Chevron Earnings: Double-Digit Profit Growth
Chevron Corp. (NYSE:CVX) 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 up 0.52%.
Chevron Corp. Earnings Cheat Sheet
Results: Net income increased 41.52% to $7.25 billion ($3.7 per diluted share) in the quarter versus a net gain of $5.12 billion in the year-earlier quarter.
Revenue: Decreased 6.14% to $56.3 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Chevron Corp. reported adjusted net income of $3.70 per share. By that measure, the company beat the mean analyst estimate of $3.04. It missed the average revenue estimate of $68.64 billion.
Quoting Management: “Chevron delivered another very strong year in 2012,” said Chairman and CEO John Watson. “Our upstream portfolio continues to produce excellent results. We’ve now led the industry in earnings per barrel for over three years. Our downstream businesses also delivered highly competitive earnings per barrel…