Through TheFLY's Eyes: Exxon-Mobil
ExxonMobil Produces, As Expected, In Q2
Oil giant ExxonMobil (XOM) reported Q2 EPS of $1.72, up 36% from a year ago, and above the Reuters consensus estimate of $1.64.
The company said Q2 revenue increased 12% to $99.0B compared to the consensus estimate of $104.3B.
Exxon’s share moved slightly higher Thursday on the report, up 68c to $67.23 in afternoon trading.
Although Exxon’s quarter was impressive many analysts remain concerned about the company’s ability to repeat double-digit EPS growth in the immediate quarters ahead. These analysts point to the slowing U.S. and (possibly) developed-world economies, and wallet-pinched U.S. customers, who are facing near-record high gasoline prices, both of which may dampen sales. Still, Exxon seems to think its shares are a bargain: the company plans to spend $7B this quarter on share buybacks – a move that may also reflect the company’s confidence in its operations, moving forward.