El Paso Corp Earnings: Sees Profit Move Up

S&P 500 (NYSE:SPY) component El Paso Corporation (NYSE:EP) reported its results for the first quarter. El Paso is an energy company that provides natural gas and related energy products.

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El Paso Earnings Cheat Sheet for the First Quarter

Results: Net income for the oil production/pipelines rose to $86 million (11 cents per share) vs. $62 million (8 cents per share) in the same quarter a year earlier. This marks a rise of 38.7% from the year-earlier quarter.

Actual vs. Wall St. Expectations: El Paso Corporation reported adjusted net income of 20 cents per share. By that measure, the company fell short of mean estimate of 27 cents per share.

Key Stats:

The company fell short of estimates last quarter after being in line with expectations the quarter before with net income of 28 cents.

Looking Forward: Over the past ninety days, the average estimate for the second quarter has fallen from 24 cents per share to 23 cents, indicating that analysts are growing pessisimistic about the company’s performance next quarter. The average estimate for the fiscal year is $1.14 per share, down from $1.23 ninety days ago.

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

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