Profits by State Firms Decline 77% / in First Quarter

By Dudash, Stephen | THE JOURNAL RECORD, June 21, 1986 | Go to article overview

Profits by State Firms Decline 77% / in First Quarter


Dudash, Stephen, THE JOURNAL RECORD


Profits for 55 of the largest publicly-held Oklahoma-based corporations declined 77 percent to $58.6 million in the first quarter of 1986 from the same quarter a year ago.

It was the sixth consecutive quarter that profits have fallen from the prior year period.

Sales/revenues totaled $9.3 billion, down 11 percent from a year earlier.

The sharply-reduced level of profits was reflected in significantly lower profit margins of 0.7 percent vs. a 2.5 percent margin in the first quarter of 1985.

The performance of the Oklahoma-based firms was far below that of national firms as reflected in data for 900 of the largest corporations in the U.S. compiled by Standard & Poor's Compustat Services Inc. The national results included:

- Profits down 3 percent.

- Sales/revenues up 5 percent.

- Profit margins declined to 4.6 percent from 4.9 percent one year earlier.

Adversely affecting the profits of Oklahoma firms were sizeable deficits, including $94.6 million in the Banking sector, $67.5 million in the Energy Services sector and $27.5 million in IndependentEnergy.

A profit reduction of $45.8 million in the Diversified Energy sector also is reflected in these unfavorable results. Profits for the Savings and Loan sector also were lower.

The largest percentage increase was posted by the Insurance sector, with profits up 214 percent. Modest gains were recorded by the Services, Food-Food Related, Utilities and Manufacturing sectors.

Only 15 firms, or 27 percent of the total, managed to increase their profit levels, while 23, or 42 percent, recorded deficits. Over one-half of the deficits were in two of the three energy sectors.

Sales/revenue levels were higher in five out of the 10 economic sectors. Only 20 firms, or 36 percent of the total, managed to add to their prior year base.

Sales/revenue gains of at least 10 percent were recorded in Services, Insurance, Manufacturing and Independent Energy.

Profit margin improvement was evident in 13, firms or only 24 percent of the total.

Here is a breakdown by economic sector:

DIVERSIFIED ENERGY - Each of the four companies represented in this sector posted both lower sales and profits in the first quarter of 1986.

Sales for this sector were down 20 percent, compared to a 14 percent decline for the S&P Composite. Profits were off 23 percent, compared to 9 percent for the S&P Composite.

UTILITIES - While both firms were reporting lower revenues in the first quarter, only OG&E managed to post higher profits. Revenues were off 17 percent on average, while profitsrose 2 percent.

Both profits and revenues declined 1 percent each for the comparable Standard & Poor's Industry Composite.

Profit margins for both Oklahoma companies were higher, averaging 7.8 percent vs. 6.4 percent a year earlier. Nationally, profit margins were unchanged at 11.2 percent.

MANUFACTURING - Sales increased 16 percent in this sector, with six of the eight firms participating. Four of these firms posted sales gains in double digits, led by the CMI Corp.

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Profits by State Firms Decline 77% / in First Quarter
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