The 10-second takeaway
For the quarter ended March 31 (Q1), Chevron whiffed on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue shrank. GAAP earnings per share contracted slightly.
Gross margins contracted, operating margins increased, net margins dropped.
Chevron booked revenue of $56.82 billion. The two analysts polled by S&P Capital IQ expected revenue of $77.38 billion on the same basis. GAAP reported sales were the same as the prior-year quarter's.
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 $3.18. The 16 earnings estimates compiled by S&P Capital IQ anticipated $3.07 per share. GAAP EPS of $3.18 for Q1 were 2.8% lower than the prior-year quarter's $3.27 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%, 70 basis points worse than the prior-year quarter. Operating margin was 18.1%, 10 basis points better than the prior-year quarter. Net margin was 10.9%, 40 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $79.65 billion. On the bottom line, the average EPS estimate is $3.15.
Next year's average estimate for revenue is $259.75 billion. The average EPS estimate is $12.60.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 4,118 members out of 4,278 rating the stock outperform, and 160 members rating it underperform. Among 1,001 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 977 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 $128.55.
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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. The Motley Fool recommends 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.