Exxon (XOM) Posts Lower Q3 Profit as Crude Prices Remain Weak; May Not Top Record 2007 Results
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Price: $121.36 +0.26%
Revenue Growth %: -9.5%
Financial Fact:
Earnings per common share - assuming dilution (dollars): 0.63
Today's EPS Names:
FRSB, DGICA, UXIN, More
Revenue Growth %: -9.5%
Financial Fact:
Earnings per common share - assuming dilution (dollars): 0.63
Today's EPS Names:
FRSB, DGICA, UXIN, More
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Don't fret, Exxon Mobil (NYSE: XOM) investors, the company will still report near-record profits for 2012.
Exxon reported lower year-over-year net income for its third quarter today as revs also slipped lower. According to the Company, revs fell 7.7 percent to $115.71 billion, from $125.33 billion in the same period last year. Sales in the second quarter were $124.05 billion.
Net income fell over 7 percent to $9.57 billion, or $2.09 per share. Last quarter, Exxon reported net income of $9.45 billion.
Overall, the Street was looking for revs of $112.4 billion and EPS of $1.96.
Exxon also said that Capital and Exploration Expenditures rose about 6.5 percent to $9.18 billion.
Investors are also looking at results for the first three-quarter of 2012. Last year, net income was up about 49 percent at this time, though many would argue it was a rebound year as prices and production ramped back up to 2007 levels. Through the end of September in 2012, net income is up 10 percent..
Results coms as W. Texas crude prices have recently slipped back below $90 on demand issues related to continued macro pressure amid improvements being seen in the U.S. economy. Nat gas prices have also shown a bit of an increase over the last few months, as prices and stockpiles have repositioned it as an attractive energy source.
Year-to-date cumulative net income is at $34.93 billion, from $31.66 billion last year. The year to beat is 2007, which saw total net income of $45.22 billion, meaning Exxon would have to produce $10.29 billion of net income in the typically weaker fourth-quarter to make up the difference. The best fourth-quarter as of recent was in 2007, when Exxon produced 11.66 billion. Since then, no fourth-quarter result has had net income above the $10 billion mark.
Net income for 2011 was $41.06 billion, a much more attainable number.
Shares of Exxon are ticking higher Thursday, up about 0.2 percent.
Exxon reported lower year-over-year net income for its third quarter today as revs also slipped lower. According to the Company, revs fell 7.7 percent to $115.71 billion, from $125.33 billion in the same period last year. Sales in the second quarter were $124.05 billion.
Net income fell over 7 percent to $9.57 billion, or $2.09 per share. Last quarter, Exxon reported net income of $9.45 billion.
Overall, the Street was looking for revs of $112.4 billion and EPS of $1.96.
Exxon also said that Capital and Exploration Expenditures rose about 6.5 percent to $9.18 billion.
Investors are also looking at results for the first three-quarter of 2012. Last year, net income was up about 49 percent at this time, though many would argue it was a rebound year as prices and production ramped back up to 2007 levels. Through the end of September in 2012, net income is up 10 percent..
Results coms as W. Texas crude prices have recently slipped back below $90 on demand issues related to continued macro pressure amid improvements being seen in the U.S. economy. Nat gas prices have also shown a bit of an increase over the last few months, as prices and stockpiles have repositioned it as an attractive energy source.
Year-to-date cumulative net income is at $34.93 billion, from $31.66 billion last year. The year to beat is 2007, which saw total net income of $45.22 billion, meaning Exxon would have to produce $10.29 billion of net income in the typically weaker fourth-quarter to make up the difference. The best fourth-quarter as of recent was in 2007, when Exxon produced 11.66 billion. Since then, no fourth-quarter result has had net income above the $10 billion mark.
Net income for 2011 was $41.06 billion, a much more attainable number.
Shares of Exxon are ticking higher Thursday, up about 0.2 percent.
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