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S&P 500 (NYSE:SPY) component Hess Corporation (NYSE:HES) reported net income above Wall Street’s expectations for the third quarter. Hess is a global integrated energy company that explores and refines crude oil and natural gas.
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Hess Corporation Earnings Cheat Sheet
Results: Net income for the integrated oil-US rose to $557 million ($1.64 per share) vs. $298 million (88 cents per share) in the same quarter a year earlier. This marks a rise of 86.9% from the year-earlier quarter.
Revenue: Rose 10.2% to $9.62 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Hess Corporation beat the mean analyst estimate of $1.19 per share. It beat the average revenue estimate of $8.71 billion.
The company has beaten estiamtes for two quarters in a row. In the second quarter, it topped expectations with net income of $1.61 versus a mean estimate of net income of $1.38 per share.
Looking Forward: Expectations for the company’s next-quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the fourth quarter has risen to $1.47 per share from $1.37. The average estimate for the fiscal year is $5.88 per share, a rise from $5.78 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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