February 21, 2013
Chesapeake Energy (NYSE: CHK ) has reported its fiscal Q4 and 2012 results. For the quarter, revenue grew by 30% on a year-over-year basis, to $3.5 billion, while adjusted net income available to common shareholders declined 61%, to $153 million ($0.26 per diluted share).
On average, analysts had expected $2.9 billion for top line, and an EPS of $0.14.
For the full year, revenue was $12.3 billion, or 6% higher than 2011's figure. Adjusted net income came in at $285 million ($0.61 diluted EPS), down from the previous year's $1.9 billion ($2.80).
Chesapeake spent much of 2012 divesting itself of property, an activity it plans to continue at least into the immediate future. The company quoted its CFO Domenic Dell'Osso as saying that "we are reaffirming the commitment of management and the Board of Directors to reducing financial leverage of the company through asset sales."