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February 26, 2019QUARTERLY FINANCIAL STATISTICS FOR ENTERPRISES, 4TH QUARTER 2018 Canadian corporations earned $105.2 billion in operating profits (seasonally adjusted) in the fourth quarter of 2018 - a decrease of 3.9 per cent compared to the previous quarter. Compared to Q4 2017, operating profits were up 8.7 per cent. Since the most recent trough in the second quarter of 2016, Canadian corporate operating profits have been on an upward trend with an increase of $31.1 billion through Q4 2018.
The non-financial sector operating profits (seasonally adjusted) were down 1.5 per cent to $68.9 billion in the fourth quarter with declines in 8 of the 17 non-financial industries. Wholesale trade profits declined $588 million in Q4 due to decline for machinery, equipment and supplies merchants with lower activity in the construction sector. Manufacturing profits were down 0.2 per cent to $15.5 billion with declines in 4 of 13 subsectors. Petroleum and coal product manufacturing profits decreased with lower world oil prices and wood and paper manufacturing operating profits decreased with the continued decline in lumber prices. Operating profits were down $290 million in the agriculture, forestry, fishing and hunting industry primarily due to the performance of licensed producers of cannabis that are now part of the industry.
Financial industry profits declined by $3.3 billion in the fourth quarter, following an increase of $5.3 billion the previous quarter . Depository credit intermediation profits were up 3.9 per cent. Profits for insurance carrier declined $3.5 billion with fair value adjustments to actuarial liabilities among life, health and medical insurance carriers.
ANNUAL 2018
Comparing 2018 with 2017, operating profits increased 9.1 per cent (+$35.0 billion) across all sectors to total $419.0 billion in 2018. The oil and gas extraction and support sector had an operating profit for the first time in past 4 years. Profits in the oil and gas sector went from a $2.2 billion operating loss in 2017 to $516 million profit in 2018. Excluding the oil and gas sector operating profits continued an upward trend and were higher by $32.3 billion in 2018 compared to 2017.
For the non-financial industries, operating profits increased by 6.7% ($17.2 billion) with increases in 13 of 17 industries. Profits were lower in agriculture, forestry, fishing and hunting; utilities; administration and support services; and accommodation and food services in 2018. Profits were up for manufacturing, oil and gas sector, wholesale, construction, retail, and professional services.
Profits within the finance and insurance sectors were up 14.1 per cent ($17.8 billion). Increases occurred for all subsectors except the small decline seen in activities related to credit intermediation.
Source: Quarterly financial statistics for enterprises; Table 33-10-0008-01 Quarterly statement of changes in financial position and selected financial ratios, by industry
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