BP PLC (NYSE: BP) said Wednesday that its first quarter profit rose to $7.12 billion, or $37.42 a share, from $6.08 billion, or $31.99 a share, in the year-earlier quarter. Excluding inventory holding gains, replacement cost profit slipped to $5.48 billion or 29.13 cents per share from $5.6 billion or 29.82 cents per share. Such gains were $1.6 billion in the first quarter, compared to $481 million last year.In terms of American Depository Receipt or ADR, replacement cost profit slipped to $1.75 from $1.79. Revenue jumped to $88.31 billion from last year's $74.42 million. Analysts, on average, expected the company to report earnings of $1.89 per share on revenue of $71.40 billion.
Looking ahead, the company expects second-quarter output to reflect the impact on operations in the Gulf of Mexico after the drilling moratorium, seasonal ramp-up in turnaround activity, as well as impact of acquisitions and divestments.
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