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

Here are the profit margin results for the third 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:       52/77      9.5%        15.5%       17.3%
CONSUMER STAPLES:             33/42      10.1%       15.7%       17.7%
ENERGY:                       41/42      12.3%       20.3%       30.8%
FINANCIALS:                   77/81      15.8%       18.9%       50.0%
HEALTH CARE:                  46/52      10.2%       17.3%       22.9%
================================================================================
                             REPORTED            Margin Median
                              /TOTAL    Profit     Operating     EBITDA
================================================================================
INDUSTRIALS:                  54/60      8.2%        12.7%       15.7%
INFORMATION TECH:             62/74      14.8%       18.8%       28.2%
MATERIALS:                    30/31      7.2%        12.2%       16.2%
TELECOM SVCS:                  8/8       4.0%        17.9%       37.4%
UTILITIES:                    33/33      10.6%       20.8%       27.6%

TOTAL REPORTED               436/500     10.4%       16.9%       22.2%
   EX-FINANCIALS:            359/419     9.9%        16.6%       21.2%

S&P 500 MARGIN by INDUSTRIES:

CONSUMER DISCRETIONARY:
  Automobiles & Components     4/4       5.0%        6.2%         9.6%
  Consumer Durables & Appare  11/13      4.8%        13.7%       12.8%
  Consumer Services           12/14      11.8%       17.0%       22.6%
  Media                       14/16      8.6%        17.9%       23.2%
  Retailing                   11/30      4.6%        7.5%         9.6%
================================================================================
                             REPORTED            Margin Median
                              /TOTAL    Profit     Operating     EBITDA
================================================================================
CONSUMER STAPLES:
  Food & Staples Retailing     7/9       2.9%        4.6%         5.8%
  Food Beverage & Tobacco     20/27      12.7%       16.6%       20.6%
  Household & Personal Produ   6/6       10.6%       16.8%       18.9%

FINANCIALS:
  Banks                       15/15      18.3%       30.0%         na
  Diversified Financials      27/28      17.6%       26.5%       45.6%
  Insurance                   20/22      4.6%        7.4%        16.9%
  Real Estate                 15/16      17.1%       12.5%       58.6%

HEALTH CARE:
  Health Care Equipment & Sr  27/31      7.6%        10.8%       11.9%
  Pharma., Biotech. & Life S  19/21      18.1%       24.5%       30.1%

INDUSTRIALS:
  Capital Goods               34/40      8.7%        12.6%       14.9%
================================================================================
                             REPORTED            Margin Median
                              /TOTAL    Profit     Operating     EBITDA
================================================================================
INDUSTRIALS:
  Commercial & Professional   11/11      7.7%        16.0%       22.6%
  Transportation               9/9       6.6%        10.2%       15.9%

INFORMATION TECH:
  Semiconductors              15/18      17.3%       22.1%       30.9%
  Software & Services         28/33      15.7%       19.8%       28.8%
  Technology Hardware & Equi  19/23      8.6%        13.9%       19.2%

ENERGY:                       41/42      12.3%       20.3%       30.8%

MATERIALS:                    30/31      7.2%        12.2%       16.2%

TELECOM SVCS:                  8/8       4.0%        17.9%       37.4%

UTILITIES:                    33/33      10.6%       20.8%       27.6%

================================================================================
                             REPORTED
                              /TOTAL    Higher       Same*       Lower
================================================================================
Y-O-Y COMPARISONS by SECTORS:
                                      ----------Profit Margin----------
Consumer Discretionary:       52/77       16          20           16
Consumer Staples:             33/42       10          10           13
Energy:                       41/42       27           2           12
Financials:                   76/81       35           8           33
Health Care:                  46/52        8          11           27
Industrials:                  54/60       26          14           14
Information Tech:             61/74       18           6           37
Materials:                    29/31       15           3           11
Telecom Svcs:                  8/8         2           1           5
Utilities:                    33/33       15           6           12

Total Reported:              433/500      172         81          180

                                      -------Operating Margin-------
Consumer Discretionary:       52/77       19          12           21
================================================================================
                             REPORTED
                              /TOTAL    Higher       Same*       Lower
================================================================================
                                      -------Operating Margin-------
Consumer Staples:             32/42        9           9           14
Energy:                       41/42       26           3           12
Financials:                   76/81       39           3           34
Health Care:                  46/52       10           9           27
Industrials:                  54/60       26          16           12
Information Tech:             61/74       22           7           32
Materials:                    29/31       11           6           12
Telecom Svcs:                  8/8         3           0           5
Utilities:                    33/33       14           5           14

Total Reported:              432/500      179         70          183

                                      ---------EBITDA Margin---------
Consumer Discretionary:       50/77       13          24           13
Consumer Staples:             32/42        7          11           14
Energy:                       39/42       17           3           19
================================================================================
                             REPORTED
                              /TOTAL    Higher       Same*       Lower
================================================================================
                                      ---------EBITDA Margin---------
Financials:                   30/81       15           5           10
Health Care:                  34/52       10          11           13
Industrials:                  52/60       25          13           14
Information Tech:             58/74       26           7           25
Materials:                    29/31       15           6           8
Telecom Svcs:                  8/8         1           0           7
Utilities:                    30/33       15           4           11

Total Reported:              362/500      144         84          134

Y-O-Y COMPARISONS by INDUSTRIES:
                                      ----------Profit Margin----------
CONSUMER DISCRETIONARY:
  Automobiles & Components     4/4         2           1           1
  Consumer Durables & Appare  11/13        4           4           3
  Consumer Services           12/14        4           2           6
================================================================================
                             REPORTED
                              /TOTAL    Higher       Same*       Lower
================================================================================
                                      ----------Profit Margin----------
CONSUMER DISCRETIONARY:
  Media                       14/16        3           7           4
  Retailing                   11/30        3           6           2

CONSUMER STAPLES:
  Food & Staples Retailing     7/9         2           5           0
  Food Beverage & Tobacco     20/27        7           4           9
  Household & Personal Produ   6/6         1           1           4

FINANCIALS:
  Banks                       15/15       12           0           3
  Diversified Financials      27/28       12           6           9
  Insurance                   20/22        2           1           17
  Real Estate                 14/16        9           1           4


================================================================================
                             REPORTED
                              /TOTAL    Higher       Same*       Lower
================================================================================
                                      ----------Profit Margin----------
HEALTH CARE:
  Health Care Equipment & Sr  27/31        2          11           14
  Pharma., Biotech. & Life S  19/21        6           0           13

INDUSTRIALS:
  Capital Goods               34/40       18           7           9
  Commercial & Professional   11/11        5           2           4
  Transportation               9/9         3           5           1

INFORMATION TECH:
  Semiconductors              15/18        3           0           12
  Software & Services         28/33        9           4           15
  Technology Hardware & Equi  18/23        6           2           10

ENERGY:                       41/42       27           2           12

================================================================================
                             REPORTED
                              /TOTAL    Higher       Same*       Lower
================================================================================
                                      ----------Profit Margin----------
MATERIALS:                    29/31       15           3           11

TELECOM SVCS:                  8/8         2           1           5

UTILITIES:                    33/33       15           6           12

                                      -------Operating Margin-------
CONSUMER DISCRETIONARY:
  Automobiles & Components     4/4         2           1           1
  Consumer Durables & Appare  11/13        3           4           4
  Consumer Services           12/14        2           3           7
  Media                       14/16        9           1           4
  Retailing                   11/30        3           3           5

CONSUMER STAPLES:
  Food & Staples Retailing     7/9         1           6           0
================================================================================
                             REPORTED
                              /TOTAL    Higher       Same*       Lower
================================================================================
                                      -------Operating Margin-------
CONSUMER STAPLES:
  Food Beverage & Tobacco     19/27        7           2           10
  Household & Personal Produ   6/6         1           1           4

FINANCIALS:
  Banks                       15/15       13           0           2
  Diversified Financials      27/28       11           3           13
  Insurance                   20/22        4           0           16
  Real Estate                 14/16       11           0           3

HEALTH CARE:
  Health Care Equipment & Sr  27/31        4           7           16
  Pharma., Biotech. & Life S  19/21        6           2           11

INDUSTRIALS:
  Capital Goods               34/40       19          10           5
================================================================================
                             REPORTED
                              /TOTAL    Higher       Same*       Lower
================================================================================
                                      -------Operating Margin-------
INDUSTRIALS:
  Commercial & Professional   11/11        5           3           3
  Transportation               9/9         2           3           4

INFORMATION TECH:
  Semiconductors              15/18        1           1           13
  Software & Services         28/33       12           4           12
  Technology Hardware & Equi  18/23        9           2           7

ENERGY:                       41/42       26           3           12

MATERIALS:                    29/31       11           6           12

TELECOM SVCS:                  8/8         3           0           5

UTILITIES:                    33/33       14           5           14
================================================================================
                             REPORTED
                              /TOTAL    Higher       Same*       Lower
================================================================================
                                      ---------EBITDA Margin---------
CONSUMER DISCRETIONARY:
  Automobiles & Components     4/4         1           2           1
  Consumer Durables & Appare  10/13        2           4           4
  Consumer Services           12/14        2           7           3
  Media                       13/16        6           4           3
  Retailing                   11/30        2           7           2

CONSUMER STAPLES:
  Food & Staples Retailing     7/9         0           6           1
  Food Beverage & Tobacco     19/27        5           4           10
  Household & Personal Produ   6/6         2           1           3

FINANCIALS:
  Banks                        0/15       na          na           na
  Diversified Financials      14/28        6           2           6
  Insurance                    2/22        2           0           0
================================================================================
                             REPORTED
                              /TOTAL    Higher       Same*       Lower
================================================================================
                                      ---------EBITDA Margin---------
FINANCIALS:
  Real Estate                 14/16        7           3           4

HEALTH CARE:
  Health Care Equipment & Sr  19/31        6           8           5
  Pharma., Biotech. & Life S  15/21        4           3           8

INDUSTRIALS:
  Capital Goods               33/40       19           8           6
  Commercial & Professional   10/11        3           3           4
  Transportation               9/9         3           2           4

INFORMATION TECH:
  Semiconductors              14/18        4           1           9
  Software & Services         28/33       13           5           10
  Technology Hardware & Equi  16/23        9           1           6
================================================================================
                             REPORTED
                              /TOTAL    Higher       Same*       Lower
================================================================================
                                      ---------EBITDA Margin---------
ENERGY:                       39/42       17           3           19

MATERIALS:                    29/31       15           6           8

TELECOM SVCS:                  8/8         1           0           7

UTILITIES:                    30/33       15           4           11
================================================================================

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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