Marathon Oil (NYSE:MRO) posted its latest quarterly earnings results late in the afternoon Wednesday, with the company’s figures impressing overall as despite a revenue miss, a strong profit propelled the company’s stock forward more than 3% after hours.
For its first quarter of its fiscal 2019, the Houston, Texas-based business brought in net income of $174 million, which amounted to roughly 21 cents per share. On an adjusted basis when taking into account non-recurring costs, this figure amounted to about 31 cents per share.
It was a strong showing for Marathon Oil as its adjusted earnings were more than five times stronger than what Wall Street called for as the average estimate of 11 analysts who were surveyed by Zacks Investment Research was for earnings of roughly 6 cents per share.
The energy business added that its sales for the first three months of its current fiscal year reached $1.2 billion, which was below what the Wall Street consensus guidance predicted. A survey conducted by Zacks that included seven analysts saw Marathon Oil bringing in revenue of $1.23 billion, per their average.
MRO stock is up about 3.2% after the bell today, with this increase coming due in large part to the company’s strong quarterly earnings performance, which saw revenue miss the mark but the company’s adjusted profit was ahead of what analysts predicted for the business. Marathon Oil shares had declined roughly 2.9% during regular trading hours Wednesday.