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Bottom Lines: Not Too Shabby


News: Analysis & Commentary: Corporate Profits

Bottom Lines: Not Too Shabby

Never mind the previous quarter, 29% is still a nice rate of growth

Not a bad way to end the century. BUSINESS WEEK's flash report on a fourth-quarter survey of 90 corporations shows an 11% gain in reported revenue and a more than respectable 29% jump in profits. That's nearly half-again the 20% profits growth I/B/E/S projects for the S&P 500. The gains, however, are magnified by comparison with oversized losses reported last year at companies like Union Pacific, Texaco, Chevron, and Wells Fargo. For the financial sector, including banks, brokers, and insurers, earnings bounced back sharply from last year's Asia-induced woes--to a collective 115% gain. Meanwhile, nonfinancial services were up 91%. Tech came out on the losing end, as good results from America Online and Motorola were offset by lackluster ones at IBM, Intel, and Xerox. But even if the current results are reduced after more companies report, we'll take 20% profit growth any time.By Fred JespersonReturn to top

TABLE

Fourth-Quarter 1999 Flash Profits Scoreboard (text)

CURRENT

QTR. SALES QTR. PROFITS

(MILLIONS) % CHG. (MILLIONS) % CHG.

INDUSTRIALS 353,140.7 +12 19,863 +23

AIR PRODUCTS & CHEMICALS # 1,264.4 -1 50.6 -60

ALCOA 4,253.1 +1 333.9 +53

AMERICAN HOME PRODUCTS 3,467.3 +7 593.2 +70

ARCHER DANIELS MIDLAND ** 3,420.3 -13 101.9 -8

BOEING 15,200.0 -11 662.0 +42

BRISTOL-MYERS SQUIBB 5,408.0 +11 1,052.0 +16

CATERPILLAR 5,019.0 -7 239.0 -21

CHEVRON 10,611.0 +48 809.0 NM

COCA-COLA 4,931.0 +11 -45.0 NM

CONAGRA ** 6,602.9 +3 187.3 -14

DELPHI AUTOMOTIVE SYSTEMS 7,250.0 -7 269.0 -10

DUPONT 7,140.0 +17 -1,436.0 NM

EASTMAN KODAK 3,799.0 +7 475.0 +75

EXXON MOBIL 55,961.0 +30 2,284.0 +66

FORD MOTOR 44,418.0 +17 1,806.0 +73

GENERAL ELECTRIC 32,855.0 +15 3,089.0 +16

GENERAL MOTORS 46,262.0 +4 1,145.0 -32

HONEYWELL INTERNATIONAL 6,159.0 -1 7.0 -99

INTERNATIONAL PAPER 6,294.0 +3 80.0 +74

JOHNSON & JOHNSON 6,877.0 +6 754.0 +639

MERCK 8,963.4 +19 1,573.2 +12

MINNESOTA MINING & MFG. 4,023.0 +6 444.0 +78

NIKE ** 2,059.7 +8 107.5 +56

PFIZER 4,506.0 +17 954.0 +212

PHILIP MORRIS 15,558.0 +7 1,857.0 +578

PPG INDUSTRIES 2,053.0 +15 162.0 0

PROCTER & GAMBLE ** 10,588.0 +7 1,126.0 -1

TEXACO 10,562.0 +35 318.0 NM

UNITED TECHNOLOGIES 6,517.0 +9 56.0 -79

USX-U.S. STEEL GROUP 1,462.0 +8 34.0 -55

WARNER-LAMBERT 3,534.6 +16 487.3 +40

WEYERHAEUSER 3,433.0 +25 174.0 +480

WHIRLPOOL 2,689.0 -2 113.0 +36

SERVICES 118,509.3 +15 15,664.1 110

AMERICAN EXPRESS 5,699.0 +13 606.0 +14

AMR 4,487.0 +8 209.0 +27

BANK OF AMERICA NA NA 1,902.0 +64

BANK ONE NA NA 411.0 +82

BURLINGTON N. SANTA FE 2,370.0 +3 315.0 +6

CARDINAL HEALTH ** 7,399.5 +18 173.5 +23

CHASE MANHATTAN NA NA 1,693.0 +48

CIRCUIT CITY GROUP *** 2,495.6 +10 52.3 +60

CITIGROUP 20,951.0 +8 2,622.0 +287

DOW JONES 559.4 +14 60.9 NM

E*TRADE GROUP # 246.0 +112 -5.2 NM

ENRON 10,973.0 +42 259.0 +47

FEDEX ** 4,570.1 +9 171.2 -6

GOLDMAN SACHS GROUP 6,712.0 +57 723.0 NM

GREAT ATLANTIC 2,332.1 -1 21.4 NM

& PACIFIC TEA ***

McDONALD'S 3,372.9 +5 486.2 +40

McGRAW-HILL 1,034.3 +10 120.8 +62

MERRILL LYNCH 9,270.0 +18 764.0 +113

MORGAN (J.P.) NA NA 509.0 +472

MORGAN STANLEY DEAN WITTER 8,883.0 +17 1,633.0 +33

SCHWAB (CHARLES) 1,352.2 +41 170.5 +60

SEARS, ROEBUCK 12,504.0 +2 740.0 +38

SUNTRUST BANKS NA NA 227.2 +44

SUPERVALU *** 5,361.7 +31 58.7 +30

U.S. BANCORP NA NA 369.0 +6

UAL 4,481.0 +5 129.0 +139

UNION PACIFIC 2,867.0 +7 242.0 NM

USFREIGHTWAYS 588.4 +24 30.7 +52

WELLS FARGO NA NA 970.0 NM

TECHNOLOGY 81,231.1 +5 9,024.5 -4

ADOBE SYSTEMS 281.8 +14 97.4 +94

ADVANCED MICRO DEVICES 968.7 +23 65.1 +192

AMERICA ONLINE ** 1,621.0 +41 271.0 +136

APPLE COMPUTER # 2,343.0 +37 183.0 +20

AT HOME 128.8 +569 -723.0 NM

COMPAQ COMPUTER 10,478.0 -4 332.0 -56

EMC 1,875.8 +21 206.6 -24

GENENTECH 338.1 +21 -172.9 NM

IBM 24,182.0 -4 2,089.0 -11

INTEL 8,212.0 +8 2,108.0 +2

LEXMARK INTERNATIONAL GRP. 1,003.0 +11 99.7 +22

MICROSOFT ** 6,112.0 +18 2,436.0 +23

MOTOROLA 8,498.0 +2 349.0 +119

ORACLE ** 2,321.9 +13 384.5 +40

QUALCOMM # 1,120.1 +19 177.1 +265

SUN MICROSYSTEMS ** 3,553.9 +27 353.4 +35

TEXAS INSTRUMENTS 2,554.0 +26 430.0 +116

XEROX 5,438.0 -6 294.0 -52

YAHOO 201.1 +120 44.7 NM

UTILITIES & TELECOM 64,864.1 +10 7,528.4 +2

AT&T 16,334.0 +21 1,153.0 -42

BELL ATLANTIC 8,608.0 +7 719.0 -32

BELLSOUTH 6,681.0 +8 1,053.0 +5

CONSOLIDATED EDISON 1,889.1 +17 125.0 -8

EL PASO ENERGY 2,443.0 +19 -172.0 NM

LUCENT TECHNOLOGIES # 9,905.0 +1 1,250.0 +1

SBC COMMUNICATIONS 12,897.0 +6 3,106.0 +103

SOUTHERN 2,616.0 +3 128.5 NM

US WEST 3,491.0 +9 166.0 -55

EST. EPS REPORTED

(11/18) EPS DIFF.

INDUSTRIALS 0.67 0.69 +0.02

AIR PRODUCTS & CHEMICALS # 0.53 0.56* +0.03

ALCOA 0.79 0.89 +0.10

AMERICAN HOME PRODUCTS 0.45 0.45 --

ARCHER DANIELS MIDLAND ** 0.12 0.17 +0.05

BOEING 0.67 0.74 +0.07

BRISTOL-MYERS SQUIBB 0.51 0.52 +0.01

CATERPILLAR 0.97 0.67 -0.30

CHEVRON 1.13 1.23 +0.10

COCA-COLA 0.30 0.31* +0.01

CONAGRA ** 0.51 0.39 -0.12

DELPHI AUTOMOTIVE SYSTEMS 0.45 0.48 +0.03

DUPONT 0.55 0.55* --

EASTMAN KODAK 1.26 1.50 +0.24

EXXON MOBIL 0.79 0.65 -0.14

FORD MOTOR 1.43 1.47 +0.04

GENERAL ELECTRIC 0.91 0.93 +0.02

GENERAL MOTORS 1.81 1.86 +0.05

HONEYWELL INTERNATIONAL 0.73 0.78* +0.05

INTERNATIONAL PAPER 0.56 0.55* -0.01

JOHNSON & JOHNSON 0.57 0.53 -0.04

MERCK 0.66 0.66 --

MINNESOTA MINING & MFG. 0.99 1.10 +0.11

NIKE ** 0.34 0.38 +0.04

PFIZER 0.23 0.25 +0.02

PHILIP MORRIS 0.78 0.79 +0.01

PPG INDUSTRIES 0.91 0.92 +0.01

PROCTER & GAMBLE ** 0.88 0.78 -0.10

TEXACO 0.87 0.67* -0.20

UNITED TECHNOLOGIES 0.68 0.70* +0.02

USX-U.S. STEEL GROUP 0.40 0.35 -0.05

WARNER-LAMBERT 0.51 0.55 +0.04

WEYERHAEUSER 0.92 0.78 -0.14

WHIRLPOOL 1.46 1.51 +0.05

SERVICES 0.79 0.93 +0.14

AMERICAN EXPRESS 1.33 1.33 --

AMR 0.93 1.37 +0.44

BANK OF AMERICA 1.25 1.10 -0.15

BANK ONE 0.80 0.78* -0.02

BURLINGTON N. SANTA FE 0.67 0.69 +0.02

CARDINAL HEALTH ** 0.60 0.61 +0.01

CHASE MANHATTAN 1.30 1.98 +0.68

CIRCUIT CITY GROUP *** 0.25 0.26 +0.01

CITIGROUP 0.68 0.75 +0.07

DOW JONES 0.70 0.67 -0.03

E*TRADE GROUP # -0.22 -0.02 +0.20

ENRON 0.31 0.31 --

FEDEX ** 0.54 0.57 +0.03

GOLDMAN SACHS GROUP 1.03 1.48 +0.45

GREAT ATLANTIC 0.40 0.56 +0.16

& PACIFIC TEA ***

McDONALD'S 0.36 0.35 -0.01

McGRAW-HILL 0.42 0.61 +0.19

MERRILL LYNCH 1.28 1.80 +0.52

MORGAN (J.P.) 1.96 2.63 +0.67

MORGAN STANLEY DEAN WITTER 1.77 2.84 +1.07

SCHWAB (CHARLES) 0.16 0.20 +0.04

SEARS, ROEBUCK 1.48 1.98 +0.50

SUNTRUST BANKS 1.05 0.71 -0.34

SUPERVALU *** 0.41 0.42 +0.01

U.S. BANCORP 0.59 0.50 -0.09

UAL 1.68 0.84 -0.84

UNION PACIFIC 0.88 0.95 +0.07

USFREIGHTWAYS 0.96 1.11 +0.15

WELLS FARGO 0.59 0.58 -0.01

TECHNOLOGY 0.41 0.44 + 0.03

ADOBE SYSTEMS 0.42 0.46* +0.04

ADVANCED MICRO DEVICES -0.08 0.43 +0.51

AMERICA ONLINE ** 0.08 0.10 +0.02

APPLE COMPUTER # 0.89 1.03 +0.14

AT HOME 0.00 0.00* --

COMPAQ COMPUTER 0.16 0.19 +0.03

EMC 0.31 0.34* +0.03

GENENTECH 0.18 0.18* --

IBM 1.06 1.12 +0.06

INTEL 0.63 0.61 -0.02

LEXMARK INTERNATIONAL GRP. 0.68 0.73 +0.05

MICROSOFT ** 0.42 0.44 +0.02

MOTOROLA 0.81 0.56 -0.25

ORACLE ** 0.11 0.13 +0.02

QUALCOMM # 0.24 0.23 -0.01

SUN MICROSYSTEMS ** 0.20 0.21 +0.01

TEXAS INSTRUMENTS 0.52 0.51 -0.01

XEROX 0.67 0.41 -0.26

YAHOO 0.15 0.15 --

UTILITIES & TELECOM 0.56 0.52 -0.04

AT&T 0.55 0.57* +0.02

BELL ATLANTIC 0.77 0.77* --

BELLSOUTH 0.52 0.55 +0.03

CONSOLIDATED EDISON 0.58 0.57 -0.01

EL PASO ENERGY 0.55 0.48 -0.07

LUCENT TECHNOLOGIES # 0.55 0.38 -0.17

SBC COMMUNICATIONS 0.53 0.54* +0.01

SOUTHERN 0.25 0.19 -0.06

US WEST 0.79 0.83* +0.04

# First-quarter results

** Second-quarter results

*** Third-quarter results

NM = not meaningful

NA = not available

* EPS adjusted for special items

DATA: COMPUSTAT PROVIDED BY STANDARD & POOR'S INSTITUTIONAL MARKET SERVICES,

EARNINGS ESTIMATE DATA PROVIDED BY I/B/E/S INTERNATIONAL INC., NEW YORK, NY.

I/B/E/S IS A REGISTERED TRADEMARK OF I/B/E/S INTERNATIONAL INC.

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