Cabot Oil & Gas Corp Earnings: Boosts Topline Growth

S&P 500 (NYSE:SPY) component Cabot Oil & Gas Corporation (NYSE:COG) reported higher profit for the first quarter as revenue showed growth. Cabot Oil & Gas is an independent company engaged in the development, exploitation, and exploration of oil and gas properties in North America.

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Cabot Oil & Gas Earnings Cheat Sheet for the First Quarter

Results: Net income for Cabot Oil & Gas Corporation rose to $18.3 million (9 cents per share) vs. $12.9 million (6 cents per share) in the same quarter a year earlier. This marks a rise of 42.2% from the year-earlier quarter.

Revenue: Rose 30.2% to $272.1 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Cabot Oil & Gas Corporation reported adjusted net income of 14 cents per share. By that measure, the company fell in line with the mean estimate of 14 cents per share. Analysts were expecting revenue of $274.1 million.

Quoting Management: “Even with the significant reduction in realized natural gas prices between first quarters, we were able to grow oil and gas revenues by 36 percent as a result of our record production growth,” said Dan O. Dinges, Chairman, President and Chief Executive Officer. “These results highlight how efforts in each of our areas of focus continue to generate positive momentum. Fortunately, we have the assets, the balance sheet, and the operational ability to weather this cycle and still be opportunistic in order to generate value over the long-term.”

Key Stats:

Revenue has risen for the last four quarters. Revenue increased 23.6% to $268 million in the fourth quarter of the last fiscal year. The figure rose 19.6% in the third quarter of the last fiscal year from the year earlier and climbed 23.1% in the second quarter of the last fiscal year from the year-ago quarter.

The company fell in line with estimates last quarter after beating forecasts in the previous quarter with net income of 16 cents versus a mean estimate of net income of 14 cents per share.

Last quarter’s profit increase comes after net income dropped in the prevoius quarter. In the fourth quarter of the last fiscal year, net income declined 46.3% to $26.4 million.

Looking Forward: Over the past ninety days, the average estimate for the second quarter has fallen from 21 cents per share to 14 cents, indicating that analysts are growing pessisimistic about the company’s performance next quarter. The average estimate for the fiscal year is 73 cents per share, down from $1.09 ninety days ago.

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

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