The 10-second takeaway
For the quarter ended Sep. 30 (Q3), Chevron missed estimates on revenues and whiffed on earnings per share.
Compared to the prior-year quarter, revenue contracted and GAAP earnings per share shrank significantly.
Margins shrank across the board.
Chevron chalked up revenue of $55.66 billion. The four analysts polled by S&P Capital IQ foresaw net sales of $57.04 billion on the same basis. GAAP reported sales were 4.2% lower than the prior-year quarter's $59.29 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 $2.37. The 16 earnings estimates compiled by S&P Capital IQ predicted $2.89 per share. GAAP EPS of $2.69 for Q3 were 31% lower than the prior-year quarter's $3.92 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 27.7%, 310 basis points worse than the prior-year quarter. Operating margin was 15.3%, 190 basis points worse than the prior-year quarter. Net margin was 9.3%, 390 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $59.61 billion. On the bottom line, the average EPS estimate is $3.13.
Next year's average estimate for revenue is $246.07 billion. The average EPS estimate is $12.81.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 4,033 members out of 4,196 rating the stock outperform, and 163 members rating it underperform. Among 984 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 963 give Chevron a green thumbs-up, and 21 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 $124.86.
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