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Earnings: Media General and Exxon Mobil

Earnings: Media General and Exxon Mobil

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Richmond-area firms: Media General

Richmond-based Media General Inc. said its third-quarter loss narrowed when compared with the previous year as the company cut expenses.

The broadcasting and digital media company reported a third-quarter loss of $14.6 million, or a loss of 53 cents per share, compared with a loss of $30.3 million, or a loss of $1.34 per share, in the same period of 2012.

Its operating income declined to $8.2 million in the July through September period from $22.5 million in the third quarter of 2012, mostly reflecting the near absence of last year’s revenue related to political and Olympics advertising.

Revenue was $78.5 million for the third quarter, compared to $93.8 million in the year-earlier period, as political revenue in the third quarter was $1 million, compared with $19.6 million in the same period of 2012.

However, the company reported that its digital revenue in the third quarter grew 21 percent, and its revenue from retransmission fees rose 41 percent to $13.2 million.

John Reid Blackwell

Dow Industrial firm: Exxon Mobil

Exxon Mobil Corp.’s quarterly profit fell 18 percent from last year, but the oil and gas giant still made nearly $8 billion in three months.

Production increased slightly, but Exxon made significantly less money at refining.

Exxon, the biggest U.S. oil and gas company, said Thursday that third-quarter net income was $7.87 billion, or $1.79 per share. That compared with $9.57 billion, or $2.09 per share, a year earlier.

Revenue dipped 2 percent to $112.37 billion.

It was Exxon’s second-smallest quarterly profit since mid-2010, beating only this year’s second-quarter earnings of $6.86 billion.

Still, the results exceeded expectations. Analysts forecast profit of $1.77 per share on revenue of $107.39 billion, according to a FactSet survey.

The Associated Press


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