ExxonMobil records second-largest profit ever; America loves cars more than homes

Posted Oct 26th 2006 9:15AM by Sarah Gilbert
Filed under: Before the Bell, Earnings Reports, Good news, Exxon Mobil (XOM)

It's a good day to be King. ExxonMobil Corporation (NYSE:XOM) is king, all right, the beneficiary of those millions of Americans who won't give up their SUV, the receiver of high summer oil prices, the blushing bride of the resource junkie. The oil company released its third quarter results and earnings were $10.49 billion, $1.77 a share, the second-highest total ever for the company and a 6% increase from the year-earlier quarter.

Analysts had expected only $1.59 per share, so the stock was up already in pre-market trading to about $72.10.

The shares are expected to raise the overall market on a day when housing news is gloomy, gloomy and expected to be even gloomier. Are cars more important to Americans than their houses? So it would seem, and if the news continues to trend like this, maybe the citizens of the great U.S. of A. will just move into those beloved autos.

Tags: 3rd quarter, 3rdQuarter, earnings, exxon, exxonmobil, q3, q3 2006, q3 earnings, Q32006, Q3Earnings, xom