Exxon Mobil Pumps Higher Profit, But Shares Fall

As much money as Exxon Mobil pulled in during the first quarter, it wasn't as much as The Street expected.

Shares of the Irving, Tex.-based oil giant fell 1.3%, or 87 cents, to $68.32 Thursday morning, after it reported a 37% jump in earnings to $6.3 billion, or $1.33 per share, from $4.6 billion, or 92 cents per share, a year ago. Sales rose 41.1% to $90.3 billion, from $64 billion. The results were short of what analysts expected though, failing below the consensus call of $1.41 per share.

"ExxonMobil ( XOM - news - people ) achieved solid results from its worldwide operations," said Exxon Chief Executive Rex Tillerson. "Our results reflect higher crude oil realizations and stronger chemical margins while the downstream industry margins remained weak."

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- Posted: 2010-04-29 10:33:31

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