            0          13
  Software & Services                 25/31         10            6           9
  Technology Hardware & Equip.        20/23          7            2          11

ENERGY:                               42/43         16            4          22

MATERIALS:                            30/30          9            4          17

TELECOM SVCS:                           8/8          3            1           4
                                 
UTILITIES:                            32/32         15            4          13
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
CONSUMER DISCRETIONARY:          
  Automobiles & Components              5/5          2            2           1
  Consumer Durables & Apparel         11/13          4            0           7
  Consumer Services                   13/14          3            3           7
  Media                               14/16          8            1           5
  Retailing                           14/32          4            6           4
                                                                   
CONSUMER STAPLES:                
  Food & Staples Retailing              8/9          1            5           2
  Food Beverage & Tobacco             21/27          4            5          12
  Household & Personal Products         6/6          1            1           4
                                                                   
FINANCIALS:                      
  Banks                                0/15         na           na          na
  Diversified Financials              20/27          3            4          13
  Insurance                            3/22          2            1           0
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
FINANCIALS:                      
  Real Estate                         16/17          6            2           8

HEALTH CARE:                                          
  Health Care Equipment & Srvs.       27/30          7            8          12
  Pharma., Biotech. & Life Sci.       18/21          8            3           7

INDUSTRIALS:                     
  Capital Goods                       36/41         18           16           2
  Commercial & Professional Serv.     11/11          4            4           3
  Transportation                        9/9          2            4           3

INFORMATION TECH:                
  Semiconductors                      13/17          0            0          13
  Software & Services                 25/31          9           10           6
  Technology Hardware & Equip.        19/23          5            6           8
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
ENERGY:                               40/43         12           10          18

MATERIALS:                            30/30          9            5          16

TELECOM SVCS:                           8/8          2            0           6
                                 
UTILITIES:                            32/32         12            6          14
================================================================================

Profit Margin: A company divides its net income into its net sales to measure its profitability. Operating Margin: A determination of the expense margin, operating margin is operating income as a percentage of net sales. Operating income is equal to net sales minus cost of goods sold minus selling, general, and administrative expenses. EBITDA Margin: The earnings before interest, taxes, depreciation and amortization divided by sales.

* -- Same category includes the margin differences between +0.5 percent and -0.5 percent.

To contact the reporter on this story: Wendy Soong in New York at csoong@bloomberg.net

To contact the editor responsible for this story: Alex Tanzi at at atanzi@bloomberg.net


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