Marathon Oil earnings (NYSE:MRO) were posted late in the day on Wednesday and the company said it brought in earnings and revenue that were ahead of what analysts were calling for, helping to send MRO stock higher after the bell.
The Houston, Texas-based petroleum and natural gas company said that for its fourth quarter of its fiscal 2018, it posted net income of $390 million, which was better than the company’s loss during the same period in its fiscal 2017. The company added that its net income reached 47 cents per share, or 15 cents per share when adjusting for non-recurring gains.
Marathon Oil’s earnings were stronger than what Wall Street was calling for as the average estimate of 11 analysts who were polled by Zacks Investment Research was for adjusted earnings of 13 cents per share. The oil giant added that its revenue for its fourth quarter tallied up to $1.77 billion for the period.
Wall Street was calling for the company to rake in sales of $1.44 billion, according to seven analysts surveyed by Zacks. For its fiscal 2018, Marathon Oil brought in net income of $1.1 billion, or $1.30 per share, while its revenue was $6.58 billion.
MRO stock is increasing about 1.2% after the bell following the company’s quarterly earnings results, which saw both its revenue and its earnings exceed what the Wall Street consensus estimate was calling for as the company is now halfway through its first quarter of its fiscal 2019. Shares had been increasing steadily throughout the day during regular trading hours for Marathon Oil on Wednesday, gaining 0.7% before reporting.
