ConocoPhillips: 3Q Earnings Snapshot
HOUSTON (AP) _ ConocoPhillips (COP) on Thursday reported third-quarter profit of $1.86 billion.
The Houston-based company said it had net income of $1.59 per share. Earnings, adjusted for non-recurring gains, were $1.36 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.17 per share.
The energy company posted revenue of $10.16 billion in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $9.48 billion.
ConocoPhillips shares have risen 20 percent since the beginning of the year, while the Standard & Poor’s 500 index has fallen almost 1 percent. The stock has increased 29 percent in the last 12 months.