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Joelchua
2021-04-30

Finally

Exxon posts a profit, snapping four-quarter loss streak

Exxon Mobilreturned to profitability during the first quarter, beating top- and bottom-line estimate

Exxon posts a profit, snapping four-quarter loss streak

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The company posted earnings per share of 65 cents excluding items on $59.15 billion in revenue. Wall Street analysts expected the company to earn 59 cents per share on $54.6 billion in revenue, according to estimates from Refinitiv.\nIn the first quarter a year earlier, the company lost $610 million as the impacts of the coronavirus began to weigh. 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The company said the winter storm that hammered the southern United States in Texas cost the company $600 million across its businesses.\nEnergy is the top-performing S&P 500 sectors this year, and shares of Exxon are up 43% for 2021 through Thursday’s close.\nTo combat lower oil prices over the last year, the company implemented aggressive cost-cutting measures. Throughout the downturn Exxon maintained its commitment to its dividend, which currently stands at 5.9%.\nMore recently, the company has faced pressure from shareholders to shake up its board of directors. 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