Exxon Reports Best Quarter in History; Misses Estimates

By Kevin Spak,  Newser Staff
Posted Jul 31, 2008 9:14 AM CDT
Hoses connected to a gasoline tanker truck deliver fuel to an Exxon station in Little Rock, Ark., Monday, June 16, 2008.   (AP Photo/Danny Johnston)
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(Newser) – ExxonMobil reported the biggest quarterly profit in US history today, earning $11.68 billion or $2.22 a share as revenues rose 40% over the previous year. But those stratospheric numbers fell short of Wall Street’s estimates; analysts had expected crude prices, which have doubled over the past year, to power Exxon to a $2.52 per-share haul, and the company's stock fell in early trading. The figure topped Exxon’s own $11.66 billion record, posted in the fourth quarter of last year.