Exxon profit dips with weaker output

NEW YORK -- Exxon Mobil Corp. posted a 1 percent drop in quarterly earnings Thursday, missing expectations, as weaker output and natural gas prices offset higher margins from gasoline and chemicals. Still, it was another enormous quarter for Exxon Mobil, which has ridden the energy boom to previously unforeseen levels of profitability. The company posted record earnings of $39.5 billion in 2006. Net income in the second quarter decreased to $10.26 billion, or $1.83 a share, from $10.36 billion, or $1.72 a share, last year. Earnings per share rose because the number of outstanding shares dropped through a buyback program.

Ford surprises with quarterly profit

DEARBORN, Mich. -- Ford Motor Co. reported Thursday a $750 million quarterly profit, its first in two years. But Chief Executive Alan Mulally cautioned Ford has not turned the corner to sustained profitability. He repeated the company's assertion it won't make a full-year profit until 2009. The company said its profit was fueled by cost cutting, higher net pricing on its vehicles, slimmer losses in North America and better sales overseas. It also said the sale of its Jaguar and Land Rover subsidiaries was probable, and it was doing a "strategic review" of its Volvo unit.

Alexian Brothers names new CEO

ARLINGTON HEIGHTS -- Alexian Brothers Hospital Network on Thursday named Mark Frey its new chief executive officer, succeeding the retiring CEO Dean Grant. The four-hospital network has sites in Elk Grove Village and Hoffman Estates. Frey, 52, currently heads its behavioral health and rehabilitation hospitals. Grant is retiring after 30 years with Alexian Brothers Health System, parent of the local health network.

Three years for Porsche hybrid

WEISSACH, Germany --Porsche AG's first hybrid vehicle will be ready within three years, the luxury automaker announced Thursday, saying it showed progress by a company derided by some environmental groups as a climate destroyer.