Occidental Petroleum Corporation (NYSE:OXY) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.09%.
Occidental Petroleum Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 11.98% to $1.69 in the quarter versus EPS of $1.92 in the year-earlier quarter.
Revenue: Decreased 6.54% to $5.87 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Occidental Petroleum Corporation reported adjusted EPS income of $1.69 per share. By that measure, the company beat the mean analyst estimate of $1.60. It missed the average revenue estimate of $6.37 billion.
Quoting Management: Stephen I. Chazen, President and Chief Executive Officer, said, “Our first quarter domestic production of 478,000 barrels of oil equivalent per day, of which 342,000 barrels per day were liquids, set a record for the tenth consecutive quarter. Our total company production of 763,000 barrels of oil equivalent in the first quarter of 2013 was 8,000 barrels higher than production in first quarter of 2012.”
Key Stats (on next page)…
Revenue decreased 5.09% from $6.19 billion in the previous quarter. EPS decreased 7.65% from $1.83 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $1.79 to a profit $1.82. For the current year, the average estimate has moved down from a profit of $7.47 to a profit of $7.18 over the last ninety days.
Stocks with improving earnings metrics are worthy of your extra attention. In fact, “E = Earnings Are Increasing Quarter-Over-Quarter” is a core component of our CHEAT SHEET investing framework for this very reason. Don’t waste another minute – click here and get our CHEAT SHEET stock picks now.
(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)