ExxonMobil returned to profitability during the first quarter, beating top- and bottom-line estimates for the period, as the company recovers from the havoc wreaked on the energy sector by the pandemic, CNBC reports.
The oil giant earned $2.7 billion during the period. The company posted earnings per share of 65 cents, excluding items on $59.15 billion in revenue. Wall Street analysts surveyed by Refinitiv expected the company to earn 59 cents per share on $54.6 billion in revenue.
In the first quarter a year earlier, the company lost $610 million as the impact of the coronavirus began to weigh. Last quarter, the company posted a $20.1 billion loss, its fourth straight quarterly loss.
Shares of ExxonMobil were flat during premarket trading this morning.
“The strong first quarter results reflect the benefits of higher commodity prices and our focus on structural cost reductions, while prioritizing investments in assets with a low cost of supply,” Chairman and CEO Darren Woods said in a statement.
“Cash flow from operating activities during the quarter fully covered the dividend and capital investments.” Read the full story.