Friday, August 01, 2008

The gravy train rolls on while the economy and the world suffer

Exxon Mobil has biggest profit ever at $11.68B

HOUSTON - Exxon Mobil reported second-quarter earnings of $11.68 billion Thursday, the biggest quarterly profit ever by any U.S. corporation, but the results fell well short of Wall Street expectations and shares fell in premarket trading.

The world's largest publicly traded oil company said its net income for the April-June period came to $2.22 a share, up from $10.26 billion, or $1.83 a share, a year ago.

Revenue rose 40 percent to $138.1 billion from $98.4 billion in the year-earlier quarter.

Excluding an aftertax charge of $290 million related to an Exxon Valdez court settlement, earnings amounted to $11.97 billion, or $2.27 per share.

Analyst on average expected Exxon Mobil to earn $2.52 a share on revenue of $144 billion, according to a survey by Thomson Financial. The estimates typically exclude one-time items.

Exxon shares fell more than 2 percent, or $1.88, to $82.50 in premarket trading.

Original article posted here.

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