Cars
BP and Shell Announce Record (Fat) Profits During First Quarter
While we’re hearing all kind of excuses to as why we’re paying more and more for gas, BP and Shell, Europe’s two largest oil companies announced (surprise - surprise…) record profits for the first quarter of the year. In particular, Shell’s net income in the first three-months of 2008 rose to $9.08 billion, a 25% increase over last year. BP on its behalf stated that its profit increased by a huge 63% to $7.62 billion for the first quarter. Want more numbers? Well, revenue at BP jumped 44% to $89.2 billion while sales at Shell surged 55% to $114 billion…
In concern of the other oil companies, last week, the third biggest U.S. producer ConocoPhillips reported profits of $4.14 billion for the first three months of 2008 which translates to a 17% rise over the same period last year.
More fat first-quarter earnings are expected from the biggest two U.S. companies, Exxon Mobil and Chevron when they report their gains this Thursday (May 1) and Friday (May 2) respectively.
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Recalls Cost Gm $1.2 Billion, Second Quarter Net Income Drops To $0.2 Billion
General Motors said its second quarter net income was $0.2 billion, $1 billion less than in the same quarter last year. The huge drop is due mainly to recalls, estimated to cost $1.2 billion. Read more »...
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Achtung! Vw To Post Its First Profit Drop Since 2009 Due To Deepening European Crisis
German car manufacturers are not, after all, immune from the debt crisis that has already affected the rest of their European rivals. After Mercedes-Benz reportedly implemented a US$1.3 billion cost-cutting program to maintain profitability, VW is expected...
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Ford's Second Quarter Profit Drops $1.4 Billion, Big Losses In Europe
The Blue Oval reported today a second quarter profit of US$1 billion (€827 million), down 57 percent or US$1.4 billion (€1.16 billion) over the same period last year, as the company's losses in Europe piled up. Net income in the first...
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General Motors Announces Third Quarter Financial Results, Profits Down 15%
General Motors announced on Wednesday its third quarter financial results. Earnings were down 15% compared to last year, from US$2.0 to US$1.7 billion, which equates to a US$1.03 profit per share compared to 2010’s US$1.20. The Detroit-based automaker's...
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British Pm Tells Energy Giants To Cut Gas Prices After Bp's Record £70m-a-day Profits
Not that it comes to a surprise considering the fact that global oil prices hit a new peak at $147 a barrel in July but oil giant BP announced record profits for the third quarter of 2008 of £6.4 billion or about $10.5 billion - a whopping 148% above...
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