UPDATE ConocoPhillips Earnings: Revenue Falls by Double Digits
S&P 500 (NYSE:SPY) component ConocoPhillips Co (NYSE:COP) reported its results for the second quarter. An international energy company, ConocoPhillips operates under six segments: exploration and production, midstream, refining and marketing, LUKOIL investment, chemicals, and emerging businesses.
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ConocoPhillips Co Earnings Cheat Sheet
Results: Net income for ConocoPhillips Co fell to $2.3 billion ($1.80 per share) vs. $3.4 billion ($2.41 per share) a year earlier. This is a decline of 32.4% from the year-earlier quarter.
Revenue: Fell 14.1% to $15.17 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: ConocoPhillips Co reported adjusted net income of $1.22 per share. By that measure, the company beat the mean estimate of $1.18 per share. It beat the average revenue estimate of $9.07 billion.
Quoting Management: “We are off to a strong start as an independent E&P company and the business is running well,” said Ryan Lance, chairman and chief executive officer. “Our production was on target, our major growth projects are on track and we are continuing to add to our conventional and unconventional exploration inventory. We continue to progress our asset sales program, providing additional financial flexibility to fund our high-margin organic investments. We remain committed to growing our production by three to five percent, improving our financial returns and delivering a sector-leading dividend.”
Looking Forward: Over the past ninety days, the average estimate for the third quarter has fallen from $2.29 per share to $1.17, indicating that analysts are growing pessisimistic about the company’s performance next quarter. The average estimate for the fiscal year is $5.72 per share, down from $8.91 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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