Exxon Mobil (NYSE:XOM) earnings for first quarter of 2020 have XOM stock falling Friday. That comes after reporting diluted losses per share of 14 cents. This doesn’t stack up well next to Wall Street’s flat EPS estimate. The oil and gas company’s revenue of $56.16 billion does come in above analysts’ estimates of $51.85 billion.
Here’s what else is worth noting from the most recent Exxon Mobil earnings report.
- Diluted per-share losses are worse off than its diluted earnings per share of 55 cents in the same period of the year prior.
- Revenue for the quarter is sitting 11.7% lower than the $63.63 billion reported during the same time last year.
- The Exxon Mobil earnings report also includes a net loss of $610 million.
- That’s a major decline compared to the company’s net income of $2.35 billion from the same time last year.
- It’s also the first time that the company has posted a loss in decades.
Darren Woods, chairman and CEO of Exxon Mobil, said this about the Q1 earnings:
“COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins. While we manage through these challenging times, we are not losing sight of the long-term fundamentals that drive our business. Economic activity will return, and populations and standards of living will increase, which will in turn drive demand for our products and a recovery of the industry.”
Exxon Mobil doesn’t include an outlook in its current earnings report. That makes sense with the novel coronavirus playing havoc with the economy.
XOM stock was down 7.2% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.