Quarterly Profits Up 24% for State Firms

By Dudash, Steven M. | THE JOURNAL RECORD, September 11, 1993 | Go to article overview
Save to active project

Quarterly Profits Up 24% for State Firms


Second quarter 1993 profits for 51 of Oklahoma's largest publicly held corporations rose 24 percent to $337.8 million, with almost three-fourths of the firms participating in these higher levels. Nine others were mired in red ink, one less than a year earlier.

Sales-revenue levels increased 3 percent, totaling $9.9 billion, with about 65 percent of the firms contributing to these higher levels. Profit margins, based on continuing operations, advanced to 3.4 percent from 2.8 percent in the corresponding period a year ago, with 62 percent of the companies improving their margin of profitability.

Nationally, sales-revenue levels were 5 percent higher in the second quarter than they were a year prior, with profits rising 13 percent, as reflected in the data on 900 companies prepared by Standard Poor's Compustat Services Inc. Profit margins for these major firms rose to 4.4 percent compared with 4.1 percent a year earlier.

Five out of the six economic sectors represented in this review were more profitable in the current quarter than they were in the same period a year ago.

Energy, which accounted for 72.9 percent of second quarter profits, rose 28 percent. Phillips Petroleum Co. accounted for half of this sector's profits. The almost sixfold quarterly increase of The Williams Companies Inc. accounted for about 15 percent of this sector's second quarter profits.

Manufacturing issues improved their profits by 76 percent to $22.3 million, led by CMI Corp., which accounted for 28 percent of the sector's profits, rising almost twofold.

Utilities, with both companies participating, improved their earnings by 18 percent to $23.1 million. Financial Services firms added 11 percent to year-ago profits, increasing to $15.5 million, with BOK Financial Corp. accounting for almost 60 percent of the total.

Food-Food Related companies showed an increase in profits of 6 percent to $29.3 million, with The Fleming Companies Inc.'s portion about 92 percent. Services' profits fell 79 percent to $1.3 million, impacted by reversals of profitability in Tribune/Swab-Fox Companies Inc. and T/SF Communications Corp., and by the sharp decline in Matrix Service's profitability.

Sales-revenues results in the six sectors were comparable to profit trends, with Services the only sector having lower levels, falling 23 percent. Utilities increased 16 percent; Manufacturing, 11 percent; Financial Services, 10 percent; Energy, 4 percent; and Food-Food Related, less than 1 percent.

Profit margins improved in all sectors but Services.

The number of companies with strong fundamentals _ increasing sales, profits and profit margins in at least the last two quarters higher than they were in the respective prior-year periods _ showed a net increase of four to 15.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Cite this article

Cited article

Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited article

Quarterly Profits Up 24% for State Firms


Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen

matching results for page

Cited passage

Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?