Hess Corp. Earnings: TOPS Wall Street Estimates

S&P 500 (NYSE:SPY) component Hess Corporation (NYSE:HES) reported its results for the second 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 Hess Corporation fell to $549 million ($1.61 per share) vs. $607 million ($1.78 per share) a year earlier. This is a decline of 9.6% from the year-earlier quarter.

Revenue: Fell 5.6% to $9.3 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Hess Corporation beat the mean analyst estimate of $1.39 per share. It beat the average revenue estimate of $8.71 billion.

Quoting Management: “Although our 2013 capital and exploratory budget will not be finalized until the end of the year, we plan to make significant reductions below 2012 levels and be more aligned with expected cash flow. As I said previously, we expect that internally generated cash flow and proceeds from asset sales will fund most, if not all of our 2012, 2013 capital and exploratory expenditures,” said John B. Hess, Chairman and Chief Executive Officer of the company.

Key Stats:

The company trumped estimates last quarter after falling shy in the two quarters prior. In the first quarter, it missed the mark by 3 cents, and in the fourth quarter of the last fiscal year, it came in under estimates by 17 cents.

Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the third quarter is $1.28 per share, down from $1.69 ninety days ago. The average estimate for the fiscal year is $5.66 per share, down from $6.63 ninety days ago.

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

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