3RD-QUARTER PROFITS DIP
FOR US MANUFACTURERSAfter-tax profits of U.S. manufacturers fell to a seasonally adjusted average of 4.1 percent of sales in the third quarter from an average of 4.7 percent in the second quarter, the U.S. Commerce Department said Monday.
The third-quarter drop in profits was caused in large part by transportation losses in the durable sector and offset petroleum- induced increases in the non-durable sector.
On an unadjusted basis, the transportation sector lost $405 million in the third quarter, Commerce said, contributing to a drop in profits of more than $6 billion in the durable goods sector.
Commerce said the third-quarter figure compared with 4.9 percent for third-quarter 1989.