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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:               58/79       6.5%        12.7%       17.4%
CONSUMER STAPLES:                     31/41       9.6%        14.3%       19.0%
ENERGY:                               40/41       8.9%        18.1%       34.0%
FINANCIALS:                           76/81      12.5%        17.6%       50.3%
HEALTH CARE:                          48/52      11.3%        18.4%       22.1%
================================================================================
                                   REPORTED           Margin Median             
                                     /TOTAL     Profit    Operating      EBITDA 
================================================================================
INDUSTRIALS:                          55/59       7.9%        11.9%       15.1%
INFORMATION TECH:                     59/75      17.3%        21.6%       29.6%
MATERIALS:                            29/30       5.7%        10.9%       15.4%
TELECOM SVCS:                           8/9       5.0%        19.1%       38.6%
UTILITIES:                            31/33       7.7%        16.5%       28.2%

TOTAL REPORTED                      435/500       9.4%        16.1%       23.1% 
   EX-FINANCIALS:                   359/419       8.8%        15.6%       21.4%

S&P 500 MARGIN by INDUSTRIES:    

CONSUMER DISCRETIONARY:          
  Automobiles & Components              4/4       5.6%         5.1%        8.9%
  Consumer Durables & Apparel         14/15       5.0%         7.5%       14.8%
  Consumer Services                   12/13       8.5%        17.9%       24.0%
  Media                               15/16       7.7%        18.3%       26.7%
  Retailing                           13/31       5.4%         8.9%        9.8%
================================================================================
                                   REPORTED           Margin Median             
                                     /TOTAL     Profit    Operating      EBITDA 
================================================================================
CONSUMER STAPLES:                
  Food & Staples Retailing              6/9       2.2%         4.0%        6.2%
  Food Beverage & Tobacco             19/26      10.5%        15.8%       20.8%
  Household & Personal Products         6/6       9.3%        15.3%       19.5%

FINANCIALS:                      
  Banks                               14/16      17.8%        26.1%          na
  Diversified Financials              27/27      16.8%        26.3%       41.5%
  Insurance                           19/22       7.7%        14.3%       15.4%
  Real Estate                         16/16      12.7%        12.3%       57.8%

HEALTH CARE:                     
  Health Care Equipment & Srvs.       28/30       7.4%        15.1%       19.7%
  Pharma., Biotech. & Life Sci.       20/22      16.5%        27.8%       30.9%

INDUSTRIALS:                     
  Capital Goods                       35/39       7.9%        11.9%       14.7%
================================================================================
                                   REPORTED           Margin Median            
                                     /TOTAL     Profit    Operating      EBITDA
================================================================================
INDUSTRIALS:                     
  Commercial & Professional Serv.     11/11       6.5%        15.9%       25.6%
  Transportation                        9/9       6.2%        10.1%       16.0%

INFORMATION TECH:                
  Semiconductors                      16/19      24.0%        27.1%       33.3%
  Software & Services                 24/33      17.4%        22.8%       30.5%
  Technology Hardware & Equip.        19/23      10.4%        15.2%       22.4%

ENERGY:                               40/41       8.9%        18.1%       34.0%

MATERIALS:                            29/30       5.7%        10.9%       15.4%

TELECOM SVCS:                           8/9       5.0%        19.1%       38.6%
                                 
UTILITIES:                            31/33       7.7%        16.5%       28.2%

================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
Y-O-Y COMPARISONS by SECTORS:    
                                           ----------Profit Margin----------
Consumer Discretionary:               58/79         29           14          15
Consumer Staples:                     31/41         13            7          11
Energy:                               40/41         19            1          20
Financials:                           76/81         44            8          24
Health Care:                          48/52         17           16          15
Industrials:                          55/59         32           14           9
Information Tech:                     58/75         30            3          25
Materials:                            29/30         22            3           4
Telecom Svcs:                           8/9          4            0           4
Utilities:                            31/33         16            2          13
                                                                               
Total Reported:                     434/500        226           68         140

                                           -------Operating Margin-------
Consumer Discretionary:               56/79         24           12          20
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           -------Operating Margin-------
Consumer Staples:                     30/41         10           12           8
Energy:                               39/41         18            3          18
Financials:                           73/81         47            2          24
Health Care:                          48/52         18           12          18
Industrials:                          55/59         28           14          13
Information Tech:                     58/75         32            4          22
Materials:                            28/30         18            6           4
Telecom Svcs:                           8/9          2            1           5
Utilities:                            28/33         15            2          11

Total Reported:                     423/500        212           68         143

                                           ---------EBITDA Margin---------
Consumer Discretionary:               52/79         28           16           8
Consumer Staples:                     28/41          7           10          11
Energy:                               37/41         17            1          19
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
Financials:                           29/81         13            8           8
Health Care:                          33/52         13           14           6
Industrials:                          53/59         27           12          14
Information Tech:                     52/75         35            6          11
Materials:                            28/30         14            8           6
Telecom Svcs:                           8/9          2            1           5
Utilities:                            25/33         14            4           7

Total Reported:                     345/500        170           80          95

Y-O-Y COMPARISONS by INDUSTRIES: 
                                           ----------Profit Margin----------
CONSUMER DISCRETIONARY:          
  Automobiles & Components              4/4          3            1           0
  Consumer Durables & Apparel         14/15          7            3           4
  Consumer Services                   12/13          5            5           2
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ----------Profit Margin----------
CONSUMER DISCRETIONARY:          
  Media                               15/16         10            0           5
  Retailing                           13/31          4            5           4
                                                                   
CONSUMER STAPLES:                
  Food & Staples Retailing              6/9          1            4           1
  Food Beverage & Tobacco             19/26          8            3           8
  Household & Personal Products         6/6          4            0           2
                                                                   
FINANCIALS:                      
  Banks                               14/16         13            0           1
  Diversified Financials              27/27         16            3           8
  Insurance                           19/22          6            5           8
  Real Estate                         16/16          9            0           7


================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ----------Profit Margin----------
HEALTH CARE:                                          
  Health Care Equipment & Srvs.       28/30          8           13           7
  Pharma., Biotech. & Life Sci.       20/22          9            3           8

INDUSTRIALS:                     
  Capital Goods                       35/39         20            9           6
  Commercial & Professional Serv.     11/11          6            2           3
  Transportation                        9/9          6            3           0

INFORMATION TECH:                
  Semiconductors                      16/19         10            0           6
  Software & Services                 24/33         12            2          10
  Technology Hardware & Equip.        18/23          8            1           9

ENERGY:                               40/41         19            1          20

================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ----------Profit Margin----------
MATERIALS:                            29/30         22            3           4

TELECOM SVCS:                           8/9          4            0           4
                                 
UTILITIES:                            31/33         16            2          13

                                           -------Operating Margin-------
CONSUMER DISCRETIONARY:          
  Automobiles & Components              3/4          1            2           0
  Consumer Durables & Apparel         14/15          4            1           9
  Consumer Services                   12/13          6            3           3
  Media                               14/16          8            1           5
  Retailing                           13/31          5            5           3
                                                                   
CONSUMER STAPLES:                
  Food & Staples Retailing              6/9          0            5           1
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           -------Operating Margin-------
CONSUMER STAPLES:                
  Food Beverage & Tobacco             18/26          8            6           4
  Household & Personal Products         6/6          2            1           3
                                                                   
FINANCIALS:                      
  Banks                               14/16         14            0           0
  Diversified Financials              27/27         16            1          10
  Insurance                           16/22          7            1           8
  Real Estate                         16/16         10            0           6

HEALTH CARE:                                          
  Health Care Equipment & Srvs.       28/30         10           12           6
  Pharma., Biotech. & Life Sci.       20/22          8            0          12

INDUSTRIALS:                     
  Capital Goods                       35/39         22            5           8
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           -------Operating Margin-------
INDUSTRIALS:                     
  Commercial & Professional Serv.     11/11          2            5           4
  Transportation                        9/9          4            4           1

INFORMATION TECH:                
  Semiconductors                      16/19          9            1           6
  Software & Services                 24/33         14            2           8
  Technology Hardware & Equip.        18/23          9            1           8

ENERGY:                               39/41         18            3          18

MATERIALS:                            28/30         18            6           4

TELECOM SVCS:                           8/9          2            1           5
                                 
UTILITIES:                            28/33         15            2          11
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
CONSUMER DISCRETIONARY:          
  Automobiles & Components              4/4          2            2           0
  Consumer Durables & Apparel         11/15          5            2           4
  Consumer Services                   11/13          8            3           0
  Media                               13/16          7            5           1
  Retailing                           13/31          6            4           3
                                                                   
CONSUMER STAPLES:                
  Food & Staples Retailing              6/9          1            5           0
  Food Beverage & Tobacco             16/26          3            5           8
  Household & Personal Products         6/6          3            0           3
                                                                   
FINANCIALS:                      
  Banks                                0/16         na           na          na
  Diversified Financials              11/27          5            1           5
  Insurance                            2/22          1            1           0
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
FINANCIALS:                      
  Real Estate                         16/16          7            6           3

HEALTH CARE:                                          
  Health Care Equipment & Srvs.       21/30          8           12           1
  Pharma., Biotech. & Life Sci.       12/22          5            2           5

INDUSTRIALS:                     
  Capital Goods                       33/39         21            5           7
  Commercial & Professional Serv.     11/11          2            4           5
  Transportation                        9/9          4            3           2

INFORMATION TECH:                
  Semiconductors                      13/19         10            1           2
  Software & Services                 24/33         14            4           6
  Technology Hardware & Equip.        15/23         11            1           3
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
ENERGY:                               37/41         17            1          19

MATERIALS:                            28/30         14            8           6

TELECOM SVCS:                           8/9          2            1           5
                                 
UTILITIES:                            25/33         14            4           7
================================================================================

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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