Pre-tax profits are revised sharply higher for the first quarter,
leading in turn to a sizable upward revision to after-tax corporate
profits which are now at 2.7 percent year-on-year growth from the
initial 0.1 percent rise.
Looking first at readings that exclude
inventory valuation and capital consumption adjustments, pre-tax profits
came in at an annualized $2.191 trillion which is up $51 billion from
the initial estimate. After-tax profits are now at a $1.859 trillion
annualized rate and, when compared against the $1.811 trillion rate in
first-quarter last year makes for a 2.7 percent year-on-year gain.
When
including inventory and capital adjustments, pretax profits were $2.252
trillion with after-tax profits at $1.920 trillion for 1.8 percent
year-on-year growth and making for an annualized corporate income tax
rate of $332.1 billion. This tax rate is up $3.9 billion from the first
estimate and down substantially from $445.6 billion in the fourth
quarter for the lowest rate of the expansion, since third-quarter 2009.
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