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Hess' (HES) Q1 Earnings & Revenues Beat Estimates

Zacks Equity Research
TechnipFMC's (FTI) total backlog at the end of the first quarter is $17,777.6 million, reflecting year-over-year growth of 27%.

Earnings Beat : An integrated energy company Hess Corporation HES reported first quarter adjusted earnings of 9 cents per share, against the Zacks Consensus Estimate of loss of 26 cents.

Estimate Revision Trend & Surprise History : Investors should note that the Zacks Consensus Estimate of loss for the quarter has seen no movement in the last seven days.

Nonetheless, Hess has an impressive earnings surprise history. Before posting Q1 earnings, the company delivered positive surprises in the prior four quarters. Overall, the company has a positive earnings surprise of 240.9% in the trailing four quarters.

Revenues Beat : Hess posted revenues of $1,599 million, beating the Zacks Consensus Estimate of $1,475 million.

Key Stats : Quarterly hydrocarbon production was 299 thousand barrels of oil equivalent per day, up 17.3% year over year.

Worldwide crude oil realization per barrel of $55.91 (including the impact of hedging) showed a decrease of almost 6% year over year. The average worldwide natural gas liquids selling price also decreased to $18.46 per barrel from $21.11 in the year-ago quarter.

Worldwide natural gas price, however, rose 15% year over year to $4.43 per Mcf.

Zacks Rank : Currently, Hess carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.

(You can see the complete list of today’s Zacks #1 Rank stocks here.)

Check back later for our full write up on this Hess Corporation earnings report later!

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