2013′s second quarter earnings season was perhaps not what many
analysts had expected, as companies across all sectors reported
both hits and misses. In the commodity space,
) had set the tone for the start of the season, beating estimates
despite falling aluminum prices. And while other commodity stocks
also managed to post better-than-expected results, some showed
signs of weakness from this year's commodity slump.
And with the majority of companies already done reporting their
second quarter results, we take a close look at how well (or how
poorly) the commodity producer industry did:
Beating Analyst Expectations
): This oil giant topped both earnings and revenue estimates,
with EPS coming in at $1.57 and revenues at $11.18 billion.
): This oil and gas giant beat both earnings and revenue
estimates, though it reported a dip in its second quarter
earnings. EPS was reported at $0.73 for the quarter, a slight
drop from last year's $0.79 reading but above the $0.72
expectation. Revenues came in at $7.317 billion, slightly higher
than analyst estimates of $7.25 billion.
): This popular miner reported earnings of $0.49 per share,
slightly higher than analyst estimates of $0.44. Revenues also
topped expectations, coming in at $4.29 billion versus the
expected $4.28 billion.
Plum Creek Timber
): This popular timber firm posted earnings of $0.28 per share,
beating analyst estimates of $0.23. Revenues came in just shy of
expectations at $303 million.
Chesapeake Energy Corp
(CHK): This oil and gas firm managed to top both earnings and
revenue estimates, even after reporting a 51% decline in net
income year-over-year. Revenues advanced to $4.68 billion,
topping estimates of $3.21 billion. EPS came in at $0.51 versus
the expected $0.41.
(COP): This oil giant posted an EPS of $1.41, beatings analyst
estimates of $1.29. Revenue was reported at $14.14 billion, a
decrease from last year's $14.84 figure but still above
expectations of $12.75 billion.
Kinder Morgan Inc.
(KMI): Another MLP, Kinder Morgan posted net income of $277
million, or $0.27 per share; analysts had estimated EPS at $0.33.
Revenues, however, were reported at $3.38 billion versus the
expected $3.14 billion.
(VLO): This oil refiner reported earnings of $0.85 per share,
lower than analysts' $0.93 forecast. Total revenues came in at
$34.03 billion, down from $34.66 billion. Analysts expected to
see earnings of $30.18 billion.
Missing The Mark
(XOM): This oil giant missed earnings estimates, posting second
quarter EPS of $1.55 (a 57% decline from a year prior) versus
estimates of $1.90. Revenues, however, came in at $106.5 billion,
slightly beating expectations of $105.54 billion.
El Paso Pipeline Partners
(EPB): This MLP missed both earnings and revenue estimates. EPS
came in at $0.40, versus the estimated $0.48. Meanwhile, revenues
were reported at $359 million, well below the estimated $389.6
reported earnings of $0.44 per share, missing analyst
expectations by 4 cents.
(BP): This oil and gas giant reported earnings of $2.04 billion,
lower than analyst estimates of $2.56 billion. Revenues remained
flat at $94.71 billion.
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Editor's note: This article by Danielz Pylypczak was originally
(PSX): This energy company recorded second quarter profits
declining 20% year-over-year and earnings of $1.50 per share.
Analysts were expecting earnings to come in at $1.81 per