It's a gusher for Exxon Mobil

Third-quarter profit at the second-largest US hamburger chain rose 21 percent to $40 million or 30 cents a share from the year-ago period, despite higher cheese, beef, and wheat costs. Revenue rose 9.3 percent to $594 million. (Bob Jones Jr./Getty Images/For the Boston Globe)

Exxon Mobil Corp., the world's largest publicly traded oil company, said record crude prices helped its first-quarter profit climb 17 percent to $10.9 billion - the second-biggest US quarterly corporate profit ever.

But results still fell short of Wall Street's lofty forecasts, and Exxon Mobil shares fell.

Refining operations limited its overall earnings growth, because prices for crude oil rose even faster than the increase drivers see at the gasoline pump.

Lower production to start the year hurt too.

Earnings for the first three months of the year came to $2.03 per share, up from $9.3 billion, or $1.62 per share, a year ago.

Analysts polled by Thomson Financial were looking for $2.13 per share.

But at $10.9 billion, the profit still ranks as the second-biggest for a US company - the only larger result in a three-month period was the $11.7 billion Exxon Mobil posted in the final three months of 2007.

Revenue rose to $116.8 billion from $87.2 billion a year earlier. Analysts were looking for about $124 billion.

"In an environment of high commodity prices, Exxon Mobil's outstanding portfolio of integrated businesses performed well, allowing us to deliver record first-quarter results," Henry Hubble, the company's vice president of investor relations, said on a conference call.

The company, which produces 3 percent of the world's oil, said earnings at its exploration and output, or upstream, business rose 45 percent to $8.8 billion with help from higher oil and natural gas prices. Increased natural gas production was more than offset by lower crude volumes. (AP)

Blood collection and processing systems maker Haemonetics Corp. said higher costs and fewer gains drove its fiscal 2008 fourth-quarter earnings down 30 percent to miss Wall Street expectations.

Net income fell to $13.8 million, or 52 cents per share, from year-ago profit of $19.8 million, or 72 cents per share, which included tax benefits and a gain on a legal settlement.

Excluding one-time items, profit totaled 58 cents per share in the latest period.

Revenue gained 19 percent to $138.8 million from $177 million last year.

Analysts polled by Thomson expected earnings per share of 59 cents, on revenue of $128.2 million. Analysts typically exclude one-time items from their estimates.

The company said operating costs rose 26 percent for the quarter on acquisitions and research and development investments.

For the fiscal year ended in March, net income was $52 million, or $1.94 per share, up from $49.1 million, or $1.78 per share last year. Revenue rose 15 percent to $516.4 million from $449.6 million.

In addition, Haemonetics issued a fiscal 2009 earnings forecast below Wall Street expectations, predicting adjusted earnings, excluding an estimated 17 to 20 cents per share of restructuring costs, between $2.31 and $2.41 per share. The company sees sales growth of 8 to 11 percent, implying revenue of $557.8 million to $573.2 million.

Analysts polled by Thomson expect earnings of $2.47 per share on revenue of $559 million. Analysts typically exclude one-time items from their estimates. (AP

Data storage and protection company Iron Mountain Inc. said first-quarter profit slipped 3.5 percent as higher interest expense offset rising revenue.

Net income for the three months ended March 31 fell to $33.5 million, or 16 cents per share, from $34.7 million, or 17 cents per share in the year-earlier quarter.

Analysts polled by Thomson expected, on average, earnings per share of 12 cents.

Net interest expense climbed 19 percent to $60 million.

Revenue at the Boston company increased 18 percent to $749.4 million from $632.5 million. Analysts expected revenue of $731.8 million.

Sales rose in the company's North American physical, international physical, and worldwide digital business segments, and benefited from the weaker dollar. (AP)

CVS Caremark Corp., the nation's biggest pharmacy chain, said first-quarter profit jumped 84 percent, helped by surging sales in the wake of last year's purchase of Caremark.

Profit climbed to $745 million, or 51 cents per share, after preferred dividend payments in the quarter ended March 29, up from $405.4 million, or 43 cents per share, in the prior year, the Woonsocket-based company said. Excluding 4 cents per share for acquisition activities, earnings were 55 cents per share, meeting the expectations of analysts surveyed by Thomson.

Revenue surged 61 percent to $21.3 billion, up from $13.2 billion a year ago, also meeting analysts' estimates.

CVS purchased pharmacy benefits management company Caremark in March 2007. Chief financial officer David Rickard said revenue was $10.8 billion in that segment for the quarter, an increase of 2.3 percent from a year ago. (AP)

Sepracor Inc., which makes respiratory and central nervous disorder treatments, said first-quarter profit fell 35 percent on buyout charges, but adjusted earnings topped expectations.

The Marlborough company earned $12.2 million, or 11 cents per share, compared with profit of $18.8 million, or 16 cents per share, a year ago.

Excluding charges, earnings were 53 cents per share in the latest quarter.

Revenue fell 2 percent to $320.8 million from $327.7 million.

Analysts polled by Thomson expected adjusted profit of 47 cents per share on revenue of $335.3 million.

In addition, Sepracor said it will buy Oryx Pharmaceuticals Inc., a Canadian marketer of branded prescription drugs to doctors and hospitals, in a move to expand into the Canadian market.

Oryx shareholders will receive $50 million and potential payments of up to $20 million upon reaching various regulatory milestones. The deal is expected to close June 1.

Separately, Sepracor said it settled a patent dispute with Arrow Group's Breath Ltd. unit, involving Sepracor's Xopenex inhalation treatment for asthma.

The agreement allows Breath to launch generic versions of certain Xopenex dosages under an exclusive license beginning on Aug. 20, 2012.

Upon launch, Breath will pay Sepracor a double-digit royalty on gross profits generated from the sales of these generic versions. (AP)