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Exxon's Profit Jumps 32 Percent ; Higher Oil, Gas Prices Propel Income Even As Production Declines

Posted on: Sunday, 31 July 2005, 03:01 CDT

Exxon Mobil Corp., the world's largest publicly traded oil company, reported a 32 percent increase in second-quarter profit as it reaped the benefits of soaring oil and natural gas prices.

Net income for the April-June quarter rose to $7.64 billion, or $1.20 per share, from $5.79 billion, or 88 cents per share, the year before. Excluding one-time items, earnings totaled $7.84 billion, or $1.23 per share, Exxon said yesterday.

The adjusted earnings just missed analysts' expectations for profit of $1.24 per share, according to a Thomson Financial survey.

Revenue totaled $88.57 billion, a gain of 25 percent from a year earlier.

Profits from exploration and production jumped $1 billion to $4.9 billion, a reflection of strong crude and natural-gas prices offsetting a 4.3 percent reduction in output, the company said.

The strong second quarter enabled Exxon Mobil to produce a record $15.5 billion in net income, or $2.42 per share, for the first six months. That 38 percent boost is up $4.2 billion, or $1.71 a share, from the first six months of 2004.

Shares of Exxon rose 40 cents to $60 in New York Stock Exchange trading yesterday.

-- The Associated Press

Northrop Grumman

Rising research and development spending by the U.S. military helped defense contractor Northrop Grumman Corp. post a second- quarter profit yesterday that beat Wall Street expectations.

Northrop Grumman, with more than 125,000 employees, said profit jumped 23 percent as sales rose 7 percent. The company's products include ships, aircraft and space technology. It owns what used to be Newport News Shipyard.

Net income rose to $367 million, or $1 per share, from $298 million, or 82 cents per share, in the second quarter of 2004. Analysts surveyed by Thomson Financial on average expected earnings of 88 cents per share.

Revenue increased to $7.96 billion from $7.44 billion, with each of the business segments posting higher sales. Contract acquisitions rose to $5.6 billion from $5.4 billion a year ago.

Shares fell 52 cents to close at $56.18.

-- The Associated Press

Central Va. Bankshares

Central Virginia Bankshares Inc. reported second-quarter earnings of $1.21 million, or 52 cents per share, compared with $1.05 million, or 46 cents per share, in the year-earlier quarter.

For the first half of the year, net income was $2.38 million, or $1.03 per share, compared with $2.07 million, or 91 cents per share.

Central Virginia Bankshares is the parent of Central Virginia Bank, a 32-year-old community bank based in Powhatan County. It operates a main branch in Powhatan, two branches in Cumberland County, three in western Chesterfield County and one in western Henrico County.

-- Carol Hazard

Source: Richmond Times - Dispatch

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