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Tuesday, July 14, 2020  Spokane, Washington  Est. May 19, 1883
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Exxon Mobil income surges

From Wire Reports

Exxon Mobil Corp. said Thursday its second quarter income nearly doubled to $7.56 billion as oil prices increased from last year.

It’s Exxon’s highest quarterly profit since the $7.82 billion earned in the last three months of 2008.

Exxon set a record for quarterly earnings in the U.S. of $14.83 billion in the third quarter of 2008 after oil prices spiked to near $150 per barrel that summer. Oil prices dropped dramatically as the global recession took hold, and Exxon’s profits followed, hitting a six-year low in the second quarter of 2009.

The world’s largest publicly traded oil company said earnings rose to $1.60 per share in this year’s second quarter, from $3.95 billion, or 81 cents per share, in the year-ago period.

Revenue increased 24 percent to $92.5 billion.

Analysts had expected quarterly earnings of $1.46 per share on revenue of $98.5 billion.

In other reports Thursday:

• Southwest Airlines Co. reported a $112 million profit for spring and early summer. Southwest said its adjusted earnings were 29 cents per share in the second quarter, enough to beat analysts’ expectations. Revenue rose 21 percent thanks to a 15 percent increase in average fares during the start of the summer vacation period.

• Motorola Inc. reported net income of $162 million, or 7 cents per share, in the April-June quarter. That’s up from $26 million, or 1 cent per share, a year ago. Excluding items, Motorola would have earned 9 cents per share. That exceeded the average estimate of analysts polled by Thomson Reuters by a penny a share. Overall revenue fell 1.5 percent to $5.4 billion from $5.5 billion. Analysts expected $5.2 billion.

• A major cereal recall and soft sales dragged Kellogg Co.’s second-quarter net income down 15 percent and led the food maker to cut its full-year outlook. The company reported that it earned $302 million, or 79 cents per share for the quarter, down from $354 million, or 92 cents per share in the prior year. Revenue fell 5 percent to $3.06 billion. That’s well below the 94 cents per share on revenue of $3.29 billion that analysts expected, according to a Thomson Reuters poll.

• McClatchy Co. ’s second-quarter earnings plunged as the newspaper publisher shouldered higher costs on its debt to buy more time to recover from a bedeviling ad slump. Despite an 83 percent drop in net income, the results offered at least one sign of hope: McClatchy’s ad revenue fell by its lowest rate in more than three years.

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