ExxonMobil earnings for the third quarter of 2018 is good news for the company’s stock.
ExxonMobil (NYSE:XOM) reported earnings per share of $1.46 for the third quarter of the year. This is an increase over its earnings per share of 93 cents from the third quarter of 2018. It is also a blessing for XOM stock by beating out Wall Street’s earnings per share estimate of $1.23 for the period.
Net income reported in the ExxonMobil earnings report for the third quarter of 2018 came in at $6.24 billion. This is better than the oil company’s net income of $4.09 billion that was reported in the third quarter of the previous year.
The ExxonMobil earnings report for the third quarter of the year also includes revenue of $76.61 million. The company’s revenue from the same period of the year prior was $61.10 billion. This is a boon to XOM stock by coming in above analysts’ revenue estimate of $73.55 billion for the quarter.
“We’re pleased with the increase in production from the second quarter of 2018 recognizing it reflects contributions from just one of our key growth areas, the Permian,” Darren Woods, Chairman and CEO of ExxonMobil, said in a statement. “We expect to continue to increase volumes over time as we ramp up activity in the Permian and new projects start up.”
XOM stock was up 1% as of Friday morning, but is down 5% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.
