Chevron (NYSE:CVX) earnings for the first quarter of 2020 have CVX stock down on Friday. This is despite reporting revenue of $31.5 billion, which is above Wall Street’s estimate of $29.38 billion. The company also reported adjusted earnings per share (EPS) of $1.93, while analysts were expecting adjusted per-share earnings of 68 cents for the quarter.
Now let’s see what else is worth mentioning from the most recent Chevron earnings report.
- Adjusted EPS was up 38.9% from $1.39 during Q1 2019.
- Revenue for the quarter comes in 10.5% lower compared to $35.2 billion during the same time last year.
- Chevron’s earnings also includes a net income of $3.6 billion.
- That is 38.5% better than $2.6 billion from the first quarter of 2019.
Michael K. Wirth, chairman and chief executive officer of Chevron, said this about the CVX stock earnings report:
“First-quarter earnings were up from a year ago, driven by downstream margins and increased Permian production. However, commodity prices fell significantly in March and the weakness continued into the second quarter, primarily due to reduced demand resulting from the Covid-19 pandemic.”
Additionally, according to the release, Chevron is further reducing its 2020 capital expenditure guidance by up to $2 billion to $14 billion. The company also estimates that 2020 operating costs will decrease by $1 billion. This follows the previously announced suspension of share repurchases and the completion of additional asset sales.
CVX stock ended the day on Friday down 2.78%.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.
