Microsoft (MSFT) rises Thursday evening on Q4 earnings beat >>> READ MORE

Exxon Mobil Tops Revenue, Misses Profit Forecasts

The company posted record profits with one-time quarterly gains


Real America IndexExxon Mobil (NYSE:XOM) announced on Thursday that it earned $15.9 billion during the second quarter, a record for the company.

That number, however, included $7.5 billion in gains from the sales of its Japanese refining and chemical business as well as certain tax items.

Oil’s Slide Spells Options Opportunity
Oil’s Slide Spells Options Opportunity

Excluding those gains, the oil giant reported earnings of $8.4 billion, a 21% decline from $10.7 billion during the same time last year.

Adjusted EPS was $1.80, which fell short of the $1.95 that analysts had estimated, Dow Jones noted.

Revenue for the quarter was $127.4 billion. That beat Wall Street, which was looking for revenue of $115.08 billion.

The company noted that it produced less oil and gas during the second quarter, 5.6% less than the prior year. Earnings from production also slipped 2.4%.

The oil company spent $5 billion to repurchase 60 million shares during the quarter.

Shares of Exxon Mobil rose fractionally in early Thursday trading.

Exxon Mobil is part of InvestorPlace’s Real America Index, a list of companies whose performance provides a window on the health of the U.S. economy. You can check out the list, and learn how it was compiled, by clicking here.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC