ExxonMobil (NYSE:XOM) unveiled the company’s latest quarterly earnings results early on Friday, bringing in a profit that missed expectations and a revenue that beat the mark but fell year-over-year, sending XOM stock down more than 2% today.
The multinational oil and gas business said that for its first quarter of its fiscal 2019, it amassed net income of $2.35 billion, or 55 cents per share. This amount is just over half of what the business raked in during the year-ago quarter, when it earned $4.65 billion, or $1.09 per share.
The figure was also below the Wall Street consensus estimate of 70 cents per share for ExxonMobil, according to a survey of analysts conducted by FactSet. Revenue also took a hit, falling about 6.7% year-over-year as the amount arrived at $63.6 billion, below the $68.2 billion from the year-ago period.
Analysts were calling for the business to bring in $63 billion in sales, according to data compiled by FactSet. ExxonMobil added that its oil-equivalent production during its first three months of 2019 increased 2% year-over-year to 4 million barrels a day.
CEO Darren Wood noted that a solid operating performance helped the business offset challenging downstream and chemical margin environments. A change in Canadian crude differentials and heavy scheduled maintenance negatively impacted the company’s results, much like it did during its fourth quarter of 2018, Wood said in a statement.
XOM stock is down about 2.2% on Friday following these results.