S&P 500 (NYSE:SPY) component EOG Resources Inc. (NYSE:EOG) reported its results for the fourth quarter. 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 Fourth Quarter
Results: Net income for the company was $120.7 million (45 cents per share).
Actual vs. Wall St. Expectations: EOG Resources Inc. reported adjusted net income of $1.15 per share. By that measure, the company beat the mean estimate of 89 cents per share. It beat the average revenue estimate of $2.52 billion.
Quoting Management: “EOG had an exceptional year in 2011 with a 551 percent increase in earnings per share versus 2010. This solidifies the completion of our goal of becoming an oil company. These strong returns are one of the traditional hallmarks of EOG,” said Mark G. Papa, Chairman and Chief Executive Officer.
The company has now topped analyst estimates for the last four quarters. It beat the mark by 2 cents in the third quarter, by 31 cents in the second quarter, and by 14 cents in the first quarter.
Looking Forward: Expectations for the company’s next quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the first quarter of the next fiscal year has risen to 98 cents per share from 87 cents. For the fiscal year, the average estimate has moved up from $3.40 a share to $3.53 over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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