Newfield Exploration Co. Earnings: Revenue Grows Again by Double Digits

February 22, 2012

S&P 500 component Newfield Exploration Co. reported higher profit for the fourth quarter as revenue showed growth. Newfield Exploration acquires and explores natural gas and crude oil properties in the U.S. and abroad.

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Newfield Exploration Earnings Cheat Sheet for the Fourth Quarter

Results: Net income for Newfield Exploration Co. rose to $68 million (51 cents per share) vs. $22 million (17 cents per share) in the same quarter a year earlier. This is a more than threefold rise from the year-earlier quarter.

Revenue: Rose 28.2% to $677 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Newfield Exploration Co. reported adjusted net income of 95 cents per share. By that measure, the company fell short of mean estimate of $1.02 per share. It fell short of the average revenue estimate of $697.4 million.

Key Stats:

For the past five quarters, the company has seen double-digit year-over-year percentage revenue growth. Over that span, the company has averaged growth of 30.6%, with the biggest boost coming in the third quarter when revenue rose 39.9% from the year earlier quarter.

The company has now come in under analyst forecasts for three quarters in a row. It missed the mark by 12 cents in the third quarter and by 5 cents in the second quarter.

Looking Forward: Expectations for the company’s next-quarter results are lower than they have been. Over the past sixty days, the average estimate for first quarter of the next fiscal year has fallen from $1.10 per share to $1.06. For the fiscal year, the average estimate has moved down from $4.09 a share to $4.07 over the last sixty days.

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

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com