Thursday became the latest energy company to report sharply higher third-quarter earnings, partly because of higher oil and gasoline prices. Both figures were short of analysts' estimates.
The Irving, Texas-based oil giant said net income rose 38% to $3.65 billion, or 55 cents a share, compared to $2.64 billion, or 39 cents a share, in the third quarter of 2002. The consensus estimate was 62 cents a share, according to Thomson First Call. Nevertheless, ExxonMobil shares were up 29 cents, or 0,77%, at $38.10 in premarket trading.
Revenue rose 10.5% to $59.8 billion vs. $54.1 billion a year ago. Net income for the quarter was the second-best in the company's history, while net income for the first nine months of the year was a record $14.86 billion, double that of 2002.
Wednesday said third-quarter net income rose to $1.31 billion, while revenue rose 80%, partly because of the merger of the two companies last year.
Crude oil prices have been above $30 a barrel for much of the year, while gasoline prices touched $2 a gallon at the pump in parts of the U.S. during the summer driving season.