S&P 500 (NYSE:SPY) component Chevron Corporation (NYSE:CVX) reported net income above Wall Street’s expectations for the second quarter. Chevron Corporation provides management and technology support to international subsidiaries that operate petroleum, chemicals, mining, power generation and energy services.
Chevron Earnings Cheat Sheet for the Second Quarter
Results: Net income for the oil and gas company rose to $7.76 billion ($3.85 per share) vs. $5.41 billion ($2.70 per share) in the same quarter a year earlier. This marks a rise of 43.5% from the year earlier quarter.
Revenue: Rose 30.1% to $68.95 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: CVX beat the mean analyst estimate of $3.55 per share. It fell short of the average revenue estimate of $71.58 billion.
Quoting Management: “Our second quarter financial performance was very strong,” said Chairman and CEO John Watson. “Earnings gains versus last year’s quarter were primarily in our oil and gas exploration and production business, resulting from higher crude oil prices on world markets.”
The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 36.4% and in the fourth quarter of the last fiscal year, the figure rose 72.5%.
The company has now topped analyst estimates for the last three quarters. It beat the mark by 10 cents in the first quarter and by 14 cents in the fourth quarter of the last fiscal year.
The company’s revenue has now risen for two straight quarters. In the first quarter, revenue increased 29.1% to $60.34 billion from the year earlier quarter.
Competitors to Watch: Exxon Mobil Corporation (NYSE:XOM), BP plc (NYSE:BP), ConocoPhillips (NYSE:COP), Marathon Oil Corporation (NYSE:MRO), TOTAL S.A. (NYSE:TOT), Hess Corp. (NYSE:HES), Suncor Energy Inc. (NYSE:SU) and Valero Energy Corporation (NYSE:VLO).
(Source: Xignite Financials)