Exxon Mobil Profit And Revenue Slide Sharply, But Still Top Estimates
Exxon Mobil Corp. said Friday it had net earnings of $1.8 billion, or 43 cents share, in the first quarter, down sharply from $4.9 billion, or $1.17 a share, in the year-earlier period. The oil giant said revenues slid to $48.7 billion from $67.6 billion. The FactSet consensus was for EPS of 31 cents and revenue of $44.8 billion. "The organization continues to respond effectively to challenging industry conditions, capturing enhancements to operational performance and creating margin uplift despite low prices," Chief Executive Rex W. Tillerson said in a statement. Sharply lower commodity prices and weaker refining margins were partly offset by strong results from the company's chemicals business, where earnings rose 38% to $1.4 billion. Shares rose about 1% in premarket trade, and are up 13% in the year so far, while the Dow Jones Industrial Average has gained just 2.3%.
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