Thursday, October 3, 2013

3Q13 Earnings

All 3Q13 earnings will be reported at this page; link will be on sidebar at the right, under "Earnings Central." When we start to see earnings reports for any quarter, the "Earnings Central" link is moved to the top of the sidebar until the earning seasons is over.

I don't have time to check/update earnings on all companies listed below. If you see one that I have missed, feel free to send it in (anonymous comment or by e-mail) and I will post it.


Miscellaneous articles:
  • Some suggestion that 3Q13 will be a tough quarter for earnings.
General update (dates subject to change)
  • AAPL: revenue up; profit miss
  • Alcoa: Alcoa beats by $0.05, beats on revs; reaffirms 2013 forecast for 7% aluminum demand growth: Reports Q3 (Sep) earnings of $0.11 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.06; revenues fell 1.2% year/year to $5.76 bln vs the $5.66 bln consensus. Results were led by continued strength in Engineered Products and Solutions and Global Rolled Products, despite traditional third quarter weakness. Global Primary Products overcame falling metal prices and lower premiums to deliver significant performance improvement through productivity gains.
  • Wells Fargo: beats by 2 cents; 13% rise in third quarter profits

EPS estimates in parentheses following the ticker symbol (according to Yahoo!Finance)

American Railcar Industries:

APA: beats earnings; misses on revenue;


AMZG: stellar;

BAX ($1.19): EPS in-line; revenues in-line/missed based on source


BEXP: see STO below

BHI (0.78): beats by 2 cents; jumps almost 8%;

BK ( ): both revenue and earnings beat;

CHK (0.24): Nov 6


CLR (  ):  November 6, close of trading;

CNP ( ):  

COP (1.46): Oct 31

Crescent Point:

CRR ( ): 

CVX (2.88): as predicted, misses by 14 cents, but still disappointing; losses due to refining; output increases.

DNR: November 5



EEP ( ): 


EOG (1.93):  November 7, 9:00 a.m. Analysts looking for a good number; transcript;

EOX (Emerald): 

EPD ( ): 


GEOI (bought by Halcon [HK], below)


HAL (  ): 

HES (1.47): earnings disappoint; revs beat; transcript;
Hess reported adjusted third quarter 2013 earnings of $1.18 per share, lagging the Zacks Consensus Estimate of $1.45. The underperformance was mostly due to lower production resulting from various asset sales.

Total revenue in the quarter decreased 22.8% year over year to $2,698 million from $3,494 million. Revenues, however, topped the Zacks Consensus Estimate of $2,694.0 million.

The company is gradually transforming into a pure play exploration and production (E&P) entity from an integrated oil and gas company. As part of this strategy, Hess has sold assets worth billions of dollars, as it looks to exit the downstream business. Since the first quarter, the company has classified its Marketing and Refining business as discontinued operations.
HP ( ): 

HK (Halcon; previously GEOI): misses by 2 cents; see more at my HK page;  

Kinder Morgan - KMP ( ): 

KOG (0.20): misses big; average forecast of 23 cents; actual, 12 cents;



MDU (0.46): beats estimate on earnings; transcript;
  • adjusted earnings per share of 49 cents compared to 38 cents last year, 29 percent increase 
  • GAAP earnings per share of 44 cents compared to a loss of 16 cents last year 
  • E&P earnings substantially higher; oil production grew 37 percent
  • construction business continues growth with combined 18 percent earnings increase and higher backlog
  • midstream asset drives earnings growth at pipeline and energy services; diesel topping plant construction progressing on time
  • utility electric retail sales increased 5 percent
MHR (Magnum Hunter): 

MMR (McMoRan) ( ): 

MPC (Marathon Petroleum) ( ):  earnings crash at Marathon Petroleum -- Zacks;
Marathon Petroleum reported earnings per share – adjusted for special items – of 59 cents, underperforming the Zacks Consensus Estimate of 65 cents and way below the year-ago period adjusted profit of $3.31. WOW!

However, revenues – at $26,274.0 million – were up 23.6% year over year and also surpassed the Zacks Consensus Estimate of $23,293.0 million, backed by higher fuel sales volumes and throughput.

MRO (Marathon Oil): beats by 10 cents;

MUR ( ): 

NBL ( ):   Noble Energy beats by $0.01, beats on revs: Reports Q3 (Sep) earnings of $0.97 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.96; revenues rose 38.7% year/year to $1.39 bln vs the $1.38 bln consensus. Earnings conference call.



NOG: earnings in-line; beats on revenue;
  • 3Q13 production of 1,200,520 barrels of oil equivalent, or 13,049 average boe per day, a 20% sequential increase over the second quarter of 2013
  • oil and gas sales increased to $107.2 million, a 35% sequential increase over the second quarter of 2013
  • added 147 gross (12.1 net) wells to production during the third quarter of 2013
  • repurchased 2,036,383 shares of its common stock during the third quarter of 2013 at an average price of $12.82 per share

OAS (0.73): Nov 6, at the close 




OXY (1.91): Occidental Petroleum Corp reported a 15 percent rise in quarterly profit on Tuesday as the fourth-largest U.S. oil company increased its oil and gas production in its home market. Transcript.
PAA: beats by 3 cents;

PSX ( ):  

QEP: misses on earnings; up yoy; reported weaker-than-expected third quarter results, hamstrung by lower production. 
The company reported earnings per share – adjusted for special items – of 36 cents, underperforming the Zacks Consensus Estimate of 40 cents. Revenues – at $772.8 million – also failed to surpass the Zacks Consensus Estimate of $799.0 million. 
However, QEP Resources’ performance improved considerably from the year-ago period amid a jump in commodity prices. Adjusted profit almost doubled from the third quarter 2012 level of 19 cents per share, while revenues were up 42.5%.
Range Resources: beats by 5 cents; another strong earnings report;

RIG ( ): 


SLB ( ): beats by 5 cents; jumps more than 2%;

SM ( ): 

SRE ( ): 





T (  ): 


UNP ( ): 





WFT: beats by 2 cents;





WPX ( ): 

XOM (1.88): Oct 31

XLNX (.52): beats at 58 cents; guidance light; investors not happy after hours.

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