Chevron misses 4Q profit forecasts
SAN RAMON, Calif. (AP) — Chevron Corp. on Friday reported fourth-quarter earnings of $3.11 billion.
The San Ramon, California-based company said it had profit of $1.64 per share. Earnings, adjusted for pretax gains, came to 73 cents per share.
The results did not meet Wall Street expectations, but Chevron does not adjust its reported results based on one-time events such as asset sales. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.27 per share.
The oil company posted revenue of $37.62 billion in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $37.55 billion.
For the year, the company reported net income of $9.2 billion, or $4.85 per share, swinging to a profit in the period. Revenue was reported as $141.72 billion.
In morning trading, Chevron shares fell 2.3 percent, or $2.85, to $122.72. Chevron shares have risen slightly since the beginning of the year, while the Standard & Poor’s 500 index has increased 5.5 percent. The stock has risen 13 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CVX at https://www.zacks.com/ap/CVX