Chevron Corp. (NYSE:CVX) delivered a profit and beat Wall Street’s expectations, BUT 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 up 0.71%.
Chevron Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 0.32% to $3.18 in the quarter versus EPS of $3.17 in the year-earlier quarter.
Revenue: Decreased 10.56% to $54.3 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Chevron Corp. reported adjusted EPS income of $3.18 per share. By that measure, the company beat the mean analyst estimate of $3.07. It missed the average revenue estimate of $67.73 billion.
Quoting Management: “Our first quarter earnings were strong,” said Chairman and CEO John Watson. “Our consistent financial performance has enabled us to significantly increase the dividend again, and fund major development projects that are the foundation of the company’s future growth in production, earnings and cash flows.”
Key Stats (on next page)…
Revenue decreased 10.33% from $60.55 billion in the previous quarter. EPS decreased 2.75% from $3.27 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $3.10 and has not changed. For the current year, the average estimate has moved up from a profit of $12.31 to a profit of $12.43 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)