Hess Corp Earnings: After Four Straight Increases, Revenue Drops as Net Income Falls

S&P 500 (NYSE:SPY) component Hess Corporation (NYSE:HES) reported its results for the first quarter. Hess is a global integrated energy company that explores and refines crude oil and natural gas.

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Hess Earnings Cheat Sheet for the First Quarter

Results: Net income fell to $545 million ($1.60 per share) vs. $929 million ($2.74 per share) a year earlier. This is a decline of 41.3% from the year-earlier quarter.

Revenue: Fell 7.3% to $9.75 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Hess Corporation beat the mean analyst estimate of $1.54 per share. It beat the average revenue estimate of $8.46 billion.

Key Stats:

The company trumped estimates last quarter after falling shy in the two quarters prior. In the fourth quarter of the last fiscal year, it missed the mark by 17 cents, and in the third quarter of the last fiscal year, it came in under estimates by 29 cents.

The company reported a profit last quarter after being in the red the prior quarter. The company booked a net loss of $298 million, or 88 cents per share, in the third quarter of the last fiscal year.

Looking Forward: Over the past ninety days, the average estimate for the second quarter has fallen from $1.69 per share to $1.59, indicating that analysts are growing pessisimistic about the company’s performance next quarter. For the fiscal year, the average estimate has moved down from $7.11 a share to $6.63 over the last ninety days.

Competitors to Watch: Chevron Corporation, Exxon Mobil Corporation, Marathon Oil Corporation, ConocoPhillips, BP plc, TOTAL S.A., Repsol YPF, S.A., Occidental Petroleum Corp., and China Petroleum & Chemical Corp.

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