Exxon Mobil Corporation (NYSE:XOM) showed its earnings for the three months through September this morning before the bell rang on Wall Street. The company showed earnings per share of $1.79 for the quarter, in line with the expectations of analysts. On this morning’s pre-market shares in Exxon Mobile were up a fraction.
In the run up to the release of this earnings report 18 Exxon Mobil Corporation (NYSE:XOM) analysts surveyed by Bloomberg were looking for earnings per share of $1.79 from the company. Revenue for the three months period was expected to come in at around $11 billion.
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Exxon Mobil earnings
This morning’s earnings report represented a year on year fall in earnings at Exxon Mobil Corporation (NYSE:XOM). In the same three months of last year the oil and gas exploration company showed earnings of $2.09 per share on revenue totaling $116 billion. Exxon earnings are expected to show a full year decline in 2013, and the company is not expected to recover to previous levels for a couple of years.
The reason for the fall in the company’s earnings is the fall in refining margins. The trend has affected all of the big oil and gas producers in the third quarter of the year. Exxon Mobil Corporation (NYSE:XOM) said that its oil and gas output increased by around 1.5% from the same period last year.
Exxon Mobil performance
Exxon Mobil shares have struggled through 2013. The company’s stock is up by just 2% since the start of the year. The S&P 500 rose by more than 23% in the same period. Before Exxon Mobil Corporation (NYSE:XOM) released its earnings report for the second quarter of the year, shares hit a a high of $95.49.
In that report the oil producer missed the market’s expectations. Earnings came in at $1.55 per share, well below the $1.63 that analysts expected by consensus. Shares have still not recovered from those lows, and have remained below $90 since that fall. Today’s in line report will d a little to help shares, but will likely not move the market too much.
Executives at Exxon Mobil Corporation (NYSE:XOM) will hold a conference call at 11:00AM EDT in order to discuss today’s earnings. Investors will be anxious to hear the company’s projections for oil prices in the next year, and the manager’s predictions about the refining business.