After-Tax Corporate Profits Rise

At an annual rate of $1.942 trillion, after-tax corporate profits rose a year-on-year 2.3 percent in the first quarter, revised from an initial 1.6 percent increase and down from 11.2 percent growth in the fourth quarter. When including inventory valuation and consumption adjustments, after-tax profits of $2.012 trillion were up 2.4 percent. Taxes on corporate income, at a $239.2 billion annual rate and which are calculated on this basis, rose 12.8 percent from a year ago.