Concho Resources, Inc. (NYSE:CXO) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 2.77%.
Concho Resources, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 44.76% to $0.58 in the quarter versus EPS of $1.05 in the year-earlier quarter.
Revenue: Decreased 7.03% to $472.13 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Concho Resources, Inc. reported adjusted EPS income of $0.58 per share. By that measure, the company missed the mean analyst estimate of $0.79. It missed the average revenue estimate of $500.88 million.
Quoting Management: Tim Leach, Concho’s Chairman, CEO and President commented, “I am pleased with the operational performance of our business despite the unprecedented widening of the Permian oil basis differential during the quarter. Through the first three months of the year, I believe we are on track to deliver on our annual production guidance and capital budget. We continue to build upon our horizontal success in the Delaware Basin, where production increased 10% over the previous quarter. The Delaware Basin also contributed to overall oil growth of 3% over the previous quarter and will be a key source of oil growth for years to come.”
Key Stats (on next page)…