Exxon beats earnings estimate despite hit from Iran war
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Reports $700-million loss from cargoes that could not be delivered due to the war
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountExxon Mobil XOM-N beat estimates for first-quarter adjusted earnings on Friday, though unadjusted profit dropped to its lowest level in five years due to disrupted shipments from the U.S.-Israeli war on Iran and a large negative impact from timing effects related to financial derivatives.Adjusted earnings for the first three months of the year were US$1.16 per share, above the consensus estimate of US$1.00 as compiled by LSEG. The adjusted figure excluded a US$700-million loss from cargoes that could not be delivered due to the war.Further excluding the impact from financial derivatives, earnings were US$2.09 per share.
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