Chevron (CVX) Q1 Earnings Miss Estimates, Revenues Beat Zacks.com 12 hrs ago
Chevron Corporation CVX reported adjusted first-quarter earnings per share of 90 cents, missing the Zacks Consensus Estimate of 92 cents. Meanwhile, the company earned $1.31 per share in the year-ago period. Chevron’s underperformance contrasts with peers
ExxonMobil XOM,
BP plc BP all of whom posted better-than-expected profit.
Chevron’s earnings disappointment reflects lower production, plus decline in refined products margins. This was partly offset by the integrated energy major’s successful cost reduction initiatives, which allowed it to reduce capital spending by 43% from year-ago levels.
The company generated revenue of $32 billion. The sales figure beat the Zacks Consensus Estimate of $30.9 billion and was up 1.7% year over year on the back of higher commodity prices.