Devon Energy (NYSE:DVN) unveiled its earnings and sales for the last quarter of its fiscal 2018, bringing in mixed figures as its profit was well below the mark, yet its revenue crushed expectations, helping to increase DVN stock more than 5% after hours.
The natural gas and petrol producer, based out of Oklahoma City, amassed a profit of $1.15 billion during its fourth quarter, reaching roughly $2.48 on a per-share basis. For the three month period, the company’s earnings tallied up to 10 cents per share when adjusting for one-time gains and various costs.
It was a down quarter for Devon Energy from a profit standpoint as the average guidance of 11 analysts who were polled by Zacks Investment Research was for adjusted earnings of 31 cents per share.
The company also said that its sales reached $3.71 billion for its fourth quarter. This was a key metric for the oil company’s period as it was nearly double the Wall Street consensus estimate of $1.97 billion, according to data compiled in a survey of six analysts by Zacks.
It’s been nearly 50 years since the company was founded and it now has a position in the Fortune 500 selection of the largest companies in the U.S., coming in at 213 in the 2018 iteration.
DVN stock had been falling about 0.4% during regular trading hours on Tuesday in anticipation of its quarterly report. A positive revenue posting was instrumental in Devon Energy’s shares soaring about 6.3% after the bell.
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