Exxon Mobil 1Q Net Rises 17% On Soaring Prices |
| CNNMoney.com - May 1, 2008 |
Exxon Mobil Corp. (XOM) posted a 17% rise in first-quarter net income, driven by surging crude oil prices, which also led the company's margins to continue shrinking as the oil giant also dealt with lower production volumes.
Exxon shares fell 2.5% in premarket trading from Wednesday's closing price of $93.07 as profits missed analysts' expectations.
The world's largest company on a market capitalization basis reported net income of $10.89 billion, or $2.03 a share, up from $9.28 billion, or $1.62 a share, a year earlier. The latest results mark the best first quarter ever for the energy giant. However, the mean estimate of analysts polled by Thomson Reuters was for earnings of $2.14 a share.
Read Full Article from CNNMoney.com
- Posted: 2008-05-01 08:45:00
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