Noble Energy Earnings: Tops Profit View
S&P 500 (NYSE:SPY) component Noble Energy Inc. (NYSE:NBL) reported its results for the second quarter. Noble Energy is an independent energy company that acquires and produces crude oil, natural gas, and natural gas liquids.
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Noble Energy Inc. Earnings Cheat Sheet
Results: Net income for Noble Energy Inc. fell to $292 million ($1.58 per share) vs. $294 million ($1.61 per share) a year earlier. This is a decline of 0.7% from the year-earlier quarter.
Actual vs. Wall St. Expectations: Noble Energy Inc. beat the mean analyst estimate of $1.06 per share.
Quoting Management: Charles D. Davidson, Noble Energy’s Chairman and CEO, commented, “The second quarter was another good quarter for Noble Energy. Production and operating costs were in line with our expectations, and we brought online our second major project at Galapagos.”
The company has now surpassed analyst estimates for four quarters in a row. It beat the mark by 33 cents in the first quarter, by 6 cents in the fourth quarter of the last fiscal year, and by 21 cents in the third quarter of the last fiscal year.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the third quarter is $1.26 per share, down from $1.67 ninety days ago. For the fiscal year, the average estimate has moved down from $6.44 a share to $5.50 over the last sixty days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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