IRVING, Texas
Exxon Mobil Corp on Friday reported fourth-quarter profit of $8.38 billion.
The Irving, Texas-based company said it had profit of $1.97 per share. Earnings, adjusted for pretax gains, came to 88 cents per share.
The results missed Wall Street expectations, but Exxon does not adjust its reported results based on one-time events such as asset sales. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.06 per share.
The oil and natural gas company posted revenue of $66.52 billion in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $74.44 billion.
In early trading, Exxon shares slid 4 per cent, or $3.60, to $85.47. Shares have risen 6.5 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased 5.5 per cent. The stock has climbed slightly more than 7 per cent in the last 12 months.
