Sunday, July 6, 2014

2Q14 Earnings

All 2Q14 earnings will be reported at this page; the link will be on the 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 season 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:
General update (dates subject to change)
  • AAPL:
  • Apple reported stronger-than-expected earnings growth late Tuesday, but fiscal Q3 sales of the iPhone and iPad lagged estimates as consumers and investors look ahead to the next smartphone models.
    Apple earned $1.28 a share in the quarter ended June 28, up 19.6% from a year earlier. That beat the consensus estimate of $1.23. It was the strongest gain in seven quarters, improving from 15%, 5%, -5% and -20% in the prior four periods.
  • AAPL, elsewhere:
    Apple today announced financial results for the second calendar quarter and third fiscal quarter of 2014. For the quarter, Apple posted revenue of $37.4 billion and net quarterly profit of $7.7 billion, or $1.28 per diluted share, compared to revenue of $35.3 billion and net quarterly profit of $6.9 billion, or $1.07 per diluted share in the year-ago quarter.

    Gross margin for the quarter was 39.4 percent compared to 36.9 percent in the year-ago quarter, with international sales accounting for 59 percent of revenue. Apple also declared an upcoming dividend payment of $0.47 per share, payable on August 14 to shareholders of record as of August 11. The company currently holds $164.5 billion in cash and marketable securities.
  • Alcoa:  
  • Wells Fargo: 

EPS estimates in parentheses following the ticker symbol (according to Yahoo!Finance) -- typographical errors likely.

American Railcar Industries:

APA ($1.66): July 31

AXAS ($0.08): Aug 4

AMZG ($0.04): 

Baytex ($0.61): July 31

BAX ($1.22): beats by 4 cents; shares hit all-time high later that week;

BCEI ($0.65): August 4 

BHI ($0.89): beat by 3 cents;

BK ($0.56): beat by 6 cents;

BKH: see this post

CHK ($0.44): misses; 36 cents; raises guidance; Zacks;

CLNE (-$0.28):August 6

CLR ($1.69): see this post;

CNI (Canadian National Railway) ($0.97): no date

CNP ($0.25): CNP, forecast 23 cents, beats by 7 cents; beats on revs, raises FY14 EPS
COP ($1.58): July 28

Crescent Point:

CRR ($0.96): if report of 80 cents/share earnings is correct, huge miss, but it did not affect share price

CVX ($2.75): Aug 1

DNR ($0.27): misses; 26 cents; Zacks;
DVN ($1.40): in-line; $1.40; Zacks;

ECA ($0.28):  

EEP ($0.25): July 31

ENB ($0.38): 

EOG ($1.33):  see this post;

EPD ($0.75): July 31

EOX (Emerald) ($0.04): August 4 

EPD ($0.75): July 31

ERF ($0.17): 

GEOI (bought by Halcon [HK], below)


HAL ($0.91):  Halliburton hit a "lifetime" high today. HAL's profit climbed 20 percent. Announced stock buyback. From The AP:
The Houston-based company said earnings increased to $774 million, or 91 cents per share, from $644 million, or 69 cents per share, a year ago.
The average per-share estimate of analysts surveyed by Zacks Investment Research was for a profit of 92 cents.
HES ($1.15): Shares of the New York-based oil producer rose 4.2 percent to $103.62 at 9:09 a.m. before the start of regular trading in New York. Excluding one-time items, per-share profit for the second quarter was $1.38, exceeding the average of 24 analysts’ estimates by 20 cents.

HP ($1.62): July 31

HK (Halcon; previously GEOI) ($0.04): huge beat; 7 cents; beat by two or three cents;

Kinder Morgan - KMI ($0.29): see KMP -- the headline seems more negative than the results suggest over at 24/7 Wall Street; The WSJ, on the other hand, has it right. KMI profit rises 2.5%. Kinder Morgan Inc. said second-quarter profit rose 2.5%, though the U.S. pipeline company's growth was muted by a comparison with a year earlier period that included a big one-time gain. Transcript.

Kinder Morgan - KMP ($0.58): misses by 15 cents ($0.43) but the gain last year was due to an extraordinary gain. Beat on revenues. 

KOG ($0.18): July 31, after market close

Legacy/Bowood ($0.09): August 11 

LINE ($0.41): August 6

MDU ($0.29): transcript; MDU: SeekingAlpha here.
MDU Resources Group, Inc. today reported second quarter consolidated adjusted earnings of $56.7 million, or 29 cents per common share, compared to $47.2 million, or 25 cents per common share for the second quarter of 2013. Consolidated GAAP earnings were $53.9 million, or 28 cents per common share, compared to $46.3 million, or 24 cents per common share for the second quarter of 2013.
Adjusted earnings for the six months ended June 30 were $117.4 million, or 61 cents per share, compared to $107.3 million, or 57 cents per share a year ago. Consolidated year-to-date GAAP earnings were $110.4 million, or 58 cents per share, compared to $102.7 million, or 54 cents per share in 2013.
MHR (Magnum Hunter) (-$0.17): August 5 

MMR (McMoRan) ( ): 

MPC (Marathon Petroleum ($2.60): July 31

MPO: see this post

MRO (Marathon Oil) ($0.72): Press release here. Easily beats analysts' forecasts of 75 cents.

MUR ($1.14): July 30

NE ($0.66): July 30

NBL: beats by 8 cents;

NBR ($0.23): beats by 1 cent;

NFX ($0.45): July 29  

NOG ($0.23): August 7

NOV ($1.45): July 29

OAS ( $0.72): see this post

OKE ($0.37): see this post;

OKS ($0.67): see this post

OTTR ($0.23): August 4

OXY ($.179): July 30

PAA ($0.50): August 6

PSX ($1.97): posted adjusted second-quarter 2014 earnings of $1.51 per share, lagging the Zacks Consensus Estimate of $1.69 by 11%. However, the figure compared favorably with $1.47 per share earned a year ago, owing to higher profits in the midstream and chemicals businesses.

QEP ($0.31): beats by 5 cents; beats on revs;

Range Resources:

RIG ($1.12): profits rises sharply; beats by 49 cents; beats on revs;

SD ($0.03): beat by 2 cents;

SLB ($1.36):
Schlumberger on Thursday reported profit that declined by 24 percent in its second quarter, and beat analysts' expectations.
The Houston-based company said earnings decreased to $1.6 billion, or $1.21 per share, from $2.1 billion, or $1.57 per share, in the same quarter a year ago.
Earnings, adjusted to account for discontinued operations, came to $1.37 per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of $1.35.
SM ($1.58):
SM Energy misses by $0.03, beats on revs : Reports Q2 (Jun) earnings of $1.56 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $1.59; revenues rose 20.7% year/year to $674.98 mln vs the $625.1 mln consensus.
  • Co reported Average daily production (MBOE/d) of 147.0, Total production (:MMBOE) of 13.38
    • Average daily production increased by 6% from production of 138.6 MBOE per day in the first quarter of 2014. In the second quarter of 2014, SM Energy's reported production mix was 29% oil/condensate, 24% NGLs, and 47% natural gas."
  • In the second quarter, the Company reported per unit costs in-line or slightly below its previously announced guidance range.
  • As of the end of the second quarter, the Company had $163.8 million of cash on hand and outstanding borrowings of $1.6 billion, which were comprised entirely of long term notes.
  • Earlier today, the Company entered into an agreement to acquire approximately 61,000 net acres in Divide and Williams Counties, North Dakota directly adjacent to its Gooseneck area for $330 million.
SRE ($1.16): August 8



STO (BEXP) ($0.58):  Statoil beats 2Q14 earnings estimates but misses on revenues. Reports earning 63 cents.

STR ($0.23): beats on earnings by one cent; beats on revenue;

Starbucks ($0.66): beat by one cent;

T ($0.65):
  • ATT, at 68 cents beat consensus by 5 cents; a huge quarter, though after-market trading has not confirmed such; from the press release -- best-ever postpaid churn drives strongest postpaid net adds in nearly five years and continued U-verse gains highlight AT&T’s second quarter as business transformation continues. [When you get right down to it, there's not much choice when choosing a cellular plan if one does a lot of traveling.]
Targa Resources Partners (NGLS):

TPLM ($0.16): September 9

TransCanada (TRP.TO) ($0.53): July 21

Ultra Petroleum (UPL) ($0.59): July 29

UNP ($1.42): in-line at $1.43

USEG ($0.02): 

VLO ($1.57): July 30 



WFT ($0.21): beats by 3 cents



WLL ($1.17): huge beat, $1.40; record production at 110,000 boepd

WMB ($0.23): in-line or some say missed slightly; due to new projects not yet on line or something to that effect, not a big deal;

WPX (-$0.10): see this post;  

XOM ($1.55): July 31

XLNX ($0.61): beat expectations; soft on guidance; shares plunge 20%; bad, bad day for XLNX investors.

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