Exxon Tumbles On One-Time EPS Charges Despite Surge In Cash Flow, Buyback Boost

Exxon Tumbles On One-Time EPS Charges Despite Surge In Cash Flow, Buyback Boost With oil prices enjoying a powerful renaissance in recent months amid mounting supply concerns, declining inventory and the growing possibility that China's economy may finally kickstart, energy giants such as Exxon and Chevron had enjoyed a similar rebound in their stock price, and in fact XOM hit a record high as recently as 2 weeks ago. Which is why many were looking to today's earnings reports by the largest US energy company to see if the numbers would validate the rebound in sentiment and, of course, price. So here is what Exxon reported today for the first quarter: EPS of $2.06, down from 2.83 a year ago, and missing consensus estimates of $2.19 , as a result of delayed bump in commodity prices (which however will lift results in Q2) and a spike in non-cash charges The Net Income number was $8.22 billion, down from $11.618 billion a year ago, with weakness in Upstream and Energy products hitting the bottom line number, coupled with an increases in expenses....

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