Exxon Mobil returned to profitability during the first quarter, beating top- and bottom-line estimates for the period, as the company recovers from the havoc wreaked on the energy sector by the coronavirus pandemic.
The oil giant earned $2.7 billion during the period. The company posted earnings per share of 65 cents, excluding items on $59.15 billion in revenue. Wall Street analysts surveyed by Refinitiv expected the company to earn 59 cents per share on $54.6 billion in revenue.
In the first quarter a year earlier, the company lost $610 million as the impact of the coronavirus began to weigh. Last quarter, the company posted a $20.1 billion loss, its fourth straight quarter of losses.