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Some Companies Gain Despite Ailing Economy

ExxonMobil Could See Record Earnings For 3rd Straight Year

POSTED: 10:08 am PST November 13, 2008

Are some companies recession-proof?

Even with the country's economy slumping -- the government just announced that the number of newly laid-off people seeking unemployment benefits has jumped to a seven-year high -- some companies seem to always do well.

And while the economy led to disappointing third-quarter earnings statements from many companies this fall, some still announcws profits.

One of the biggest winners was energy giant ExxonMobil, which reported record profits for the third quarter. The Texas-based company said it earned $14.8 billion, an increase of 58 percent from the same period last year, BusinessWeek reported.

The company could see record earnings for the third-straight year.

But one profit announcement that surprised analysts was Google, which had earnings that exceeded the predictions of analysts. BusinessWeek reported that the company's profits rose 26 percent in the third quarter.

"We're optimistic about the future," Google Chief Executive Officer Eric Schmidt told the magazine.

Americans also seem to be still craving their fast food. McDonald's announced this week that year-to-year same store sales rose 8.2 percent in October, Forbes.com reported.

"Consumers are trying to save money where they can and that means pulling back on expensive nights out in exchange for cheaper grub," Forbes said.

Another company that seems to be recession-proof is the world's largest retailer, Wal-Mart, which reported a 10 percent increase in third-quarter profits.

"At a time when our customer is feeling the pressure of a tough economy, Wal-Mart's price leadership is more important than ever," Wal-Mart President and Chief Executive Officer Lee Scott said in a recorded call for analysts.

Other companies that saw their numbers rise this quarter include Comcast, which saw revenues and cash flow each increase by 7 percent; and Verizon Communications Inc., which saw its earnings rise by 31 percent.

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