“Profit is not a four-letter word” is a slogan defending capitalism. The saying means that making money is not inherently a bad thing.
 
“Profit is not a four-letter word” dates to at least August 1972, when the United States Chamber of Commerce passed out buttons containing the slogan at the Republican National Convention at Miami Beach, Florida.
 
 
17 August 1972, Oakland (CA) Tribune, “U.S. Chamber Helping GOP,” pg. 22F, col. 6:
MIAMI BEACH, Fla. (AP)—The United States Chamber of Commerce is passing out buttons to Republican convention delegates reading “Some of My Best Friends Are Businessmen” and “Profit Is Not a Four-Letter Word.”
 
The chamber’s executive vice president, Arch Booth, said the aim is to remind GOP policymakers that a healthy business community is basic to prosperity.
 
Google News Archive
17 February 1973, Eugene (OR) Register-Guard, “City planning chief expected flak from Chamber” by Ed Kenyon, pg. 7A, cols. 4-5:
Launching its program with the message that profit is not a four-letter word,” Lamy and Chamber President David Whitbread earlier this month added planners to a list that includes the League of Women Voters, Zero Population Growth, Future Power Committee and Citizens in Support of the 1990 Plan.
 
Google News Archive
28 May 1973, Leader-Post (Regina, Saskatchewan), “Too much money, too little discipline: Pro athletes under fire,” pg. 26, col. 2:
“Profit is not a four-letter word. We have to have clubs making money to have sport continue at a professional level.”
(Gerry Patterson, executive director of the Canadian Football League Players’ Association—ed.)
 
Google News Archive
30 October 1973, Miami (FL) News, “Butz: Best place to buy food is U.S.,” pg. 8A, col. 2:
He (U.S.Secretary of Agriculture Earl Butz—ed.) said the best way to keep production up is to make sure farmers are paid well for their efforts. “Profit is not a four-letter word,” he said.
 
OCLC WorldCat record
Profit is not a four letter word
Author: Neil W Baker; Canada. Commission royale d’enquête sur les groupements de sociétés.; Winnipeg Supply & Fuel.
Publisher: [S.l.], 1976.
Series: Commission royale d’enquête sur les groupements de sociétés, no. 44. 
Edition/Format:  Book : English
 
OCLC WorldCat record
Profit is not a four-letter word : the real truth about what it is, where it comes from, how it improves the quality of life for everyone
Author: John Stieber
Publisher: New York : AMACOM, ©1998.
Edition/Format:  Book : English