BP Earnings: BP Stock Skyrockets 6% Despite Q2 Misses

BP (NYSE:BP) earnings for the second quarter of fiscal year 2020 have BP stock heading higher on Tuesday. That’s thanks to its loss of $1.98 per American Depositary Share (ADS), which is below Wall Street’s estimate of a $1.10 loss. Also, the company’s revenue of $31.68 billion does come in below analysts’ estimate of $42.78 billion.

Day view of British Petroleum BP logo in town center in the U

Source: Jevanto Productions / Shutterstock.com

Now, let’s take a closer look at the most recent BP earnings report.

  • Per-share earnings are way down from earnings per share (EPS) of 83 cents during the same time last year.
  • Revenue is sitting 56.4% lower than the $72.68 billion from the second quarter of 2019.
  • The BP earnings report also has it bringing in a net loss of $17.52 billion.
  • That’s much worse compared to its net income of $1.9 billion from the same period of the year prior.

Bernard Looney, chief executive officer of BP, said this about the BP stock earnings:

“These headline results have been driven by another very challenging quarter, but also by the deliberate steps we have taken as we continue to reimagine energy and reinvent bp. In particular, our reset of long-term price assumptions and the related impairment and exploration write-off charges had a major impact. Beneath these, however, our performance remained resilient, with good cash flow and — most importantly — safe and reliable operations.”

The company did not include any sort of financial guidance for FY2020. That said, we know what Wall Street is looking for. Analysts are calling for losses per share of 40 cents on revenue of $212.11 billion for the period.

BP stock was up 6.8% as of Tuesday morning.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/08/bp-earnings-bp-stock-skyrockets-6-despite-q2-misses/.

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