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U.S. Companies' Quarterly Profits Climb 19%, Lifted by Energy
Aug. 4 (Bloomberg) -- U.S. companies' second-quarter earnings rose by an average of 19 percent as energy producers, bolstered by record oil prices, regained their standing as the fastest-growing industry group.
Profit for members of the Standard & Poor's 500 Index climbed more than 10 percent for the 12th straight quarter, matching the longest streak since 1950, according to Thomson Financial.
Oil and gas companies reported a 45 percent increase on average, the largest among the index's 10 main industry groups. Earnings at Marathon Oil Corp., the fourth-largest U.S. energy company, and Valero Energy Corp., the country's biggest refiner, more than doubled. Crude-oil futures averaged $70.72 a barrel in the quarter, 33 percent higher than a year earlier.
``This oil price is going to remain high for some time and indeed could spike upwards,'' Michael Hughes, chief investment officer at Baring Asset Management Ltd.
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Southside Bancshares, Inc. Announces Second Quarter Earnings NASDAQ Global Select Market Symbol - 'SBSI'
TYLER, Texas, Aug. 2 /PRNewswire-FirstCall/ -- B. G. Hartley, Chairman and Chief Executive Officer of Southside Bancshares, Inc. ("Southside" or the "Company") reported financial results for the three months ended June 30, 2006.
For the three months ended June 30, 2006, the Company reported net income of $3,543,000, compared to $3,697,000 for the same period in 2005, a decrease of $154,000, or 4.2%. Earnings per fully diluted share were $0.28 for the three months ended June 30, 2006 compared to $0.29 for the same period in 2005, a decrease of $0.01, or 3.4%.
Southside reported net income of $6,771,000 for the six months ended June 30, 2006, a decrease of $501,000, or 6.9%, when compared to the same period in 2005. Earnings per fully diluted share were $0.53 for the six months ended June 30, 2006, compared to $0.57 for the same period in 2005, a decrease of $0.04, or 7.0%.