Save up to 90% on a Hartford Courant subscription. Click here to sign up now!

Chevron Corportion

Corporate America's problem: Falling profit, revenue

Corporate America has a profit problem. U.S company earnings are falling for the first time since 2009, when the economy was still reeling from the Great Recession.

The main culprit is the plunging price of oil, which has decimated earnings at big energy companies like Exxon Mobil and Chevron. Mining companies have also taken a beating because of tumbling prices for gold, silver and copper.

Earnings at energy companies dropped a staggering 59 percent in the third quarter, enough to drag overall profits for companies in the Standard & Poor's 500 index down 1.5 percent, according to estimates by S&P Capital IQ. That marks the first quarterly decline in six years....