Exxon Mobil Corp. (XOM) is out with its third-quarter earnings. This company staggers its release by sending it to newswires before releasing its formal press release, which always makes for an interesting argument around Reg. FD.
The oil giant posted earnings of $1.79 per share, versus a Thomson Reuters consensus estimate of $1.77 per share. This was down from $2.09 per share a year ago. Revenue came in at $112.37 billion, considerably higher than the $107.4 billion consensus, even if most analysts do not make revenue predictions for Exxon.
When you look at the numbers, you see just how much profit there is in oil. Net income came to almost $7.9 billion.
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Be advised that so far this has been one of the five worst stocks of the Dow Jones Industrial Average this year. Shares closed at $88.81 on Wednesday and are indicated up above $89 after the report, versus a 52-week trading range of $84.70 to $95.49.
The consensus price target for Exxon is $95.29, according to Thomson Reuters.