Exxon beats 4Q profit forecasts

By The Associated Press

Exxon Mobil Corp. is reporting fourth-quarter profit of $1.68 billion.

 

IRVING, Texas (AP) — Exxon Mobil Corp. is reporting fourth-quarter profit of $1.68 billion.

The Irving, Texas, company said it had net income of 41 cents per share. Earnings, adjusted for asset impairment costs, came to 90 cents per share.

The results exceeded Wall Street expectations, but Exxon does not adjust its reported results based on one-time events such as asset sales. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.

The oil and natural gas company posted revenue of $61.02 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $63.57 billion.

Exxon shares have decreased 6 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed roughly 2 percent. The stock has climbed 10 percent in the last 12 months.

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