S&P 500 (NYSE:SPY) component Newfield Exploration Co. (NYSE:NFX) swung to a loss in the first quarter, missing analysts’ forecast. 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 First Quarter
Results: Swung to a loss of $17 million (13 cents/diluted share) in the quarter. The Newfield Exploration Co. had a net income of $244 million or $1.84 per share in the year earlier quarter.
Revenue: Rose 19% to $545 million YoY.
Actual vs. Wall St. Expectations: NFX (NYSE:NFX) fell short of the mean analyst estimate of 94 cents/share. Estimates ranged from 67 cents per share to $1.15 per share.
The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of 39.4%, with the biggest boost coming in the first quarter of the last fiscal year when revenue rose 74.8% from the year earlier quarter.
NFX’s loss in the latest quarter follows profits in the previous three quarters. The company reported a profit of $22 million in the fourth quarter of the last fiscal year, a profit of $161 million in the third quarter of the last fiscal year and $96 million in the second of the last fiscal year.
Competitors to Watch: Cabot Oil & Gas Corporation (NYSE:COG), Harvest Natural Resources (NYSE:HNR), Hess (NYSE:HES), Anadarko (NYSE:APC), EOG Resources (NYSE:EOG), Noble Energy (NYSE:NBL), GeoResources (NASDAQ:GEOI), Devon Energy (NYSE:DVN), Stone Energy (NYSE:SGY), Chesapeake (NYSE:CHK), Carrizo (NASDAQ:CRZO), United States Oil (NYSE:USO), United States Natural Gas (NYSE:UNG) and Forest Oil Corp. (NYSE:FST).
Today’s Performance: Shares of NFX (NYSE:NFX) are trading at $71.64 as of April 21, 2011 at 03:39 PM ET, down 1.27% from the previous closing price of $72.46.