Exxon Mobil shares fall after earnings fall short of estimates
Exxon Mobil Corp. shares slid 2.2% in premarket trade Friday, after the oil giant’s second-quarter earnings fell short of estimates. The company said it had net income of $3.95 billion, or 92 cents a share, in the quarter, up from $3.350 billion, or 78 cents a share, in the year-earlier period. Revenue rose to $73.501 billion from $58.077 billion. The FactSet consensus was for EPS of $1.27 and revenue of $74.153 billion. The numbers “were primarily impacted by significant scheduled maintenance undertaken to support operational integrity,” chief Executive Darren Woods said in a statement. “In addition, while we were pleased with the return of full production following the PNG earthquake, extended recoveries from first quarter operational incidents in the Downstream were disappointing. However, good progress was made during the second quarter in fully recovering from these incidents.” Shares are down 0.7% in 2018 through Thursday, while the Dow Jones Industrial Average has gained 3.3% and the S&P 500 has gained 6.1%.