Newspaper article THE JOURNAL RECORD

Profits Up 101 Percent for State Corporations

Newspaper article THE JOURNAL RECORD

Profits Up 101 Percent for State Corporations

Article excerpt

GD0;AGB;IP1,2.6;MC3;ITS;PS51,66; XP;END; Profits for 47 of Oklahoma's largest publicly held corporations increased 101 percent in the first quarter to $390 million.

Not only was this the third consecu- tive quarter that profits have risen over the same period a year earlier, but it's also the third consecutive quarter that a majority of companies have participated.

However, 15 companies' bottom line were in the red, down two from 17 a year ago. Sales-revenues levels climbed 11 percent to $10.7 billion, the 15th consecutive quarter that a majority of companies was represented. Profit margins rose to 3.7 percent from 2 percent a year earlier, with 23 firms participating. Once again Oklahoma corporations' sales and profit growth was well above that recorded by 900 national companies as reflected in the data prepared by Standard & Poor's Compustat Services Inc. Sales for those national firms increased 3 percent, but profits declined 9 percent. Profit margins nationally fell to 4.3 percent from 4.9 percent a year ago. Eighty-four percent of the $195.6 million increase in the state composite net income was attributable to Phillips Petroleum Corp., whose bottom line was up over eight-fold. Higher profit levels were recorded in four out of the seven economic sectors represented. The financial services sector turned a $1.3 million deficit a year ago into a $5.7 million profit in 1991. Energy was up 139 percent, with utilities 33 percent higher and food-food related rising 16 percent. Each of the other three sectors recorded higher deficits than they did a year earlier. Five sectors posted higher sales- revenues levels led by services, which was up 30 percent; food-food related, up 14 percent; miscellaneous, increasing 12 percent; energy, 10 percent higher; and utilities with a 5 percent gain. Manu- facturing sales-revenues fell 13 percent, while financial services fell 5 percent. Reflecting these results the energy, financial services, food-food related and the utilities sectors recorded higher profit margin levels over the same period a year ago. With the exception of the miscellaneous sector, each of the other groups was represented by at least one firm with higher profit margins. Here is a breakdown by category:

Energy _ Fifteen out of the 20 firms in this sector posted higher revenues, while 11 increased their profit levels and six registered losses. Profit margins improved in 10 companies. Eleven firms' revenues were up in the double digits, led by more than two-fold increases in Beard Oil Co. and Bonray Drilling Corp.. Parker Drilling Co. and Unit Corp. were once again profitable after report- ing losses a year earlier. In addition to Unit Corp. and Vintage Petroleum, which was on my "Compa- nies with Strong Fundamentals List" last quarter, Alexander Energy Corp. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.