Chevron Corp Earnings: This Data is Somewhat of a Bummer

S&P 500 (NYSE:SPY) component Chevron Corporation (NYSE:CVX) reported its results for the third quarter. Chevron provides management and technology support to international subsidiaries that operate petroleum, chemicals, mining, power generation, and energy services.

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Chevron Corporation Earnings Cheat Sheet

Results: Net income for the integrated oil-international fell to $5.3 billion ($2.69 per share) vs. $7.83 billion ($3.92 per share) a year earlier. This is a decline of 32.3% from the year-earlier quarter.

Revenue: Fell 8.2% to $56 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Chevron Corporation fell short of the mean analyst estimate of $2.85 per share. It fell short of the average revenue estimate of $68.44 billion.

Quoting Management: “This quarter’s earnings were solid, but off from their near record level of a year ago,” said Chairman and CEO John Watson. “Crude oil prices were down and we had a heavy period of planned oil field maintenance which temporarily reduced oil and gas production in several locations. Foreign currency movements also hurt our results this quarter, while they benefited the year-ago period.”

Key Stats:

The company’s net income has fallen in each of the last two quarters. In the second quarter, net income fell 6.8% from the year-earlier quarter.

The company fell short of estimates last quarter after beating the mark the quarter before with net income of $3.66 versus a mean estimate of net income of $3.23 per share.

Looking Forward: For next quarter, analysts have a more positive outlook about the company’s expected results. The average estimate for the fourth quarter is $3.15 per share, up from $2.98 ninety days ago. In the past month, the average estimate for the fiscal year has fallen from $12.93 per share to $12.79.

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

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