Exxon Mobil Tops Revenue, Misses Profit Forecasts

The company posted record profits with one-time quarterly gains

   

Exxon Mobil Tops Revenue, Misses Profit Forecasts

Real America Index1 Exxon Mobil Tops Revenue, Misses Profit ForecastsExxon 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.

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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, http://investorplace.com/2012/07/exxon-mobil-tops-revenue-misses-profit-forecasts/.

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