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Exxon Mobil profit drops 68% as fuel demand falls
Exxon Mobil Corp. reported a fourth straight drop in profit Thursday after demand fell for fuels to run cars, factories and airplanes.
Third-quarter net income declined 68% to $4.73 billion, or 98 cents a share, from $14.8 billion, or $2.85, a year earlier, the Irving, Texas, company said. Per-share profit was 4 cents lower than the average analyst estimate compiled by Bloomberg.
Exxon Mobil's revenue plunged 40% to $82.3 billion. Global oil demand fell enough to fill 62 supertankers, spurring a drop of almost $50 in the average price of a barrel of crude, and U.S. natural-gas futures dropped 62% as factories were idled by the recession.
Exxon Mobil's U.S. refineries, which generated profit of $978 million a year earlier, lost about $2.3 million a day as fuel prices slumped. The company said it was halving share buybacks to $2 billion in the current quarter.
Shares of Exxon Mobil rose 12 cents to $73.96.
PG&E
Higher rates help boost net income
PG&E Corp. said third-quarter profit rose 4.6% as its Pacific Gas & Electric utility, California's largest, collected higher rates to cover the cost of system maintenance and upgrades.
Net income climbed to $318 million, or 83 cents a share, from $304 million, or 83 cents, a year earlier, the San Francisco company said. Excluding one-time items, such as costs for gas-system maintenance and severance, profit was 93 cents a share, beating by 1 cent the average analyst estimate compiled by Bloomberg.
Third-quarter revenue fell 12% to $3.24 billion. Power sales at the utility dropped 8.7% and natural gas sales plunged 24%.
The utility, which provides electricity to about 5.1 million homes and businesses and natural gas to 4.3 million, said it had cut jobs by about 2%.
PG&E shares fell 15 cents to $41.40.
ALLERGAN
Botox maker's profit rises 8.2%
Allergan Inc., maker of the wrinkle smoother Botox, said third-quarter profit rose 8.2% on higher sales of eye and skin-care treatments.
Net income increased to $179 million, or 58 cents a share, from $165.4 million, or 54 cents, a year earlier, the Irvine company said. Profit excluding one-time items was 70 cents a share, beating by 1 cent the average estimate of analysts surveyed by Bloomberg.
Revenue rose for many drugs including Botox, countering a decline seen earlier this year as consumers cut discretionary spending in the recession.
Allergan shares rose $1.37, or 2.6%, to $54.92.
REGAL
Cinema operator swings to a loss
Regal Entertainment Group, the largest U.S. cinema operator, reported a $1.8-million third-quarter loss on falling movie attendance.
The net loss of 1 cent a share contrasts with profit of $31 million, or 20 cents, a year earlier, the Knoxville, Tenn., company said. Sales fell 11% to $673.5 million, missing the $708.2-million average analyst estimate.
Excluding some items, profit in the three months ended Oct. 1 totaled 5 cents a share, compared with analysts' projections of 7 cents on average.
Shares of Regal, which also operates United Artists and Edwards theaters, rose 57 cents to $11.96.
-- times wire reports
Exxon Mobil Corp. reported a fourth straight drop in profit Thursday after demand fell for fuels to run cars, factories and airplanes.
Third-quarter net income declined 68% to $4.73 billion, or 98 cents a share, from $14.8 billion, or $2.85, a year earlier, the Irving, Texas, company said. Per-share profit was 4 cents lower than the average analyst estimate compiled by Bloomberg.
Exxon Mobil's revenue plunged 40% to $82.3 billion. Global oil demand fell enough to fill 62 supertankers, spurring a drop of almost $50 in the average price of a barrel of crude, and U.S. natural-gas futures dropped 62% as factories were idled by the recession.
Exxon Mobil's U.S. refineries, which generated profit of $978 million a year earlier, lost about $2.3 million a day as fuel prices slumped. The company said it was halving share buybacks to $2 billion in the current quarter.
Shares of Exxon Mobil rose 12 cents to $73.96.
PG&E
Higher rates help boost net income
PG&E Corp. said third-quarter profit rose 4.6% as its Pacific Gas & Electric utility, California's largest, collected higher rates to cover the cost of system maintenance and upgrades.
Net income climbed to $318 million, or 83 cents a share, from $304 million, or 83 cents, a year earlier, the San Francisco company said. Excluding one-time items, such as costs for gas-system maintenance and severance, profit was 93 cents a share, beating by 1 cent the average analyst estimate compiled by Bloomberg.
Third-quarter revenue fell 12% to $3.24 billion. Power sales at the utility dropped 8.7% and natural gas sales plunged 24%.
The utility, which provides electricity to about 5.1 million homes and businesses and natural gas to 4.3 million, said it had cut jobs by about 2%.
PG&E shares fell 15 cents to $41.40.
ALLERGAN
Botox maker's profit rises 8.2%
Allergan Inc., maker of the wrinkle smoother Botox, said third-quarter profit rose 8.2% on higher sales of eye and skin-care treatments.
Net income increased to $179 million, or 58 cents a share, from $165.4 million, or 54 cents, a year earlier, the Irvine company said. Profit excluding one-time items was 70 cents a share, beating by 1 cent the average estimate of analysts surveyed by Bloomberg.
Revenue rose for many drugs including Botox, countering a decline seen earlier this year as consumers cut discretionary spending in the recession.
Allergan shares rose $1.37, or 2.6%, to $54.92.
REGAL
Cinema operator swings to a loss
Regal Entertainment Group, the largest U.S. cinema operator, reported a $1.8-million third-quarter loss on falling movie attendance.
The net loss of 1 cent a share contrasts with profit of $31 million, or 20 cents, a year earlier, the Knoxville, Tenn., company said. Sales fell 11% to $673.5 million, missing the $708.2-million average analyst estimate.
Excluding some items, profit in the three months ended Oct. 1 totaled 5 cents a share, compared with analysts' projections of 7 cents on average.
Shares of Regal, which also operates United Artists and Edwards theaters, rose 57 cents to $11.96.
-- times wire reports
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