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

Jan. 27 (Bloomberg) -- Here are the profit margin results for the fourth 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:               22/79       7.0%        10.2%       16.0%
CONSUMER STAPLES:                     13/42       7.7%        11.8%       16.9%
ENERGY:                               12/42      11.3%        17.9%       25.0%
FINANCIALS:                           32/81      14.3%        23.4%       70.5%
HEALTH CARE:                          18/52      15.0%        23.2%       26.0%
================================================================================
                                   REPORTED           Margin Median             
                                     /TOTAL     Profit    Operating      EBITDA 
================================================================================
INDUSTRIALS:                          28/61       8.6%        11.5%       16.1%
INFORMATION TECH:                     41/73      15.1%        19.1%       27.2%
MATERIALS:                            17/30       4.4%         8.5%       16.7%
TELECOM SVCS:                           2/7     -13.8%       -11.3%       25.3%
UTILITIES:                             5/33       9.1%        15.9%          na

TOTAL REPORTED                      190/500      11.1%        17.3%       20.8% 
   EX-FINANCIALS:                   158/419       9.5%        15.5%       19.9%

S&P 500 MARGIN by INDUSTRIES:    

CONSUMER DISCRETIONARY:          
  Automobiles & Components              3/5       8.9%         7.0%        6.6%
  Consumer Durables & Apparel          4/12       5.7%        11.0%       14.7%
  Consumer Services                    7/14      11.1%        16.9%       23.4%
  Media                                1/16      11.3%        22.5%       36.7%
  Retailing                            7/32       3.7%         6.3%        9.6%
================================================================================
                                   REPORTED           Margin Median             
                                     /TOTAL     Profit    Operating      EBITDA 
================================================================================
CONSUMER STAPLES:                
  Food & Staples Retailing              4/9       1.2%         2.4%        4.7%
  Food Beverage & Tobacco              6/27      10.7%        16.0%       19.3%
  Household & Personal Products         3/6       7.7%        17.0%       21.2%

FINANCIALS:                      
  Banks                               13/15      15.6%        26.0%          na
  Diversified Financials              17/27      14.3%        22.6%       70.5%
  Insurance                            2/22       8.1%        12.1%          na
  Real Estate                          0/17         na           na          na

HEALTH CARE:                     
  Health Care Equipment & Srvs.       11/31      12.9%        20.6%       21.5%
  Pharma., Biotech. & Life Sci.        7/21      23.3%        28.9%       31.4%

INDUSTRIALS:                     
  Capital Goods                       21/41       8.9%        11.5%       16.1%
================================================================================
                                   REPORTED           Margin Median            
                                     /TOTAL     Profit    Operating      EBITDA
================================================================================
INDUSTRIALS:                     
  Commercial & Professional Serv.      2/11       5.8%        10.2%       12.2%
  Transportation                        5/9      15.5%        28.5%       36.5%

INFORMATION TECH:                
  Semiconductors                      10/18      20.7%        21.6%       32.3%
  Software & Services                 17/32      18.6%        22.3%       29.0%
  Technology Hardware & Equip.        14/23       8.3%        12.7%       18.8%

ENERGY:                               12/42      11.3%        17.9%       25.0%

MATERIALS:                            17/30       4.4%         8.5%       16.7%

TELECOM SVCS:                           2/7     -13.8%       -11.3%       25.3%
                                 
UTILITIES:                             5/33       9.1%        15.9%          na

================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
Y-O-Y COMPARISONS by SECTORS:    
                                           ----------Profit Margin----------
Consumer Discretionary:               22/79          5            7          10
Consumer Staples:                     13/42          1            3           9
Energy:                               12/42          6            0           6
Financials:                           32/81         14            3          15
Health Care:                          18/52          9            2           7
Industrials:                          28/61         13            8           7
Information Tech:                     41/73         16            6          19
Materials:                            17/30          6            1          10
Telecom Svcs:                           2/7          0            0           2
Utilities:                             5/33          4            0           1
                                                                               
Total Reported:                     190/500         74           30          86

                                           -------Operating Margin-------
Consumer Discretionary:               20/79          5            5          10
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           -------Operating Margin-------
Consumer Staples:                     11/42          2            3           6
Energy:                               11/42          8            2           1
Financials:                           31/81         16            0          15
Health Care:                          18/52         10            1           7
Industrials:                          27/61         15            6           6
Information Tech:                     41/73         16            4          21
Materials:                            17/30          6            4           7
Telecom Svcs:                           2/7          0            0           2
Utilities:                             3/33          2            1           0

Total Reported:                     181/500         80           26          75

                                           ---------EBITDA Margin---------
Consumer Discretionary:               16/79          1            9           6
Consumer Staples:                     11/42          2            5           4
Energy:                               11/42          6            1           4
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
Financials:                            1/81          0            0           1
Health Care:                           7/52          1            2           4
Industrials:                          24/61         10           10           4
Information Tech:                     39/73         14            6          19
Materials:                            14/30          6            3           5
Telecom Svcs:                           2/7          0            0           2
Utilities:                             0/33          0            0           0

Total Reported:                     125/500         40           36          49

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


================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ----------Profit Margin----------
HEALTH CARE:                                          
  Health Care Equipment & Srvs.       11/31          6            1           4
  Pharma., Biotech. & Life Sci.        7/21          3            1           3

INDUSTRIALS:                     
  Capital Goods                       21/41          9            6           6
  Commercial & Professional Serv.      2/11          2            0           0
  Transportation                        5/9          2            2           1

INFORMATION TECH:                
  Semiconductors                      10/18          2            0           8
  Software & Services                 17/32         10            3           4
  Technology Hardware & Equip.        14/23          4            3           7

ENERGY:                               12/42          6            0           6

================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ----------Profit Margin----------
MATERIALS:                            17/30          6            1          10

TELECOM SVCS:                           2/7          0            0           2
                                 
UTILITIES:                             5/33          4            0           1

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

HEALTH CARE:                                          
  Health Care Equipment & Srvs.       11/31          6            1           4
  Pharma., Biotech. & Life Sci.        7/21          4            0           3

INDUSTRIALS:                     
  Capital Goods                       20/41         10            6           4
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           -------Operating Margin-------
INDUSTRIALS:                     
  Commercial & Professional Serv.      2/11          2            0           0
  Transportation                        5/9          3            0           2

INFORMATION TECH:                
  Semiconductors                      10/18          1            0           9
  Software & Services                 17/32         10            3           4
  Technology Hardware & Equip.        14/23          5            1           8

ENERGY:                               11/42          8            2           1

MATERIALS:                            17/30          6            4           7

TELECOM SVCS:                           2/7          0            0           2
                                 
UTILITIES:                             3/33          2            1           0
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
CONSUMER DISCRETIONARY:          
  Automobiles & Components              1/5          0            1           0
  Consumer Durables & Apparel          1/12          0            1           0
  Consumer Services                    6/14          0            2           4
  Media                                1/16          0            1           0
  Retailing                            7/32          1            4           2
                                                                   
CONSUMER STAPLES:                
  Food & Staples Retailing              4/9          0            4           0
  Food Beverage & Tobacco              5/27          2            0           3
  Household & Personal Products         2/6          0            1           1
                                                                   
FINANCIALS:                      
  Banks                                0/15         na           na          na
  Diversified Financials               1/27          0            0           1
  Insurance                            0/22          0            0           0
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
FINANCIALS:                      
  Real Estate                          0/17          0            0           0

HEALTH CARE:                                          
  Health Care Equipment & Srvs.        6/31          1            1           4
  Pharma., Biotech. & Life Sci.        1/21          0            1           0

INDUSTRIALS:                     
  Capital Goods                       17/41          8            7           2
  Commercial & Professional Serv.      2/11          2            0           0
  Transportation                        5/9          0            3           2

INFORMATION TECH:                
  Semiconductors                       9/18          1            0           8
  Software & Services                 16/32          7            3           6
  Technology Hardware & Equip.        14/23          6            3           5
================================================================================
                                   REPORTED                                    
                                     /TOTAL    Higher         Same*       Lower
================================================================================
                                           ---------EBITDA Margin---------
ENERGY:                               11/42          6            1           4

MATERIALS:                            14/30          6            3           5

TELECOM SVCS:                           2/7          0            0           2
                                 
UTILITIES:                             0/33          0            0           0
================================================================================

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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