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

Here are the profit margin results for the second quarter of 2012 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:               62/80       8.3%        14.2%       17.9%
CONSUMER STAPLES:                     33/41       9.3%        14.4%       17.3%
ENERGY:                               44/44      10.2%        16.6%       35.9%
FINANCIALS:                           81/81      12.7%        19.6%       45.1%
HEALTH CARE:                          49/53      11.4%        20.9%       24.3%
================================================================================
                                   REPORTED           Margin   Median             
                                     /TOTAL     Profit    Operating      EBITDA 
================================================================================
INDUSTRIALS:                          57/61       8.5%        13.4%       16.3%
INFORMATION TECH:                     59/70      13.4%        18.8%       26.5%
MATERIALS:                            30/30       9.0%        13.3%       17.3%
TELECOM SVCS:                           8/8       5.0%        20.7%       33.1%
UTILITIES:                            31/31       7.9%        18.3%       28.8%

TOTAL REPORTED                      454/499       9.8%        16.5%       23.2% 
   EX-FINANCIALS:                   373/418       9.3%        15.6%       21.6%

S&P 500 MARGIN by INDUSTRIES:    

CONSUMER DISCRETIONARY:          
  Automobiles & Components              5/5       3.9%         6.1%        8.7%
  Consumer Durables & Apparel         14/14       7.8%        10.6%       14.1%
  Consumer Services                   12/13      10.3%        19.6%       20.5%
  Media                               16/16       9.0%        19.9%       25.3%
  Retailing                           15/32       5.3%        10.3%       14.3%
================================================================================
                                   REPORTED           Margin   Median             
                                     /TOTAL     Profit    Operating      EBITDA 
================================================================================
CONSUMER STAPLES:                
  Food & Staples Retailing              6/8       2.4%         3.9%        5.9%
  Food Beverage & Tobacco             22/27      10.1%        16.2%       18.6%
  Household & Personal Products         5/6      11.3%        15.2%       19.6%

FINANCIALS:                      
  Banks                               15/15      22.0%        31.3%          na
  Diversified Financials              27/27      15.7%        26.7%       40.1%
  Insurance                           22/22       8.3%        13.8%       17.6%
  Real Estate                         17/17      12.2%        13.7%       59.5%

HEALTH CARE:                     
  Health Care Equipment & Srvs.       28/30      10.0%        16.8%       21.2%
  Pharma., Biotech. & Life Sci.       21/23      14.5%        22.7%       32.2%

INDUSTRIALS:                     
  Capital Goods                       37/41       9.2%        13.3%       15.8%
================================================================================
                                   REPORTED           Margin   Median            
                                     /TOTAL     Profit    Operating      EBITDA
================================================================================
INDUSTRIALS:                     
  Commercial & Professional Serv.     11/11       7.2%        14.9%       22.1%
  Transportation                        9/9       5.6%        10.2%       14.8%

INFORMATION TECH:                
  Semiconductors                      15/17      13.4%        24.4%       22.9%
  Software & Services                 27/31      15.0%        20.2%       28.8%
  Technology Hardware & Equip.        17/22       9.0%        16.5%       22.5%

ENERGY:                               44/44      10.2%        16.6%       35.9%

MATERIALS:                            30/30       9.0%        13.3%       17.3%

TELECOM SVCS:                           8/8       5.0%        20.7%       33.1%
                                 
UTILITIES:                            31/31       7.9%        18.3%       28.8%

================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
Y-O-Y COMPARISONS by SECTORS:    
                                           ----------Profit Margin----------
Consumer Discretionary:               62/80         25           14          23
Consumer Staples:                     33/41          8           13          12
Energy:                               42/44         10            7          25
Financials:                           80/81         32           10          38
Health Care:                          49/53         14            9          26
Industrials:                          56/61         22           22          12
Information Tech:                     59/70         12           14          33
Materials:                            30/30          8            4          18
Telecom Svcs:                           8/8          4            0           4
Utilities:                            31/31         15            5          11
                                                                               
Total Reported:                     450/499        150           98         202

                                           -------Operating Margin-------
Consumer Discretionary:               59/80         24           13          22
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           -------Operating Margin-------
Consumer Staples:                     33/41         10           13          10
Energy:                               41/44          9            4          28
Financials:                           80/81         35            5          40
Health Care:                          48/53         23            9          16
Industrials:                          55/61         33           13           9
Information Tech:                     58/70         22           10          26
Materials:                            30/30          9            6          15
Telecom Svcs:                           8/8          6            0           2
Utilities:                            31/31         18            2          11

Total Reported:                     443/499        189           75         179

                                           ---------EBITDA Margin---------
Consumer Discretionary:               55/80         17           16          22
Consumer Staples:                     30/41          8           10          12
Energy:                               38/44          9           11          18
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
Financials:                           39/81         10            5          24
Health Care:                          42/53         14            7          21
Industrials:                          55/61         24           25           6
Information Tech:                     55/70         18           10          27
Materials:                            29/30          8            6          15
Telecom Svcs:                           8/8          2            1           5
Utilities:                            31/31         16            2          13

Total Reported:                     382/499        126           93         163

Y-O-Y COMPARISONS by INDUSTRIES: 
                                           ----------Profit Margin----------
CONSUMER DISCRETIONARY:          
  Automobiles & Components              5/5          2            1           2
  Consumer Durables & Apparel         14/14          8            3           3
  Consumer Services                   12/13          5            1           6
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ----------Profit Margin----------
CONSUMER DISCRETIONARY:          
  Media                               16/16          7            4           5
  Retailing                           15/32          3            5           7
                                                                   
CONSUMER STAPLES:                
  Food & Staples Retailing              6/8          1            5           0
  Food Beverage & Tobacco             22/27          5            6          11
  Household & Personal Products         5/6          2            2           1
                                                                   
FINANCIALS:                      
  Banks                               15/15          9            1           5
  Diversified Financials              27/27          6            5          16
  Insurance                           22/22          9            3          10
  Real Estate                         16/17          8            1           7


================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ----------Profit Margin----------
HEALTH CARE:                                          
  Health Care Equipment & Srvs.       28/30          9            8          11
  Pharma., Biotech. & Life Sci.       21/23          5            1          15

INDUSTRIALS:                     
  Capital Goods                       36/41         14           14           8
  Commercial & Professional Serv.     11/11          6            2           3
  Transportation                        9/9          2            6           1

INFORMATION TECH:                
  Semiconductors                      15/17          0            2          13
  Software & Services                 27/31          8            8          11
  Technology Hardware & Equip.        17/22          4            4           9

ENERGY:                               42/44         10            7          25

================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ----------Profit Margin----------
MATERIALS:                            30/30          8            4          18

TELECOM SVCS:                           8/8          4            0           4
                                 
UTILITIES:                            31/31         15            5          11

                                           -------Operating Margin-------
CONSUMER DISCRETIONARY:          
  Automobiles & Components              5/5          3            0           2
  Consumer Durables & Apparel         13/14          7            3           3
  Consumer Services                   11/13          5            0           6
  Media                               16/16          6            5           5
  Retailing                           14/32          3            5           6
                                                                   
CONSUMER STAPLES:                
  Food & Staples Retailing              6/8          1            5           0
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           -------Operating Margin-------
CONSUMER STAPLES:                
  Food Beverage & Tobacco             22/27          8            6           8
  Household & Personal Products         5/6          1            2           2
                                                                   
FINANCIALS:                      
  Banks                               15/15          8            2           5
  Diversified Financials              27/27          7            2          18
  Insurance                           22/22         10            1          11
  Real Estate                         16/17         10            0           6

HEALTH CARE:                                          
  Health Care Equipment & Srvs.       27/30          9            8          10
  Pharma., Biotech. & Life Sci.       21/23         14            1           6

INDUSTRIALS:                     
  Capital Goods                       36/41         23            8           5
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           -------Operating Margin-------
INDUSTRIALS:                     
  Commercial & Professional Serv.     10/11          5            2           3
  Transportation                        9/9          5            3           1

INFORMATION TECH:                
  Semiconductors                      14/17          3            0          11
  Software & Services                 27/31         13            7           7
  Technology Hardware & Equip.        17/22          6            3           8

ENERGY:                               41/44          9            4          28

MATERIALS:                            30/30          9            6          15

TELECOM SVCS:                           8/8          6            0           2
                                 
UTILITIES:                            31/31         18            2          11
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
CONSUMER DISCRETIONARY:          
  Automobiles & Components              4/5          0            3           1
  Consumer Durables & Apparel         12/14          4            3           5
  Consumer Services                   11/13          2            3           6
  Media                               15/16          8            2           5
  Retailing                           13/32          3            5           5
                                                                   
CONSUMER STAPLES:                
  Food & Staples Retailing              6/8          1            4           1
  Food Beverage & Tobacco             20/27          7            4           9
  Household & Personal Products         4/6          0            2           2
                                                                   
FINANCIALS:                      
  Banks                                0/15         na           na          na
  Diversified Financials              21/27          3            1          17
  Insurance                            3/22          1            1           1
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
FINANCIALS:                      
  Real Estate                         15/17          6            3           6

HEALTH CARE:                                          
  Health Care Equipment & Srvs.       25/30          6            6          13
  Pharma., Biotech. & Life Sci.       17/23          8            1           8

INDUSTRIALS:                     
  Capital Goods                       36/41         17           18           1
  Commercial & Professional Serv.     10/11          4            3           3
  Transportation                        9/9          3            4           2

INFORMATION TECH:                
  Semiconductors                      12/17          0            0          12
  Software & Services                 27/31         12            5          10
  Technology Hardware & Equip.        16/22          6            5           5
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
ENERGY:                               38/44          9           11          18

MATERIALS:                            29/30          8            6          15

TELECOM SVCS:                           8/8          2            1           5
                                 
UTILITIES:                            31/31         16            2          13
================================================================================

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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