EQT Corp Earnings Cheat Sheet: Exceeds Forecasts with Boost of Profit Rise

S&P 500 (NYSE:SPY) component EQT Corporation (NYSE:EQT) reported net income above Wall Street’s expectations for the second quarter. EQT Corporation offers energy products including natural gas, NGLs and a limited amount of crude oil and services to wholesale and retail customers in the United States.

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EQT Earnings Cheat Sheet for the Second Quarter

Results: Net income for EQT Corporation rose to $87.8 million (58 cents per share) vs. $30 million (20 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter.

Revenue: Rose 27.2% to $327.5 million from the year earlier quarter.

Actual vs. Wall St. Expectations: EQT beat the mean analyst estimate of 41 cents per share. It beat the average revenue estimate of $311.1 million.

Key Stats:

The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 38.8% and in the fourth quarter of the last fiscal year, the figure rose 32%.

The company has now topped analyst estimates for the last four quarters. It beat the mark by 11 cents in the first quarter, by 9 cents in the fourth quarter of the last fiscal year, and by one cent in the third quarter of the last fiscal year.

Gross margin shrank 2.7 percentage points to 70.4%. The contraction appeared to be driven by increased costs, which rose 40% from the year earlier quarter while revenue rose 27.2%.

Revenue has risen the past four quarters. Revenue increased 4.4% to $455.7 million in the first quarter. The figure rose 7.9% in the fourth quarter of the last fiscal year from the year earlier and climbed 17.9% in the third quarter of the last fiscal year from the year-ago quarter.

Competitors to Watch: MarkWest Energy Partners, L.P. (NYSE:MWE), Williams Companies, Inc. (NYSE:WMB), Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation (NYSE:XOM), Marathon Oil Corporation (NYSE:MRO), Southwestern Energy Co. (NYSE:SWN), BG Group plc (BRGYY), Talisman Energy Inc. (NYSE:TLM), Enterprise Products Partners L.P. (NYSE:EPD), and Questar Corporation (NYSE:STR).

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(Source: Xignite Financials)

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