Shares of Exxon Mobil (XOM) are off 69 cents, or 1%, at $68.50, improving slightly from the stock’s decline pre-market, after the company this morning missed Q1 top-line estimates by a cool $6 billion, the biggest miss on a percentage basis (over 6%) in quite a while, and reported earnings per share below estimates, most of it driven by weakness in refining, as expected.
Q1 revenue of $90.3 billion was up 41%, year over year, below the $96.4 billion analysts expected while profit per share of $1.37, excluding a 4-cent-per-share charge for the cost of the health care reform legislation. That was below the $1.41 expected, but still up over 40%.
The earnings per share figure was the highest quarterly earnings result since the fourth quarter of 2008.
While earnings in the upstream oil and natural gas business rose 66%, to $5.8 billion, the downstream, or refinery, business fell by 97%, or $1.1 billion, thanks to lower refining margins.
Still, cash flow from operations was $13.5 billion, up from $9 billion a year earlier, leaving the company with $13.7 billion in cash and equivalents, up from $10.7 billion in Q4.
Capital and exploration expenditures rose 19% to $6.9 billion, the company said.
Exxon will hold a conference call at 10 am, Eastern, which you can listen to here.
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