Devon Energy Corp Earnings: Four Straight Quarters of Profit Drops

S&P 500 (NYSE:SPY) component Devon Energy Corporation (NYSE:DVN) reported its results for the first quarter. Devon Energy explores, develops and transports oil, gas, and NGLs.

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Devon Energy Earnings Cheat Sheet for the First Quarter

Results: Net income fell to $393 million (97 cents per share) vs. $416 million (97 cents per share) a year earlier. This is a decline of 5.5% from the year-earlier quarter.

Revenue: Rose 16.3% to $2.5 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Devon Energy Corporation reported adjusted net income of $1.05 per share. By that measure, the company fell short of mean estimate of $1.44 per share. It fell short of the average revenue estimate of $2.58 billion.

Key Stats:

Revenue has increased for four quarters in a row. Revenue increased 28.7% to $1.7 billion in the fourth quarter of the last fiscal year. The figure rose 48.8% in the third quarter of the last fiscal year from the year earlier and climbed 44.3% in the second quarter of the last fiscal year from the year-ago quarter.

The company’s net income has now fallen for three straight quarters. In the fourth quarter of the last fiscal year, net income fell 9.8% from the year earlier, while the figure fell 50.3% in the third quarter of the last fiscal year.

The company fell short of forecasts after beating estimates in the previous two quarters. In the fourth quarter of the last fiscal year, it topped the mark by 7 cents, and in the third quarter of the last fiscal year, it was ahead by 6 cents.

Looking Forward: Expectations for the company’s next-quarter results are lower than they have been. Over the past sixty days, the average estimate for second quarter has fallen from $1.54 per share to $1.48. At $6.21 per share, the average estimate for the fiscal year has fallen from $6.43 ninety days ago.

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

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