ExxonMobil: profit beats consensus despite drop in output

(CercleFinance.com) - ExxonMobil reported quarterly earnings that beat expectations, on higher oil prices and generally stronger margins, with the company's shares up in early morning trading this Friday.


Exxon posted third-quarter net income of 6.2 billion dollars, or 1.46 dollar per share, compared with 4 billion dollars, or 93 cents per share, a year ago.

Analysts, on average, expected 1.22 dollar per share.

Exxon's revenue rose to 76.6 billion dollars, from 61.1 billion dollars a year ago.

The world's largest publicly traded oil company said third-quarter production dropped 4 percent year-on-year, but analysts noted production was up 2% quarter-on-quarter.

Shares of Exxon were up 1.4 percent at 81.8 dollars in early morning trading on the New York Stock Exchange.

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