Coming off four straight years of record earnings, Chevron Corp. cashed in on soaring oil prices to begin 2008 with the most profitable first quarter in its history.
The San Ramon-based company said Friday that it earned $5.17 billion, or $2.48 per share, during the first three months of the year, up 10 percent from $4.72 billion, or $2.18 per share, a year earlier.
The performance topped the average earnings estimate of $2.41 per share among analysts polled by Thomson Financial.
But revenue of $65.95 billion fell well below analysts' forecast of $75.64 billion.
Nevertheless, Chevron's revenue still surged 37 percent from last year's $48.23 billion.
Chevron's profit gains were more impressive than the reported number indicated because last year's results were boosted $700 million by a one time-gain.
If not for last year's windfall and unfavorable foreign-exchange rates that trimmed 3 cents per share from this year's earnings, Chevron's first-quarter profit would have been up by 31 percent, Citigroup analyst Doug Leggate estimated in a Friday research note.
Like its peers, Chevron is thriving because crude oil prices have climbed to record levels, recently flirting with $120 per barrel - almost twice as much as a year ago.
The San Ramon-based company said Friday that it earned $5.17 billion, or $2.48 per share, during the first three months of the year, up 10 percent from $4.72 billion, or $2.18 per share, a year earlier.
The performance topped the average earnings estimate of $2.41 per share among analysts polled by Thomson Financial.
But revenue of $65.95 billion fell well below analysts' forecast of $75.64 billion.
Nevertheless, Chevron's revenue still surged 37 percent from last year's $48.23 billion.
Chevron's profit gains were more impressive than the reported number indicated because last year's results were boosted $700 million by a one time-gain.
If not for last year's windfall and unfavorable foreign-exchange rates that trimmed 3 cents per share from this year's earnings, Chevron's first-quarter profit would have been up by 31 percent, Citigroup analyst Doug Leggate estimated in a Friday research note.
Like its peers, Chevron is thriving because crude oil prices have climbed to record levels, recently flirting with $120 per barrel - almost twice as much as a year ago.
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