Newfield Exploration Earnings: Revenue Sees Decline After Four Consecutive Increasing Quarters

S&P 500 (NYSE:SPY) component Newfield Exploration Co. (NYSE:NFX) swung to a loss in the third quarter, missing analysts’ forecast. Newfield Exploration acquires and explores natural gas and crude oil properties in the U.S. and abroad.

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Newfield Exploration Co. Earnings Cheat Sheet

Results: Reported a loss of $33 million (24 cents per diluted share) in the quarter. Newfield Exploration Co. had a net income of $269 million or $1.99 per share in the year-earlier quarter.

Revenue: Fell 2.1% to $615 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Newfield Exploration Co. fell short of the mean analyst estimate of 54 cents per share. It fell short of the average revenue estimate of $672.8 million.

Key Stats:

A year-over-year revenue decrease last quarter breaks a four-quarter streak of revenue increases. The best quarter in that span was the third quarter of the last fiscal year, which saw revenue rise 39.9%.

The company has now fallen short of analyst estimates for the last three quarters. It missed the mark by 4 cents in the second quarter and by 3 cents in the first quarter.

The company’s loss in the latest quarter follows profits in the previous three quarters. The company reported a profit of $135 million in the second quarter, a profit of $116 million in the first quarter and $68 million in the fourth of the last fiscal year.

Looking Forward: Over the past sixty days, the outlook for the company’s performance next quarter has become increasingly unfavorable. The average estimate for the fourth quarter is 65 cents per share, a drop from 69 cents. The average estimate for the fiscal year has seen a bump from $2.47 per share sixty days ago to $2.55.

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

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