Printer Friendly

MICHIGAN CORPORATE PROFITS SCORE IN FIRST QUARTER

 MICHIGAN CORPORATE PROFITS SCORE IN FIRST QUARTER
 DETROIT, May 8 /PRNewswire/ -- The profit drought is over. In the


first quarter, Michigan corporate profits for 60 of the 100 companies that comprise Manufacturers Bank's Michigan Equity 100 Stock Index totaled $1.6 billion. A year ago, the same 60 companies, including the Big Three, suffered a $528 million loss.
 Encouragingly, nearly every industry contributed to an improved profit picture. Of the nine industry classifications, six recorded gains from year-ago levels. The Big Three and their supplier base, as well as the commercial banks, experienced healthy earnings gains compared with levels a year earlier. Not surprisingly, these industries have enjoyed a great run up for their stock prices. Year to date, the Big Three have risen an average 52 percent, the suppliers have jumped 47 percent and commercial banks are up 11 percent. All told, the Michigan Equity 100 is up 15 percent. Concurrently, the S&P 500 was down 1 percent for the first four months of 1992.
 Improved Michigan corporate earnings, combined with healthy stock price gains, provide further evidence of a rebound for the Michigan economy. In 1992, Manufacturers Bank is projecting a 7-percent increase in its Michigan Business Activity Index (MBAI). This represents a favorable turnaround from a 9-percent cumulative decline suffered from 1989 through 1991.
 DATA IN MILLIONS
 NET INCOME NET INCOME
 FIRST QUARTER FIRST QUARTER PERCENT
 COMPANY NAME 1991 1992 CHANGE
 Ford Motor Co. -$884 $338 361.7
 Kellogg Co. 163 196 16.9
 General Motors -144 179 180.4
 Dow Chemical 578 171 -238.0
 Detroit Edison 125 148 15.9
 Upjohn Co. 130 141 7.5
 NBD Bancorp 70 79 11.4
 MCN Corp. 52 57 9.6
 CMS Energy -206 51 505.1
 Comerica Inc. 35 42 18.6
 First of America 29 40 27.4
 Whirlpool Corp. 24 35 31.4
 Manufacturers National 28 31 11.3
 Old Kent 22 25 8.8
 Standard Federal 13 22 40.2
 -0- 5/8/92
 /CONTACT: David G. Sowerby, vice president and economist, Manufacturers Bank, N.A., 313-222-4829/
 (MNTL) CO: Manufacturers Bank, N.A. ST: Michigan IN: SU: ECO


SM -- DE007 -- 7996 05/08/92 09:52 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 8, 1992
Words:364
Previous Article:SOUTHERN INDIANA GAS AND ELECTRIC REPORTS FIRST QUARTER RESULTS
Next Article:AERO COSTA RICA TO INAUGURATE NEW SERVICE TO COSTA RICA


Related Articles
MICHIGAN CORPORATIONS REPORT NEARLY HALF-BILLION LOSS IN THIRD QUARTER 1991; FIFTH CONSECUTIVE QUARTERLY LOSS
FOURTH-QUARTER MICHIGAN CORPORATE PROFITS: BACK IN THE BLACK
FIRST OF MICHIGAN CEO: RETAIL INVESTOR RETURNED TO MARKET 'IN DROVES'
FIRST OF MICHIGAN CAPITAL CORPORATION REPORTS INCREASED EARNINGS FOR THIRD QUARTER
NEOGEN ANNOUNCES 100% INCREASE IN EARNINGS
First of Michigan Capital Corporation Reports First Quarter Results
Unitog Announces Financial Results for its Fiscal 1998 First Quarter
Fahnestock Viner Holdings Inc.
Michigan National Corporation Announces Quarterly Financial Results.
Wachovia Outpaces Peers in Customer Satisfaction Survey for the Fourth Consecutive Year.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters