Exxon Mobil Corporation (NYSE:XOM) stock was down on Friday following the release of a disappointing earnings report for the fourth quarter of 2017.
The report includes earnings per share of 88 cents, when excluding recent tax benefits, for the quarter. This is down from its earnings per share of 90 cents from the same time last year. It also wasn’t good news for XOM stock by coming in below Wall Street’s earnings per share estimate of $1.04 for the period.
Net earnings report by Exxon Mobil Corporation for the fourth quarter of the year was $8.38 billion. When taking out the tax benefit, net earnings for the quarter was $3.70 billion. Net earnings from the fourth quarter of 2016 was $1.68 billion.
Exxon Mobil Corporation reported upstream earnings of $8.4 billion for the fourth quarter of the year. It notes that a large majority of this increase was due to the one-time tax benefit of $7.10 billion. However, it also points out that increases to natural liquids and gas realizations were responsible for upstream earnings increasing by $1.2 billion during the quarter.
Downstream earnings reported by Exxon Mobil Corporation for the fourth quarter of the year was $1.6 billion. This includes a $618 million increase from the tax benefit. Excluding this, earnings were down $289 million from the same quarter of the previous year.
The bad news for XOM stock continues with revenue of $66.52 billion for the fourth quarter of the year. This is up from its revenue of $56.40 billion from the same period of the year prior. Despite this, it still couldn’t reach analysts’ revenue estimate of $74.31 billion for the quarter.
XOM stock was down 5% as of noon Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.