Exxon Mobil profit dips 10 percent in quarter

HOUSTON -- Even Exxon Mobil Corp., the world's biggest publicly traded oil company and king of record corporate profits, couldn't overcome the negative effect higher crude oil prices had on its refining business in the third quarter.

The Irving, Texas-based company said Thursday its profit fell 10 percent in the July-to-September period, when lower natural gas prices and chemical margins also hurt the bottom line. Exxon Mobil's profit decline came even as it set a U.S. record for quarterly revenue.

Exxon Mobil said net income fell to $9.41 billion, or $1.70 per share, in the July-September period from $10.49 billion, or $1.77 per share, a year ago. Its profit in the third quarter of 2006 was the second-largest ever recorded by a publicly traded U.S. company.

Revenue rose to a record for gross sales of $102.3 billion from $99.59 billion in the third quarter of 2006. The previous mark, also owned by Exxon Mobil, was $100.7 billion in the third quarter of 2005, according to Standard & Poor's Senior Index Analyst Howard Silverblatt.

On average, analysts expected the company to earn $1.75 per share in the latest quarter on revenue of $112.97 billion.

OfficeMax

NAPERVILLE -- OfficeMax Inc. said its third-quarter earnings rose 61 percent as it overcame soft retail sales with the help of cost-cutting measures and the weak dollar and opened fewer stores than expected.

Net income after paying preferred dividends rose to $49 million, or 64 cents per share, from $30.4 million, or 41 cents per share, a year ago, when costs related to the company's headquarters consolidation and severance lopped close to $13 million off its earnings.

That matched the consensus estimate of analysts surveyed by Thomson Financial.

Sales increased 3 percent to $2.32 billion from $2.24 billion. But Naperville-based OfficeMax said sales included a lower percentage of core office supplies and furniture sales, which are more profitable than other categories.

Nicor

NAPERVILLE -- Nicor Inc. reported an 18 percent drop in third-quarter earnings.

The Naperville company reported third-quarter 2007 preliminary net income, operating income and diluted earnings per common share of $14.5 million, $22.8 million and 32 cents, respectively.

This compares to net income, operating income and diluted earnings per common share for the third quarter in 2006 of $17.6 million, $28.5 million and 39 cents, respectively, according to the company.

Earnings for the 2007 third quarter reflect lower operating results in the company's gas distribution and shipping businesses and lower corporate operating income, partially offset by higher operating results in the company's other energy-related ventures, according to the Nicor.

CVS Caremark

PROVIDENCE, R.I. -- CVS Caremark Corp., the nation's largest drug retailer, said its third-quarter profit more than doubled as sales soared 83 percent in the wake of the Caremark deal. Woonsocket, R.I.-based CVS completed its acquisition of prescription-benefit manager Caremark in March.

For the quarter ended Sept. 29, net income after preferred dividends jumped to $686.1 million, or 45 cents per share, from $280.7 million, or 33 cents per share, in the prior-year quarter.

Revenue rose to $20.50 billion from $11.21 billion in the third quarter of 2006.

Morningstar

CHICAGO -- Morningstar Inc. said third-quarter net income rose 47 percent, reflecting increased product sales to advisers and international clients, the investment researcher reported.

Net income rose to $19.9 million, or 41 cents a share, from $13.5 million, or 29 cents a share, in the year-ago period.

The Chicago company's revenue rose to $111.9 million from $81.8 million a year earlier. More than 20 percent of Morningstar's revenue is coming from outside the U.S., Chief Executive Joe Mansueto said in a statement.

Assets under advisement for investment consulting rose to $91.4 billion, up from $47.6 billion a year ago.

CBS

NEW YORK -- CBS Corp.'s earnings rose 8 percent in the third quarter as gains in TV and outdoor advertising offset weakness in radio.

CBS said it earned $343.3 million, or 48 cents per share, in the three months ending in September, up from $316.9 million, or 41 cents per share, in the same period a year ago.

Analysts polled by Thomson Financial had been expecting 43 cents a share.

Revenues fell 3 percent to $3.28 billion, which the company attributed to lower television license fees, the sale of several radio and TV stations and the loss of the UPN television network, which was shut down in September last year. Operating income was essentially flat at $645.8 million as the gains in TV, outdoor advertising and book publishing were offset by declines in radio.

Napster

LOS ANGELES -- Napster Inc. said its second-quarter loss narrowed from a year ago as the online music service posted higher revenue from subscriptions and mobile music sales despite a decline in paid subscribers.

The company reported a net loss of $5.1 million, or 12 cents per share, for the fiscal quarter ended Sept. 30. During the same period a year ago, it lost $9 million, or 21 cents per share. The loss was less than the 15 cents per share on sales of $30.5 million that analysts surveyed by Thomson Financial expected.

Net revenue for the most recent quarter was $31.6 million, up 24 percent from $25.5 million in the year-ago period.

The Los Angeles-based company's revenue growth during the quarter came primarily from subscription and mobile music sales, but also included $700,000 from a nonrecurring trademark license.

Electronic Arts

SAN JOSE, Calif. -- Video-game software publisher Electronic Arts Inc. posted a fiscal second-quarter net loss Thursday as sales fell, but the company said it expects a "great" holiday season.

For the quarter ended Sept. 30, EA posted a net loss of $195 million, or 62 cents per share, compared with a profit of $22 million, or 7 cents per share, in the same period a year ago.

The company attributed part of the loss to a change in how it accounts for sales of online-enabled games, now recognizing the sales on a deferred basis over an estimated service period.

Revenue fell short of Wall Street expectations. Sales fell 18 percent to $640 million in the second quarter from $784 million a year ago, well below the $896.2 million that analysts were projecting.