EQT Corp Earnings: Revenue Falls After Four Straight Increases, Net Income Drops
S&P 500 (NYSE:SPY) component EQT Corporation (NYSE:EQT) reported its results for the first quarter. EQT offers energy products including natural gas, NGLs, and a limited amount of crude oil and services to wholesale and retail customers in the United States.
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EQT Earnings Cheat Sheet for the First Quarter
Results: Net income for EQT Corporation fell to $72 million (48 cents per share) vs. $122.3 million (82 cents per share) a year earlier. This is a decline of 41.1% from the year-earlier quarter.
Revenue: Fell 4.8% to $450 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: EQT Corporation reported adjusted net income of 50 cents per share. By that measure, the company fell short of mean estimate of 61 cents per share. It beat the average revenue estimate of $401 million.
Last quarter’s profit decrease breaks a streak of four consecutive quarters of year-over-year profit increases. In the fourth quarter of the last fiscal year, net income rose 24.3% from the year earlier, while the figure increased more than fourfold in the third quarter of the last fiscal year, more than twofold in the second quarter of the last fiscal year and 38.8% in the first quarter of the last fiscal year.
The company fell short of forecasts after beating estimates in the previous two quarters. In the fourth quarter of the last fiscal year, it topped the mark by 5 cents, and in the third quarter of the last fiscal year, it was ahead by 2 cents.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the second quarter is 44 cents per share, down from 50 cents ninety days ago. At $2.14 per share, the average estimate for the fiscal year has fallen from $2.38 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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