Chevron beats Street 3Q forecasts

Markets Associated Press

Chevron Corp. (CVX) on Friday reported third-quarter net income of $1.95 billion.

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The San Ramon, California-based company said it had profit of $1.03 per share.

The results exceeded Wall Street expectations, but Chevron does not adjust its reported results based on one-time events such as asset sales. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 99 cents per share.

The oil company posted revenue of $36.21 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $33.67 billion.

Chevron shares have climbed nearly 1 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 14 percent. The stock has climbed 17 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on CVX at https://www.zacks.com/ap/CVX