Second quarter US commercial printing profits were $1.13 billion, based on the recent Quarterly Financial Report issued by the Department of Commerce and combined with other Commerce Department and Bureau of Labor Statistics data. This was down -7.5% compared to Q2-2013. For the last four quarters, total profits were $3.67 billion, and that is +20% higher than the equivalent measure a year ago. The Q1 four-quarter moving total was revised down from $4.03 billion to $3.77 billion. (click chart to enlarge) The industry continues to generate profits despite declining volume of shipments, meaning that weak companies are exiting or being forced out of the business, and that the efficiencies of consolidation are being realized. This remains a challenging environment that tests the management and marketing skills of industry owners and executives. Maintaining this general range of profits for the last four years despite having about 4,000 fewer establishments and approximately 45,000 fewer employees shows the tenacity and adaptability of print businesses that is not often recognized. # # #