United Parcel Service, Inc. (UPS), Exxon Mobil Corporation (XOM) Release Earnings

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United Parcel Service, Inc. (UPS), Exxon Mobil Corporation (XOM) Release Earnings
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UPS and Exxon Mobil released their latest earnings reports before opening bell this morning. UPS posted adjusted earnings of $1.63 per share on $16.9 billion in revenue. Analysts had been expecting $1.69 per share in earnings on $17 billion in revenue. In the same quarter a year previously, the company reported $16.05 billion in revenue.

Exxon Mobil posted earnings of 41 cents per share on $61.1 billion in revenue. Analysts had been expecting earnings of 70 cents per share and $62.3 billion in revenue. In the same quarter a year previously, the oil giant reported $59.8 billion in revenue and 67 cents per share in earnings.

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UPS reported losses of 27 cents per share, compared to earnings of $1.48 per share in the same quarter a year previously. The company said a mark to market pension charge was to blame for the per-share loss. UPS said fourth quarter domestic package revenue rose 6.3% to $10.9 billion. International export shipments jumped 8.4% year over year on the back of strength in Asia and Europe.

“The International segment delivered another extraordinary performance, while the U.S. managed through considerable changes in product mix,” UPS Chairman and Chief Executive David Abney said in a statement. Our strategies and initiatives are creating long-term value for both UPS customers and shareowners.”

UPS expects full-year adjusted earnings for this year to be between $5.80 and $6.10 per share. The Wall Street consensus currently stands at $6.15 per share. The company’s stock slumped by as much as 4.66% to $111.58 in premarket trades this morning.

Exxon Mobil takes impairment charge

Exxon Mobil

Exxon Mobil said an impairment charge and continued lower commodity prices struck its fourth quarter results It also took an impairment charge of $2 billion in connection with its U.S. Rocky Mountain dry gas operations.

“The company’s continued focus on fundamentals and our ability to leverage an attractive global portfolio through our integrated business ensures we are well positioned to generate long-term shareholder value,” Chairman and Chief Executive Darren Woods said this morning in a statement.

Shares of Exxon Mobil were little changed in premarket trades this morning, trading at around $85 per share.

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