After-tax corporate profits jumped 8.9 percent in the second quarter of this year, the best performance in nearly five years, the government said Tuesday.
The Commerce Department said after-tax profits rose to a seasonally adjusted annual rate of $162.7 billion, up $13.3 billion from the first quarter.It was the biggest jump since an 11.4 percent increase in the third quarter of 1983.
However, Tuesday's report for the April-June quarter represents a downward revision from an estimate last month when the department said profits after tax soared 11.5 percent.
Profits were up 2.5 percent in the first quarter.
Corporate cash flows, a measurement intended to show the funds companies have for investment, rose 1.4 percent in the second quarter following a 0.9 percent increase in the January-March period.
Dividend payments to stockholders rose 1.8 percent to an annual rate of $103.1 billion.