Earnings on Target

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Earnings on Target

DALLAS -- 7-Eleven Inc. today reported a third-quarter net income of $29.5 million, or 25 cents per diluted share, beating Thomson First Call forecasts by a penny.

Quarterly revenue increased to $2.79 billion from $2.64 billion, while same-store sales increased 3.2 percent. Looking ahead, the company forecast 2002 core earnings to range from 65 cents to 68 cents, up from a previous view of 60 cents to 62 cents.

Still, the industry giant has not been immune to the broader economic slump. These numbers illustrate a significant slowdown from last year, when 7-Eleven reported income of $47.6 million, or 40 cents per diluted share during the third quarter.

ConocoPhillips this week reported third-quarter net operating income of $456 million, or 94 cents per share, compared with $373 million, or $1.33 per share during third quarter 2001. Including special items of $572 million -- primarily related to integrating the operations of Conoco and Phillips -- the company had a loss of $116 million, or 24 cents per share.

"We are extremely pleased with the progress we've made thus far in integrating the operations of Conoco and Phillips," Jim Mulva, president and CEO of ConocoPhillips said in a release. "We continue to work toward finalizing our operating plans and synergy targets."

Net income for the first nine months of 2002 is $133 million, or 32 cents per share, compared with $1.5 billion, or $5.66 per share in 2001. Total revenues were $36.5 billion, versus $16.6 billion a year ago.