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
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
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. …