(RTTNews.com) - Oil major Exxon Mobil Corp. ( XOM ) on Friday reported a 28 percent decline in profit for the fourth quarter from last year, when results were aided by benefits related to the U.S. tax reform. However, earnings per share beat analysts' estimates, while revenues missed their expectations.
Exxon Mobil's fourth-quarter net income fell to $6.00 billion or $1.41 per share from $8.38 billion or $1.97 per share in the prior-year quarter.
The year-ago period's results included net favorable non-cash impacts, including $5.9 billion relating to U.S. tax reform, partially offset by asset impairments of $1.3 billion.
Excluding U.S. tax reform and impairments, net earnings for the quarter grew to $6.41 billion from $3.73 billion per share last year.
On average, 18 analysts polled by Thomson Reuters expected earnings of $1.08 per share for the quarter. Analysts' estimates typically exclude one-time items.
Total revenues and other income for the quarter rose to 71.90 billion from $66.52 billion last year. Analysts were looking for revenues of $78.38 billion.
Exxon Mobil's oil-equivalent production rose to 4.01 million oil-equivalent barrels from 3.99 million oil-equivalent barrels per day last year.
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