Exxon, Chevron expected to post steep drops in earnings for third quarter

  • 📰 CNBC
  • ⏱ Reading Time:
  • 41 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 72%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Exxon and Chevron are scheduled to report earnings on Friday before the bell. Energy companies continue to struggle, pressured by falling oil prices, waning demand and squeezed margins.

report earnings on Friday before the bell as energy companies continue to struggle, pressured by falling oil prices, waning demand and squeezed margins.

Analysts were more or less warned ahead of time that the company might continue to face headwinds this quarter. Following the October 1 filing, Mizuho analyst Paul Sankey slashed his earnings expectations for the quarter from $1.04 to 65 cents since the company "continues to struggle to generate strong earnings." While he said that earnings should improve from the prior quarter, he expected the improvement to be offset by lower oil prices.

Last quarter, Exxon beat top and bottom line estimates as strength in the company's upstream business offset weakness in the refining and chemical divisions. Profit did decline by 21%, however. Raymond James analyst John Freeman has an outperform rating and $132 target on the stock. His EPS estimate of $1.58 is above consensus.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Too much money on shale that isn't truly profitable... Biggest Ponzi scheme going right now. OOTT

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Here's why one analyst thinks YouTube could be worth $300 billion as a standalone company, making it more valuable than AT&T, Exxon Mobil, and Bank of AmericaNeedham & Company analyst Laura Martin says owner Alphabet should spin off all or part of Youtube and estimates its revenue at $30 billion this year.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Fiat Chrysler third-quarter operating profit tops expectations on North America - Business InsiderFCA posted higher than expected operating earnings in the third quarter, lifted by record profitability in North America.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Twilio stock falls after giving soft earnings guidanceTwilio's net dollar expansion rate was soft for the fiscal third quarter, and earnings for the next quarter was also lighter than expected. Twilo. Isn’t that the alien planet from the walnut episode of THE DICK VAN DYKE SHOW?
Source: CNBC - 🏆 12. / 72 Read more »

Credit Suisse earnings: Q3 net profit comes in at 881 million Swiss francs, vs. 816 million Swiss francs expectedCredit Suisse reported its earnings for the third quarter on Wednesday. 👀
Source: CNBC - 🏆 12. / 72 Read more »

Better-Than-Expected Earnings Ease Growth Fears—for NowEarnings are on track to decline for the third consecutive quarter, but about 75% of the 280 companies in the S&P 500 that have posted results through Wednesday morning have beaten expectations. But tariffs.... . under-promise, over-deliver *classic*
Source: WSJ - 🏆 98. / 63 Read more »