2013′s third 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 earnings
and revenue estimates and posting a profit of $24 million. And
while other commodity stocks also managed to post
better-than-expected results, some showed signs of weakness from
this year's commodity slump.
With the majority of companies already done reporting their third
quarter results, we take a close look at how well (or how poorly)
the commodity producer industry did:
Beating Analyst Expectations Earnings
): This steelmaker reported a 34% increase in quarterly profits
and an EPS of $0.46, easily beating analysts estimates of a $0.39
EPS. Sales for the company increased to $4.94 billion, up from
$4.80 billion recorded a year prior.
Peabody Energy Corp
): This coal miner posted a net third quarter loss of $26.1
million. Despite the loss, the company still managed to beat
analyst estimates with an EPS of $0.05 and revenues of $1.8
): This oil giant topped both earnings and revenue estimates,
with EPS coming in at $1.29 and revenues at $11.61 billion.
): This oil and gas reported an EPS of $0.83 for the quarter,
slightly above the the $0.82 expectation. Revenues came in at
$7.5 billion, in line with analyst estimates.
Whiting Petroleum Corp
(WLL): This Denver-based company beat both earnings and revenue
estimates, posting an EPS of $1.28 and revenues of $831
(WY): This bellwether timber firm reported earnings of $0.27 per
share, above estimates of $0.21. Revenues also beat estimates of
$2.09 billion, coming in at $2.181 billion.
(VLO): This oil refiner reported earnings of $0.96 per share,
above analysts' $0.94 forecast. Total revenues came in at $34.0
billion, beating estimates of $30.2 billion.
(COP): This oil giant posted an EPS of $1.47, beating analyst
estimates of $1.45. Unadjusted earnings were reported at $2.48
billion, a $600 million increase from last year's recording.
(XOM): This oil giant beat earnings estimates, posting second
quarter EPS of $1.79 versus estimates of $1.77. Revenues came in
at $112.4 billion, beating expectations of $107.4 billion.
Kinder Morgan Inc.
(KMI): Another MLP, Kinder Morgan posted earnings of $0.27 per
share; analysts had estimated EPS at $0.31. Revenues, however,
were reported at $3.7 billion, in line with estimates.
(BP): This oil and gas giant reported earnings of $0.86 per
share, lower than analyst estimates of $1.17. Revenues, however,
came in at $94.7 billion, versus the consensus estimate of $90.3
(OXY): This company reported earnings of $1.58 per share, below
estimates of $1.61. Revenues managed to beat expectations, coming
in at $6.0 billion.
Enbridge Energy Partners
(EEP): This MLP missed EPS estimates of $0.22, reporting earnings
of $0.13 per share. Revenues were reported at $1.7 billion, in
line with expectations.
Marathon Petroleum Corp
(MPC): This oil company reported EPS of $0.59, 2 cents lower than
analyst estimates. Revenues, however, came in at $26.27 billion,
above the $21.37 billion estimates.
Missing the Mark
(CME): CME reported EPS of $0.751, slightly above estimates of
$0.75. Revenues came in at $715 million, well below the consensus
estimate of $723.43 million.
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 $369 million, well below the estimated $384
(SCCO): This copper miner reported earnings of $0.41 per share,
missing analyst expectations by 1 cent. Revenues were reported at
$1.4 billion, slightly below estimates.
(DOW): The basic materials firm reported earnings of $0.50 per
share, 4 cents below consensus estimates. Revenues came in at
$13.73 billion, versus the expected $14 billion.
(PSX): This energy company recorded third quarter profits
declining 67% year-over-year and earnings of $1.50 per share.
Analysts were expecting earnings to come in at $1.83 per
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Editor's note: This article by Daniela Pylypczak was originally
(CVX): This oil company reported earnings of $2.57 per share,
lower than consensus estimates of $2.71. Revenues were reported
at $58.5 billion.