Canadian Natural Resources Limited (NYSE:CNQ) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Canadian Natural Resources Limited Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 23.64% to $0.42 in the quarter versus EPS of $0.55 in the year-earlier quarter.
Revenue: Decreased 8.14% to $3.78 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Canadian Natural Resources Limited reported adjusted EPS income of $0.42 per share. By that measure, the company missed the mean analyst estimate of $0.44. It beat the average revenue estimate of $3.59 billion.
Quoting Management: “Canadian Natural achieved in the second quarter of 2013 strong quarterly production from our balanced and diverse asset base,” commented Steve Laut, President of Canadian Natural. “On a per barrel of oil equivalent basis, our overall Exploration and Production operating costs decreased from last quarter resulting in excellent overall netbacks. This, along with strong WTI benchmark pricing, tighter WCS to WTI differentials and better natural gas pricing helped the Company generate solid cash flow in the quarter.”
Key Stats (on next page)…