Weak Margins Drag Down ExxonMobil's Results

ExxonMobil ( XOM) reported second-quarter earnings that fell short of Wall Street's estimates as lower prices and thinner margins dragged down the company's results.

The company said earnings dropped to $2.64 billion, or 39 cents a share, in the latest second quarter, from $4.46 billion, or 65 cents a share, in the same period a year ago.

Excluding certain items, the company earned $2.67 million. Analysts polled by First Call were expecting earnings of 46 cents a share in the quarter.

Revenue fell to $50.9 billion from $56.2 billion in 2001. Exxon attributed the lower results to soft conditions in most of its divisions, including lower prices for crude oil and natural gas, weaker refining margins and the impact of the strong dollar.

Additionally, the company said it plans to certify the results, as the Securities and Exchange Commission is requiring of about 950 large companies by Aug. 14, later Thursday.

Following the quarterly report, shares of Exxon Mobil were falling $1.18, or 3%, to $35.58 on the New York Stock Exchange.

More from Technology

Deconstructed: Why Micron's Stock Has Exploded 11% in 13 Hours

Deconstructed: Why Micron's Stock Has Exploded 11% in 13 Hours

Pegasystems Founder Explains Why He Has One of the Hottest Tech Stocks Around

Pegasystems Founder Explains Why He Has One of the Hottest Tech Stocks Around

Experts Break Down GDPR Risks for Investors

Experts Break Down GDPR Risks for Investors

4 Billionaires Trying to Make Space Travel a Reality

4 Billionaires Trying to Make Space Travel a Reality

Facebook CEO Mark Zuckerberg Deflects Tough Questions From European Parliament

Facebook CEO Mark Zuckerberg Deflects Tough Questions From European Parliament