ChevronTexaco (CVX: chart) said 1Q net income advanced to $2.68 billion, or $1.28 a share, vs.
$2.56 billion, or $1.20 a share, a year before. Revenue totaled $41.61 billion, up 24% from $33.65 billion.

Upstream income from continuing operations at the San Ramon, California company gained 21% to $2.38 billion vs. $1.97 billion, while world-wide production, including oil and natural gas, sank 7% and was flat compared with last year's 4Q. Refining and marketing income from continuing operations slid 36% to $409 million from $640 million.

LeapFrog Enterprises Inc. (LF: chart) said after the bell Thursday that its 1Q loss widened to $19.9 million, or 32 cents a share, against $11.8 million, or 20 cents a share, a year earlier. Revenue was $71.9 million vs. $71.6 million a year ago. Analysts were expecting a 1Q loss of 24 cents a share.

The nation's top radio broadcaster Clear Channel Communications Inc. (CCU: chart), Friday said its profit plunged by more than half in 1Q because the company’s plan to shorten ads and commercial breaks hit revenue.

Income slid to $47.9 million, or 9 cents per share, vs. $116.5 million, or 19 cents, in the year-earlier period. Results beat the estimate of 13 cents per share. Revenue totaled $1.88 billion, a drop of 4% from $1.97 billion a year earlier.

Rradio broadcasting revenue slid 7% to $773.6 million and live entertainment sank 17% to $424.5 million, while outdoor ad revenue advanced 11% to $579 million.

Decatur, Illinois-based company Archer Daniels Midland Co. (ADM: chart) on Friday reported weaker-than-expected earnings and revenue due to a sharp drop in its businesses.

Earnings for the company were $269.1 million, or 41 cents a share, in the fiscal 3Q ended March 31. That compares with $226.8 million or 35 cents a share, a year ago. Corn-processing profit declined 23% to $178 million in the quarter.

Oilseed-processing profit plunged 48% to $61 million. Sales and other operating income dropped 9%, to $8.48 billion, well below the estimate of $9.46 billion.

The White Plains, New York-company ITT Industries Inc. (ITT: chart) Friday said 1Q profit grew 31% and boosted its 2005 outlook on demand for military communications systems. Income grew to $116.5 million, or $1.24 per share, vs. $88.9 million, or 94 cents a share, in the year-ago quarter.

The company’s revenue grew 25% to $1.9 billion, surpassing the Wall Street estimates of $1.75 billion.

Looking ahead, the company boosted its full-year guidance to $5.10 to $5.25 a share vs. the previous range of $5.00 to $5.15.

ITT Industries also raised its 2005 outlook for revenues to between $7.4 billion and $7.6 billion vs. the previous $7.15 to $7.43 billion.

Hearst-Argyle Television Inc.'s (HTV: chart) 1Q profit dropped 27%, as political-advertising revenue slid significantly. The company expects 2Q earnings will drop to a range of 31 cents to 33 cents vs. 37 cents a share a year ago.

Hearst-Argyle said 1Q net income slid to $13.1 million, or 14 cents a share, vs. $17.9 million, or 19 cents a share, a year earlier.

Hearst-Argyle's total first-quarter revenue fell 2.7% to $162.3 million from $ 166.9 million. Political-advertising revenue dropped to about $700,000 from $ 10.1 million. The decrease in total revenue also reflects a $2.1 million reduction in network compensation.

Allmerica Financial Corp.'s (AFC: chart) 1Q net income soared nearly four-fold, due to strength in the property and casualty segment. The insurance company said 1Q earnings climbed to $46.5 million, or 86 cents a share, from $12.1 million, or 23 cents a share, beating estimates of 77 cents a share.