The U.S.' second-largest oil company Chevron Corp. posted a 2Q net income of $3.68 billion or $1.76 a share, up compared with $4.13 billion, or $1.94 a share, last year. The company announced 2Q in 2004 included a special-item gain of $600 million, or 28 cents a share, from asset sales and a benefit of $2 billion, or 12 cents a share, from a tax-law change for certain international operations.

Revenue at the company increased 10% to $48.34 billion vs. 38.24 billion a year earlier. Chevron's earnings in its refining-and-marketing division dropped 6.2% to $976 million versus $1.04 billion last year. Earnings at core exploration-and-production segment dropped 6.5% to $2.77 billion compared with $2.96 billion a year earlier.

At present, Chevron is in a bidding war for Unocal. The company seemed to gain the upper hand in last week’s negotiations the Unocal board accepted a sweetened bid from the U.S. company.

U.S. Airways Group Inc. (UAIRQ: chart), which is presently operating under bankruptcy protection and has agreed to be bought by low-cost carrier America West Airlines, reported a $62 million loss for 2Q as fuel costs soared nearly 70%. The company's loss reached $1.13 per share, in the quarter ended June 30 versus earnings of $34 million, or 59 cents, last year. Before special items, the adjusted loss for 2Q was $36 million. Revenue amounted to $1.95 billion, down versus $1.96 billion a year ago. Passenger revenue inched up to $1.77 billion compared with $1.76 billion. U.S. Airways' traffic climbed 4.3% to 12.53 billion revenue passenger miles on a 6.2% increase rise in overall capacity. Occupancy, or load factor, dropped to 76% vs. 77.4%. The average fuel cost soared 57% to $1.68 per gallon, leading to a 69% percent increase in quarterly fuel costs to $445 million.

In May, America West, the operating unit of parent America West Holdings Inc., offered to acquire U.S. Airways out of bankruptcy in order to form a nationwide low-cost airline that would be stronger in competition with rivals in the sector. The deal has seen and overcome a lot of regulatory obstacles, but is to get final approval from a bankruptcy court in Alexandria.

Volkswagen AG on Friday said its net profit declined 6.7% in the second quarter, but its operating profit climbed sharply after cost cuts and model launches. Volkswagen’s ForMotion program to cut costs has met its expectations. The German auto maker backs its forecast to reach a 3.1 billion euro contribution to earnings from the ForMotion program.

Volkswagen AG, auto maker, reported a net profit of 333 million euro ($404.2 million) for the second quarter ended June 30, versus 357 million euro in last year’s comparable quarter. Analysts had forecasted a net profit of 367 million euro. Sales climbed to 24.90 billion euro versus 23.51 billion euro, beating analysts' views of 24.61 billion euro. Volkswagen’s vehicle deliveries jumped 5.3% to 1.38 million compared with 1.31 million euro last year.

Operating profit climbed 75% to 911 million euro vs. 522 million euro, outpacing analysts’ projections of 730 million euro, buoyed by cost cuts and model launches. Shares of the company added 2.6% to 44.95 euro in Frankfurt trading after the earnings results were released.

Singapore Airlines, the world's 10th-biggest airline measured by revenue per passenger kilometer, Friday said 1Q net profit dropped 7.9% to 234.6 million Singapore dollars ($141 million), largely thanks to higher fuel costs. Growth in passenger and cargo traffic bolstered revenue at the national carrier 12% to S$3.04 billion.

Passenger load factors climbed above 70% for the quarter but expenditures increased 15% versus last year. Oil prices hit the airline's profits, with net fuel costs soaring to S$892 million, about 32% of expenditures in the three-month period.

In May, the company said its net profit for the year ended March 31 hit a record S$1.389 billion, up 64% despite the record jet-fuel prices and an onslaught from Asia's budget airlines.

Japan's largest mobile-phone service operator NTT DoCoMo Inc.'s (DCM: chart) net profit soared 22% for the quarter ended June 30, due to cost-cutting efforts and a gain on the sale of the company’s shareholdings. Net profit for the quarter rose 22% to 207.86 billion yen ($1.85 billion), or 4,495 yen a share, up versus 170.38 billion yen, or 3,507 yen a share, in the comparable quarter a year ago. Although the company’s group revenue declined 2.8% to 1.187 trillion yen vs. 1.221 trillion yen, its operating profit climbed 4% to 287.61 billion yen vs. 276.56 billion yen.

NTT DoCoMo backed its earnings outlookestimates for the full fiscal year through March 2006.The company still sees a group net profit of 533 billion yen on revenue of 4.805 trillion yen. NTT DoCoMo calculates its earnings based on U.S. GAAP.

American Electric Power Co. Inc. (AEP: chart), one of the largest U.S. power producers, Friday announced 2Q earnings more than doubled on growing retail sales and higher margins on off-system sales. Net income increased to $221 million, or 58 cents a share, versus $100 million, or 25 cents a share, a year earlier. Revenue dropped to $2.8 billion compared with $3.4 billion last year. On an ongoing basis, earnings in the quarter were 61 cents per share, while analysts forecasted earnings per share of 43 cents to 46 cents for the quarter. AEP stuck by a forecast for ongoing earnings per share of $2.30 to $2.50 for the year. Analysts had expected earnings per share of $2.43.

Agrobusiness company Archer Daniels Midland Co. (ADM: chart) Friday posted a quarterly profit, versus a loss last year, when it recorded a charge related to a legal settlement. The company posted a 4Q profit of $195 million, or 30 cents a share compared with a loss of $103 million, or 16 cents a share, last year, while analysts forecasted 27 cents a share. Improved business in Europe, South America and Asia bolstered the company's oilseed processing business, while corn processing profit declined on higher energy costs and lower selling prices for lysine, an additive used in animal feed. Sales and other operating income dropped 3% to $9.42 billion, while analysts expected $9.02 billion.

The industrial conglomerate ITT Industries Inc. (ITT: chart) on Friday announced 2Q profit climbed 23% on strong water treatment and defense electronics sales. The company also lifted its full-year profit outlook. ITT posted earnings of $137.7 million, or $1.46 per share, versus $112 million, or $1.18 per share, last year. Excluding some one-time items, ITT posted profit of $1.43 per share, beating forecasts of $1.32. Revenue climbed 20% to $1.983 billion, above analysts' estimate of $1.931 billion. According to ITT, profit growth was fueled by its fluid technology unit, which includes its water treatment products, and its defense electronics unit.

ITT boosted its full-year revenue and earnings guidance for the second time this year and now expects 2005 earnings per share of $5.30 to $5.40 on revenue of $7.7 billion to $7.8 billion, while analysts have been looking for earnings of $5.26 on revenue of $7.67 billion.

U.S. independent oil and gas producer Anadarko Petroleum Corp. (APC: chart) on Friday reported a 25% increase in 2Q earnings, thanks to record high energy prices. The company said net income advanced to $506 million, or $2.12 per share, versus $405 million, $1.59 per share, last year, while analysts were looking for earnings of $2.11 a share. Revenues climbed to $1.59 billion vs. $1.44 billion a year ago.

Oil and gas sales volumes averaged 428,000 barrels of oil equivalent per day in the three-month period, down vs. a year ago due to of property sales related to the company's strategy to refocus its business. The company targets oil and gas volumes of 38 million to 40 million barrels of oil equivalent in 3Q and 159 million to 164 million barrels of oil equivalent for the full year. Anadarko said it expects capital investment of $800 to $900 million in 3Q and $3.1 billion to $3.3 billion for the fiscal year.

NBTY (NTY: chart), manufacturer of vitamins, minerals and nutritional supplements, posted fiscal 3Q earnings of 23 cents a share, down vs. 37 cents a share in the same period last year, topping. analyst expectations, excluding non-recurring asset impairment charges, but missing forecasts on revenue growth.

United Industrial (UIC: chart), military electronics and aerospace systems producer, posted 2Q income fall, or 60 cents a share, down from 78 cents a share in the year-ago period, despite a rise in sales.

Electronic Data, information technology solutions company, posted 2Q earnings, exceeding prior projections, or 9 cents a share, excluding non-recurring items, beating expectations of a loss of 5 cents a share on strong revenue growth.