In its outlook statement the company said, “We are reaffirming our full-year EPS forecast of $1.54 to $1.59 for 12 to 15% EPS growth based on our outlook for continued positive comparable sales”
Chevron Corporation (NYSE: CVX) today reported net income of $7.9Bn ($3.85 per share – diluted) for the third quarter 2008, compared with $3.7Bn ($1.75 per share – diluted) a year earlier. Sales and other operating revenues in the third quarter 2008 were $76Bn, compared with $54Bn a year ago. CEO Dave O’Reilly said that the facilities shut in due to the hurricanes caused a decline of approximately 150,000 barrels of oil-equivalent production per day in September. In addition, hurricane-related expenses in the third quarter reduced upstream income by about $400Mn. This expense impact was nearly offset, however, by gains on upstream asset sales in the period. The average sales price per barrel of crude oil and natural gas liquids was $107 in the third quarter 2008, up from $67 in the corresponding 2007 period. The average sales price per thousand cubic feet of natural gas increased $3.21 between quarters to $8.64.
Sanofi-Aventis (NYSE:SNY) reported better-than- expected third-quarter profits but lower sales that reflected adverse currency movements and competition from generics. In the third quarter to Sep. 30, Sanofi-Aventis generated net sales of EUR6.85Bn, a decline of 2.4% from the same period a year earlier, hit by adverse exchange rates between the euro and the dollar as well as the discontinuation of sales of multiple sclerosis drug Copaxone in North America. The management now expects growth in adjusted EPS excluding selected items for 2008 to be around 9%, calculated at a constant 2007 euro/dollar rate (1.371). Lantus®, the world’s leading insulin brand, maintains particularly high levels of growth quarter after quarter, confirming the Group’s ambition of establishing the product as the world’s leading anti-diabetic by value. Third quarter net sales of Lantus® were up 29.1% at €612Mn. Research and development expenses rose by 0.5% to €1,089Mn.
