Summary of First Quarter Margins for S&P 500 Stocks by Sectors

Here are the profit margin results for the first quarter of 2011 for Standard & Poor’s 500 Index stocks, broken down into ten sectors and 24 industries.

Three types of margins were measured in this report: profit margin, operating margin and EBITDA margin. The definition of each margin is in the footnotes. The EBITDA margin excludes banking industry.


================================================================================
                                   REPORTED           Margin Median             
                                     /TOTAL     Profit    Operating      EBITDA 
================================================================================
S&P500 MARGIN by SECTORS:        

CONSUMER DISCRETIONARY:               48/79       6.4%        11.6%       16.8%
CONSUMER STAPLES:                     21/41      10.2%        15.2%       20.8%
ENERGY:                               26/41       9.9%        17.8%       35.1%
FINANCIALS:                           55/81      13.7%        22.7%       40.6%
HEALTH CARE:                          37/52      15.0%        21.0%       20.6%
================================================================================
                                   REPORTED           Margin Median             
                                     /TOTAL     Profit    Operating      EBITDA 
================================================================================
INDUSTRIALS:                          50/59       7.9%        12.0%       15.1%
INFORMATION TECH:                     45/75      18.3%        22.2%       30.6%
MATERIALS:                            24/30       5.3%        10.6%       14.3%
TELECOM SVCS:                           3/9       5.3%        16.5%       30.9%
UTILITIES:                            11/33       9.5%        17.9%       28.2%

TOTAL REPORTED                      320/500       9.9%        16.4%       21.3% 
   EX-FINANCIALS:                   265/419       9.4%        15.5%       20.8%

S&P 500 MARGIN by INDUSTRIES:    

CONSUMER DISCRETIONARY:          
  Automobiles & Components              4/4       5.6%        11.1%        8.6%
  Consumer Durables & Apparel         13/15       4.9%         6.3%       14.8%
  Consumer Services                   12/13       8.5%        17.9%       24.0%
  Media                                7/16       7.2%        16.7%       28.4%
  Retailing                           12/31       4.8%         8.2%        9.7%
================================================================================
                                   REPORTED           Margin Median             
                                     /TOTAL     Profit    Operating      EBITDA 
================================================================================
CONSUMER STAPLES:                
  Food & Staples Retailing              4/9       1.4%         2.9%        5.2%
  Food Beverage & Tobacco             14/26      13.5%        17.9%       22.1%
  Household & Personal Products         3/6      14.2%        18.6%       22.8%

FINANCIALS:                      
  Banks                               14/16      17.8%        26.9%          na
  Diversified Financials              24/27      17.0%        25.4%       44.9%
  Insurance                            8/22       8.3%        14.4%       18.6%
  Real Estate                          9/16       6.3%         6.0%       28.9%

HEALTH CARE:                     
  Health Care Equipment & Srvs.       22/30      10.7%        19.1%       20.6%
  Pharma., Biotech. & Life Sci.       15/22      19.7%        29.2%       30.7%

INDUSTRIALS:                     
  Capital Goods                       32/39       7.9%        12.0%       14.3%
================================================================================
                                   REPORTED           Margin Median            
                                     /TOTAL     Profit    Operating      EBITDA
================================================================================
INDUSTRIALS:                     
  Commercial & Professional Serv.     10/11       7.3%        16.6%       27.6%
  Transportation                        8/9       5.6%         9.0%       21.7%

INFORMATION TECH:                
  Semiconductors                      13/19      24.6%        27.1%       36.5%
  Software & Services                 16/33      18.4%        22.2%       31.9%
  Technology Hardware & Equip.        16/23      12.7%        15.2%       22.8%

ENERGY:                               26/41       9.9%        17.8%       35.1%

MATERIALS:                            24/30       5.3%        10.6%       14.3%

TELECOM SVCS:                           3/9       5.3%        16.5%       30.9%
                                 
UTILITIES:                            11/33       9.5%        17.9%       28.2%

================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
Y-O-Y COMPARISONS by SECTORS:    
                                           ----------Profit Margin----------
Consumer Discretionary:               48/79         24           13          11
Consumer Staples:                     21/41         10            5           6
Energy:                               26/41         14            0          12
Financials:                           55/81         39            4          12
Health Care:                          37/52         14           11          12
Industrials:                          50/59         30           13           7
Information Tech:                     44/75         24            3          17
Materials:                            24/30         18            3           3
Telecom Svcs:                           3/9          3            0           0
Utilities:                            11/33          5            1           5
                                                                               
Total Reported:                     319/500        181           53          85

                                           -------Operating Margin-------
Consumer Discretionary:               43/79         18           11          14
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           -------Operating Margin-------
Consumer Staples:                     21/41          9            8           4
Energy:                               24/41         12            1          11
Financials:                           52/81         37            2          13
Health Care:                          35/52         12           10          13
Industrials:                          47/59         25           11          11
Information Tech:                     42/75         23            3          16
Materials:                            24/30         16            5           3
Telecom Svcs:                           3/9          1            1           1
Utilities:                             6/33          3            0           3

Total Reported:                     297/500        156           52          89

                                           ---------EBITDA Margin---------
Consumer Discretionary:               37/79         19           12           6
Consumer Staples:                     18/41          4            7           7
Energy:                               24/41         11            1          12
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
Financials:                           10/81          7            2           1
Health Care:                          20/52          6            9           5
Industrials:                          43/59         23           11           9
Information Tech:                     39/75         27            4           8
Materials:                            21/30         11            6           4
Telecom Svcs:                           3/9          0            1           2
Utilities:                             3/33          1            1           1

Total Reported:                     218/500        109           54          55

Y-O-Y COMPARISONS by INDUSTRIES: 
                                           ----------Profit Margin----------
CONSUMER DISCRETIONARY:          
  Automobiles & Components              4/4          3            1           0
  Consumer Durables & Apparel         13/15          7            2           4
  Consumer Services                   12/13          5            5           2
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ----------Profit Margin----------
CONSUMER DISCRETIONARY:          
  Media                                7/16          6            0           1
  Retailing                           12/31          3            5           4
                                                                   
CONSUMER STAPLES:                
  Food & Staples Retailing              4/9          0            3           1
  Food Beverage & Tobacco             14/26          8            2           4
  Household & Personal Products         3/6          2            0           1
                                                                   
FINANCIALS:                      
  Banks                               14/16         13            0           1
  Diversified Financials              24/27         15            2           7
  Insurance                            8/22          4            2           2
  Real Estate                          9/16          7            0           2


================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ----------Profit Margin----------
HEALTH CARE:                                          
  Health Care Equipment & Srvs.       22/30          7           10           5
  Pharma., Biotech. & Life Sci.       15/22          7            1           7

INDUSTRIALS:                     
  Capital Goods                       32/39         19            8           5
  Commercial & Professional Serv.     10/11          6            2           2
  Transportation                        8/9          5            3           0

INFORMATION TECH:                
  Semiconductors                      13/19          8            0           5
  Software & Services                 16/33         10            2           4
  Technology Hardware & Equip.        15/23          6            1           8

ENERGY:                               26/41         14            0          12

================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ----------Profit Margin----------
MATERIALS:                            24/30         18            3           3

TELECOM SVCS:                           3/9          3            0           0
                                 
UTILITIES:                            11/33          5            1           5

                                           -------Operating Margin-------
CONSUMER DISCRETIONARY:          
  Automobiles & Components              2/4          1            1           0
  Consumer Durables & Apparel         10/15          2            1           7
  Consumer Services                   12/13          6            3           3
  Media                                7/16          5            1           1
  Retailing                           12/31          4            5           3
                                                                   
CONSUMER STAPLES:                
  Food & Staples Retailing              4/9          0            4           0
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           -------Operating Margin-------
CONSUMER STAPLES:                
  Food Beverage & Tobacco             14/26          8            4           2
  Household & Personal Products         3/6          1            0           2
                                                                   
FINANCIALS:                      
  Banks                               14/16         14            0           0
  Diversified Financials              24/27         13            1          10
  Insurance                            7/22          4            1           2
  Real Estate                          7/16          6            0           1

HEALTH CARE:                                          
  Health Care Equipment & Srvs.       21/30          7            9           5
  Pharma., Biotech. & Life Sci.       14/22          5            1           8

INDUSTRIALS:                     
  Capital Goods                       30/39         20            3           7
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           -------Operating Margin-------
INDUSTRIALS:                     
  Commercial & Professional Serv.      9/11          2            4           3
  Transportation                        8/9          3            4           1

INFORMATION TECH:                
  Semiconductors                      13/19          7            1           5
  Software & Services                 15/33          9            1           5
  Technology Hardware & Equip.        14/23          7            1           6

ENERGY:                               24/41         12            1          11

MATERIALS:                            24/30         16            5           3

TELECOM SVCS:                           3/9          1            1           1
                                 
UTILITIES:                             6/33          3            0           3
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
CONSUMER DISCRETIONARY:          
  Automobiles & Components              2/4          1            1           0
  Consumer Durables & Apparel          7/15          2            2           3
  Consumer Services                   11/13          8            3           0
  Media                                5/16          3            2           0
  Retailing                           12/31          5            4           3
                                                                   
CONSUMER STAPLES:                
  Food & Staples Retailing              4/9          0            4           0
  Food Beverage & Tobacco             11/26          3            3           5
  Household & Personal Products         3/6          1            0           2
                                                                   
FINANCIALS:                      
  Banks                                0/16         na           na          na
  Diversified Financials               2/27          1            0           1
  Insurance                            1/22          1            0           0
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
FINANCIALS:                      
  Real Estate                          7/16          5            2           0

HEALTH CARE:                                          
  Health Care Equipment & Srvs.       13/30          4            7           2
  Pharma., Biotech. & Life Sci.        7/22          2            2           3

INDUSTRIALS:                     
  Capital Goods                       28/39         18            5           5
  Commercial & Professional Serv.      8/11          2            4           2
  Transportation                        7/9          3            2           2

INFORMATION TECH:                
  Semiconductors                      11/19          9            1           1
  Software & Services                 15/33          9            2           4
  Technology Hardware & Equip.        13/23          9            1           3
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
ENERGY:                               24/41         11            1          12

MATERIALS:                            21/30         11            6           4

TELECOM SVCS:                           3/9          0            1           2
                                 
UTILITIES:                             3/33          1            1           1
================================================================================

Profit Margin: A company divides its net income into its net sales to measure its profitability. Operating Margin: A determination of the expense margin, operating margin is operating income as a percentage of net sales. Operating income is equal to net sales minus cost of goods sold minus selling, general, and administrative expenses. EBITDA Margin: The earnings before interest, taxes, depreciation and amortization divided by sales.

* -- Same category includes the margin differences between +0.5 percent and -0.5 percent.

To contact the reporter on this story: Wendy Soong in New York at csoong@bloomberg.net

To contact the editor responsible for this story: Alex Tanzi at at atanzi@bloomberg.net

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