Atlantic Richfield Co., which is being bought by BP Amoco, said Monday that second-quarter earnings rose 37% as it benefited from higher oil prices and fires at competitors' refineries that raised California gasoline prices.
Profit from operations rose to $302 million, or 92 cents a share, from $220 million, or 67 cents, in the year-earlier period. Sales rose 22% to $3.22 billion from $2.65 billion.
Arco was expected to earn 86 cents a share, the average estimate of analysts polled by First Call Corp.
Los Angeles-based Arco was the only major U.S. oil company to report higher second-quarter earnings. Arco's profit from oil exploration and production rose 84%, and refining profit more than doubled as gasoline prices in San Francisco rose as high as $2 a gallon after fires reduced production at Tosco Corp. and Chevron Corp. refineries.
Texaco Inc., the third-largest U.S. oil company, said Monday that second-quarter earnings fell 15% as profit from refining and fuel sales slumped.
White Plains, N.Y.-based Texaco's profit from operations fell to $286 million, or 52 cents a share, from $335 million, or 60 cents, in the year-earlier period. That beat the analysts' average estimate of 49 cents. Sales rose 2.8% to $8.27 billion.
In New York Stock Exchange trading, Arco fell $1.81 to close at $87.63; Texaco fell $1.50 to $60.88.
At a Glance
Other earnings, excluding one-time gains and charges unless noted:
* Citing lower sales of Boeing aircraft, Los Angeles-based aerospace parts maker Ducommun Inc. reported lower second-quarter net income of $3.4 million, or 32 cents per share, compared with net income of $5.1 million, or 43 cents, a year ago. Revenue fell to $36.5 million from $45.8 million.
* Los Angeles-based apparel maker Guess Inc. reported second-quarter net income of $7 million, or 16 cents per share, compared with $3.4 million, or 8 cents, a year ago. Revenue rose 21.9% to $119.6 million from $98.1 million.
* Richmond-based Pixar Animation Studios said its second-quarter earnings more than tripled, beating analysts' forecasts. Net income rose to $6.44 million, or 13 cents a share, from $2.06 million, or 4 cents, a year ago. Revenue more than tripled to $13.5 million from $3.77 million.