Earnings

Exxon Mobil earnings drop 49% in the third quarter on lower oil prices

Exxon Mobil reported a 49% decline in third-quarter earnings on lower oil prices and higher costs. The results, however, did slightly top Wall Street expectations and the shares were a bit higher in early trading.

Exxon earned $3.2 billion in the third quarter, down from $6.2 billion in the same period a year ago.

Here’s how the energy giant’s results fared relative to Wall Street expectations:

  • Adjusted earnings: 75 cents per share vs. 67 cents expected by Refinitiv
  • Revenue: $65.05 billion vs. $64.79 billion expected expected by Refinitiv
  • Upstream income: $2.17 billion vs. $2.36 billion expected from FactSet estimates.
  • Downstream income: $1.23 billion vs. $1 billion expected from FactSet estimates.
  • Chemicals income: $241 million vs. $223.6 million expected from FactSet estimates.

For the year, Exxon stock is down 1% through Thursday’s close, lagging both the S&P 500 and the energy sector. The S&P 500 is up 21% in 2019 while the energy sector is up 1%.

Last quarter, Exxon beat top and bottom line estimates, as strength in the company’s upstream business offset weakness in the refining and chemical divisions. Profit did decline by 21%, however.

Falling oil prices, oversupply concerns and high production are among the factors that have hit the energy sector hard. It’s also especially vulnerable to any signs of a global growth slowdown.

Products You May Like

Articles You May Like

Fewer students are graduating from college, but certificate programs are way up
There’s another ‘tricky’ tax deadline on April 15. Here’s how to avoid a penalty, experts say
What to expect from bank earnings as high interest rates pressure smaller players
TSMC posts fastest monthly revenue growth since 2022 on AI chip boom
Healthy Returns: J&J cell therapy gains new edge over Bristol Myers rival

Leave a Reply

Your email address will not be published. Required fields are marked *