ConocoPhillips
Low natural-gas prices and thin margins from its gasoline-refining business drove profits down 71 percent in the third quarter, but the oil company is ramping up production as crude prices jump.
It is the second big oil company in as many weeks to report that oil production has grown as the industry recovers from a severe slump in energy prices over the past year. The nation’s third-largest oil company said it made $1.5 billion, or $1 per share, for the quarter ended Sept. 30, compared with profit of $5.2 billion, or $3.39 per share, in the year-ago third quarter when oil and natural- gas prices had peaked at record levels.
Revenue totaled $41.3 billion, down from $71.4 billion in the year-ago quarter.
Goodyear
Profit more than doubled in the third quarter, helped by cost-cutting, new products and lower raw-material costs. But the tire maker’s shares plummeted on its forecast for an operating loss in its key North American market this quarter.
The company earned $72 million, or 30 cents per share, in the July-September period, compared with $31 million, or 13 cents per share, a year ago.
Revenue fell to $4.4 billion from $5.2 billion a year ago. Goodyear said it earned 45 cents before charges. That beat the 40 cents a share that analysts surveyed by Thomson Reuters expected, on average.
General Dynamics
Third-quarter earnings sank nearly 10 percent, hurt by weak demand for business jets, but sales in all of its defense-related segments experienced gains, leading the military contractor to boost its profit outlook for the year.
In the third quarter, General Dynamics’ profit declined to $572 million, or $1.47 per share, from $634 million, or $1.59 per share, a year earlier. Analysts surveyed by Thomson Reuters expected $1.40 per share, on average. Revenue grew 8.1 percent to $7.72 billion.
International Paper
The world’s biggest wood-products company said Wednesday its third-quarter profit more than doubled as a huge federal tax credit more than offset falling sales of cardboard-box materials.
International Paper said its profit rose to $371 million, or 87 cents per share, in the July-September period from $149 million, or 35 cents per share, a year ago. Sales in the third quarter fell 13 percent to $5.92 billion.
