The 10-second takeaway
For the quarter ended March 31 (Q1), ConocoPhillips beat expectations on revenues and met expectations on earnings per share.
Compared to the prior-year quarter, revenue shrank significantly. Non-GAAP earnings per share contracted significantly. GAAP earnings per share shrank significantly.
Gross margins dropped, operating margins grew, net margins contracted.
ConocoPhillips reported revenue of $14.17 billion. The two analysts polled by S&P Capital IQ looked for revenue of $11.88 billion on the same basis. GAAP reported sales were 5.7% lower than the prior-year quarter's $15.53 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 $1.42. The 17 earnings estimates compiled by S&P Capital IQ predicted $1.42 per share. Non-GAAP EPS of $1.42 for Q1 were 30% lower than the prior-year quarter's $2.02 per share. (The prior-year quarter included $0.55 per share in earnings from discontinued operations.) GAAP EPS of $1.73 for Q1 were 24% lower than the prior-year quarter's $2.27 per share. (The prior-year quarter included $0.55 per share in earnings from discontinued operations.)
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 48.7%, 130 basis points worse than the prior-year quarter. Operating margin was 27.2%, 190 basis points better than the prior-year quarter. Net margin was 14.6%, 430 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $14.39 billion. On the bottom line, the average EPS estimate is $1.29.
Next year's average estimate for revenue is $58.77 billion. The average EPS estimate is $6.09.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 5,647 members out of 5,798 rating the stock outperform, and 151 members rating it underperform. Among 1,391 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 1,360 give ConocoPhillips a green thumbs-up, and 31 give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on ConocoPhillips is hold, with an average price target of $64.25.
Is ConocoPhillips the right energy stock for you? Read about a handful of timely, profit-producing plays on expensive crude in "3 Stocks for $100 Oil." Click here for instant access to this free report.
- Add ConocoPhillips to My Watchlist.