Earnings Roundup: Two-Thirds Of US Companies That Have Reported Fourth-Quarter Results Have Beaten Wall Street Expectations
February 2, 2013 3:13 AM EST
Refining profits boosted the bottom line in the fourth quarter for Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX), enabling the two biggest U.S. oil companies Friday to beat analyst expectations, while outside the energy sector, other big companies also topped expectations. So far, two-thirds of reporting companies have done better than expected.
S&P Capital IQ said that of the 233 companies that have reported fourth-quarter results as of Thursday, 154 have beaten analyst expectations.
Exxon said its oil and natural gas production fell 5.2 percent in the last three months of 2012 to a three-year low, but the Irving, Texas, company’s refining, chemical and marketing profit soared, climbing to $1.77 billion from $425 million in the year-earlier period.
Overall, Exxon booked a fourth-quarter profit of $9.95 billion, or $2.20 per share, a 6 percent increase from the $9.4 billion, or $1.97 per share, profit it booked in the previous year’s fourth quarter. Revenue fell 5.3 percent to $115.17 billion. Analysts polled by Thomson Reuters expected the No. 1 U.S. energy company to earn $2 per share.
The No. 2 U.S. energy company, Chevron, said Friday its fourth-quarter profit climbed 41 percent to $7.2 billion, or $3.70 per share, compared with $5.1 billion, or $2.58 per share, in the year-earlier quarter. Excluding non-recurring items, the company booked $3.27 per share compared with analyst expectations of $3.03.
Revenue was down 3 percent to $56.3 billion.
Chevron’s downstream business benefited from a 46 percent profit margin increase as crude input costs fell and the San Ramon, Calif., company’s petroleum product selling prices rose.
Outside the energy sector, diversified manufacturer Ingersoll-Rand PLC (NYSE:IR)’s adjusted fourth-quarter income beat analyst expectations, as did those of pharmaceutical company Merck & Co., Inc. (NYSE:MRK).
Ingersoll-Rand’s results benefitted from stronger revenue in its security technologies and industrial technologies businesses. The maker of air-conditioning and heating systems, which is based in Dublin, Ireland, also benefitted from the gradually recovering U.S. residential housing market.
Merck’s sales and income fell but still beat analyst expectations as four drugs made by the Whitehouse Station, N.J., company – human papillomavirus vaccine Gardasil, diabetes drugs Janumet and Januvia and anti-inflammatory drug Remicade – helped offset weakness in the sales of other drugs.
To contact the editor, e-mail:
Most Popular Slideshows
- 2014 MTV Video Music Awards: Full List Of Winners, Miley Cyrus ‘Wrecking Ball’ Bags Video Of The Year [PHOTOS]
- Top 5 Richest Tennis Athletes
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
- Kate Middleton First Official Solo Trip: Details For Malta Tour Revealed [PHOTOS]
Join the Conversation
- UEFA Champions League Draw: Schedule, TV and Live Stream Information
- 2014 FIBA Basketball World Cup Team Preview - Finland Roster, Key Players and Schedule
- ‘The Walking Dead’ Season 5 New Teaser Video: Tyreese, Walkers Plus An Unidentified Figure [VIDEO]
- Angelina Jolie And Brad Pitt Are Now Husband And Wife: Wedding Held In France With Jolie-Pitt Kids
- Kit Harington: 'Game of Thrones' Actor Wants Character Jon Snow To Have A Good Death
- Why Moto X is Not the Best Smartphone to Purchase Now?
- Nexus 6 Release Date Will Intro Android 5.0 aka Lemon Meringue Pie with Killer Specs & Features
- Hundreds of Men Rape Teen for Three Years
- Apple iPhone 6 Release Date Two Weeks to Go Starting at $800 with New Phosphorus HealthKit Chip
- Samsung Galaxy S5 Mini vs. LG G3 S (aka LG G3 Beat, LG G3 Mini) – Specs, Features And Price Showdown
- iPhone 6 Release Date Update: 4.7-Inch Model Scores 65.8% In Screen-To-Size Ratio; A Surprise Entry Scales Top Spot [List Attached]
- Bill Shorten Calls Tony Abbott 'Ineligible' To Lead Australia; Government Party-Room Leaks On Abbott'sTravel Entitlements