Exxon misses Street 4Q forecasts

 
 
Updated 2/2/2018 8:35 AM
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  • This April 25, 2017, photo, shows an Exxon service station sign in Nashville, Tenn. Exxon Mobil Corp. reports earnings Friday, Feb. 2, 2018.

    This April 25, 2017, photo, shows an Exxon service station sign in Nashville, Tenn. Exxon Mobil Corp. reports earnings Friday, Feb. 2, 2018. Associated Press

  • In this Tuesday, April 25, 2017, photo, gas prices are displayed at a Mobil station in Alameda, Calif. Exxon Mobil Corp. reports earnings Friday, Feb. 2, 2018.

    In this Tuesday, April 25, 2017, photo, gas prices are displayed at a Mobil station in Alameda, Calif. Exxon Mobil Corp. reports earnings Friday, Feb. 2, 2018. Associated Press

  • In this Monday, April 24, 2017, photo, a car drives away from a Mobil gasoline station in Londonderry, N.H. Exxon Mobil Corp. reports earnings Friday, Feb. 2, 2018.

    In this Monday, April 24, 2017, photo, a car drives away from a Mobil gasoline station in Londonderry, N.H. Exxon Mobil Corp. reports earnings Friday, Feb. 2, 2018. Associated Press

IRVING, Texas -- Exxon Mobil Corp. on Friday reported fourth-quarter profit of $8.38 billion.

The Irving, Texas-based company said it had profit of $1.97 per share. Earnings, adjusted for pretax gains, came to 88 cents per share.

The results missed Wall Street expectations, but Exxon does not adjust its reported results based on one-time events such as asset sales. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.06 per share.

The oil and natural gas company posted revenue of $66.52 billion in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $74.44 billion.

In early trading, Exxon shares slid 4 percent, or $3.60, to $85.47. Shares have risen 6.5 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 5.5 percent. The stock has climbed slightly more than 7 percent in the last 12 months.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on XOM at https://www.zacks.com/ap/XOM

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