The 10-second takeaway
For the quarter ended March 31 (Q1), Chevron whiffed on revenues and beat slightly on earnings per share.
Compared to the prior-year quarter, revenue improved slightly and GAAP earnings per share grew.
Gross margins dropped, operating margins grew, net margins increased.
Chevron reported revenue of $58.90 billion. The five analysts polled by S&P Capital IQ looked for a top line of $72.42 billion on the same basis. GAAP reported sales were 1.7% lower than the prior-year quarter's $56.28 billion.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $3.27. The 14 earnings estimates compiled by S&P Capital IQ predicted $3.22 per share. GAAP EPS of $3.27 for Q1 were 5.8% higher than the prior-year quarter's $3.09 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 30.2%, 200 basis points worse than the prior-year quarter. Operating margin was 18.5%, 220 basis points better than the prior-year quarter. Net margin was 11.7%, 70 basis points better than the prior-year quarter.
Next quarter's average estimate for revenue is $72.59 billion. On the bottom line, the average EPS estimate is $3.41.
Next year's average estimate for revenue is $281.07 billion. The average EPS estimate is $13.37.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 3,951 members out of 4,109 rating the stock outperform, and 158 members rating it underperform. Among 941 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 917 give Chevron a green thumbs-up, and 24 give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Chevron is outperform, with an average price target of $125.00.
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Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. Motley Fool newsletter services have recommended buying shares of Chevron. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.