S&P 500 (NYSE:SPY) component Newfield Exploration Co. (NYSE:NFX) reported higher profit for the second quarter as revenue showed growth. Newfield Exploration Co. acquires and explores natural gas and crude oil properties in the U.S. and abroad.
Newfield Exploration Earnings Cheat Sheet for the Second Quarter
Results: Net income for the oil and gas company rose to $219 million ($1.62 per share) vs. $96 million (72 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter.
Revenue: Rose 38.6% to $621 million from the year earlier quarter.
Actual vs. Wall St. Expectations: NFX reported adjusted net income of $1.02 per share. By that measure, the company fell short of mean estimate of $1.35 per share. It fell short of the average revenue estimate of $658.4 million.
The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 32.2%, with the biggest boost coming in the second quarter of the last fiscal year when revenue rose 56.1% from the year earlier quarter.
The company has now fallen short of estimates in the last two quarters. In the first quarter, it missed expectations by 5 cents with net income of $1.02 versus a mean estimate of net income of $1.07 per share.
Competitors to Watch: Harvest Natural Resources, Inc. (NYSE:HNR), Hess Corp. (NYSE:HES), Anadarko Petroleum Corp. (NYSE:APC), EOG Resources, Inc. (NYSE:EOG), Noble Energy, Inc. (NYSE:NBL), Devon Energy Corporation (NYSE:DVN), GeoResources, Inc. (NASDAQ:GEOI), Stone Energy Corporation (NYSE:SGY), Chesapeake Energy Corp. (NYSE:CHK), and Carrizo Oil & Gas, Inc. (NASDAQ:CRZO).
(Source: Xignite Financials)