S&P 500 (NYSE:SPY) component EOG Resources Inc. (NYSE:EOG) reported higher profit for the first quarter as revenue showed growth. EOG Resources develops and produces natural gas and crude oil primarily in the United States, Canada, the Republic of Trinidad, Tobago, and the United Kingdom.
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EOG Resources Earnings Cheat Sheet for the First Quarter
Results: Net income for EOG Resources Inc. rose to $324 million ($1.20 per share) vs. $134 million (52 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year-earlier quarter.
Revenue: Rose 47.9% to $2.81 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: EOG Resources Inc. reported adjusted net income of $1.17 per share. By that measure, the company fell in line with the mean estimate of $1.17 per share. It beat the average revenue estimate of $2.36 billion.
Quoting Management: “To put it simply, the marked improvement in productivity from individual wells is flowing to EOG’s bottom line,” said Mark G. Papa, Chairman and Chief Executive Officer. “Our first quarter 2012 performance reflects both our prudent strategy of reinventing EOG as an oil company and underscores our early-mover advantage in prolific new domestic crude oil shale plays where we continue to hone our drilling and completion acumen.”
For the past five quarters, the company has seen double-digit year-over-year percentage revenue growth. Over that span, the company has averaged growth of 62.6%, with the biggest boost coming in the second quarter of the last fiscal year when revenue rose 89.3% from the year earlier quarter.
The company met estimates last quarter after toppling them in the two previous quarters. In the fourth quarter of the last fiscal year, it topped the mark by 26 cents, and in the third quarter of the last fiscal year, it was ahead by 2 cents.
Looking Forward: For next quarter, analysts have a more positive outlook about the company’s expected results. The average estimate for the second quarter is $1.21 per share, up from $1.01 ninety days ago. For the fiscal year, the average estimate has moved up from $4.48 a share to $5.07 over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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