Exxon Mobil’s Profit Grows 53%, Crushing Estimates

Exxon Mobil Corporation (XOM) reported fourth quarter earnings of $1.85 per share on $105.2 billion in revenue this morning, blowing away the consensus estimates for both profit ($1.63 per share) and sales ($99.1 billion) and sending shares higher in pre-market trading.

The company beat last year’s net income figure by 53%, while revenue grew by 17%. For the full year, net income was up 58% and sales rose by 23%.

Exxon Mobil spent $5 billion reducing its outstanding share count in the quarter, and plans to spend the same amount during the first quarter of 2011. The company reduced its shares outstanding by 199 million in 2010.

Shares of XOM rose to $80.07 (+1.37%) in pre-market trading, which would be yet another 52-week high for the stock that has gained more than 32% over the last six months. At that level, it carries a 2.20% dividend yield.

Exxon Mobil has raised its dividend every year since 1983.

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