Apache Corp Earnings: Five Straight Quarters of Double-Digit Growth

S&P 500 (NYSE:SPY) component Apache Corporation (NYSE:APA) reported higher profit for the fourth quarter as revenue showed growth. Apache is an energy company that explores for, develops, and produces natural gas, crude oil, and natural gas liquids in six countries.

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Apache Earnings Cheat Sheet for the Fourth Quarter

Results: Net income for Apache Corporation rose to $1.17 billion ($2.98 per share) vs. $670 million ($1.77 per share) in the same quarter a year earlier. This marks a rise of 72.7% from the year earlier quarter.

Revenue: Rose 25.1% to $4.3 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: Apache Corporation reported adjusted net income of $2.94 per share. By that measure, the company beat the mean estimate of $2.87 per share. Analysts were expecting revenue of $4.29 billion.

Quoting Management: “Apache’s balanced portfolio and returns focus fueled an outstanding year in 2011, setting records for production, earnings, revenues, proved reserves and cash flow,” said G. Steven Farris, chairman and chief executive officer.

Key Stats:

The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 39.2%, with the biggest boost coming in the first quarter when revenue rose 46.8% from the year earlier quarter.

The company has now seen net income rise in three straight quarters. In the third quarter, net income rose 28.7% and in the second quarter, the figure rose 46.4%.

The company has now topped analyst estimates for the last four quarters. It beat the mark by 13 cents in the third quarter, by 13 cents in the second quarter, and by 26 cents in the first quarter.

Looking Forward: For next quarter, analysts have a more positive outlook about the company’s expected results. The average estimate for the first quarter of the next fiscal year is $3.09 per share, up from $2.96 ninety days ago. The average estimate for the fiscal year is $11.82 per share, a rise from $11.75 ninety days ago.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com