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DALLAS -- Exxon Mobil Corp. posted its third quarter earnings yesterday, with profit totaling $10.49 billion. Shares rose to a year-long high as a result of the announcement, The Associated Press reported.
While the $10.49 billion in profit is the second largest for any publicly-traded company, the record, held by Exxon Mobil, stands at $10.71 billion, achieved in the fourth quarter of 2005. But that record might not stand for long, according to Howard Silverblatt, a Standard & Poor's Senior Index analyst. "In all likelihood, they will be at the $40 billion mark for the year," he told the AP.
If achieved, it will put Exxon Mobil in range of the highest annual profit ever by a U.S. company. Again, Exxon Mobil holds the current record, with its 2005 profit totaling $36.1 billion, according to the report.
Net income for the company's third quarter rose $1.77 per share, up from the $1.58 increase per share a year ago. The results exceeded all Wall Street analysts' expectations of an increase of $1.59 per share, on average.
Even with the possible record-making numbers, Exxon Mobil's revenue fell from $100.72 billion recorded in the third quarter of 2005, to $99.59 billion for this quarter. The decrease is attributed to the inflated prices for oil post-Hurricanes Katrina and Rita in 2005.