Exxon Mobil Earnings: Profit Drop Breaks Four Consecutive Quarters of Growing Profits

S&P 500 (NYSE:SPY) component Exxon Mobil Corporation (NYSE:XOM) reported its results for the first quarter. ExxonMobil Corporation produces and sells crude oil, natural gas and petroleum products.

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Exxon Mobil Earnings Cheat Sheet for the First Quarter

Results: Net income for the integrated oil-international fell to $9.45 billion ($2 per share) vs. $10.65 billion ($2.14 per share) a year earlier. This is a decline of 11.3% from the year-earlier quarter.

Revenue: Rose 8.8% to $124.05 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Exxon Mobil Corporation fell short of the mean analyst estimate of $2.09 per share. Analysts were expecting revenue of $124.76 billion.

Quoting Management: Exxon Mobil’s chairman Rex W. Tillerson commented, “First quarter results reflect our ongoing focus on developing and delivering energy needed to support job creation and economic growth. Despite continuing economic uncertainty, we are progressing our robust investment plans to meet the energy demands of the future.”

Key Stats:

Last quarter’s profit decreases breaks a four-quarter run of profit increases. In the fourth quarter of the last fiscal year, net income rose 1.6% from the year earlier, while the figure increased 40.5% in the third quarter of the last fiscal year, 41.3% in the second quarter of the last fiscal year and 69% in the first quarter of the last fiscal year.

For two quarters in a row, the company has come in under analyst estimates. In the fourth quarter of the last fiscal year, it missed expectations by 3 cents with net income of $1.97 versus a mean estimate of net income of $2 per share.

Looking Forward: Next quarter’s results are expected to be more favorable for the company. Over the past sixty days, the average estimate for the second quarter has reached $2.07 per share, up from $2.04. For the fiscal year, the average estimate has moved up from $8.26 a share to $8.38 over the last thirty days.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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