An Earnings Beat: EQT Corporation (EQT - Free Report) reported fourth quarter income per share of 76 cents, higher than the Zacks Consensus Estimate of 22 cents. Higher production sales volume as well as increased realizations supported EQT’s strong fourth-quarter results.
Estimate Revision Trend & Surprise History: Investors should note that the Zacks Consensus Estimate has seen one upward revision and six downward revisions in the last thirty days.
Nonetheless, EQT has an impressive earnings surprise history. Before posting the earnings beat in Q4, the company delivered positive surprises in three of the prior four quarters. Overall, the company has a positive earnings surprise of 176.95% in the trailing four quarters.
Revenues: EQT posted revenues of $1,129.3 million, beating the Zacks Consensus Estimate of $886.3 million. Also, it compared increased from the year-ago number of $379 million.
Key Stats: EQT Production's fourth-quarter operating revenues were $1,048.9 million compared with $318.3 million in the year-ago quarter. The company clocked sales volume of 294.4 billion cubic feet equivalent (Bcfe) in the fourth quarter, up 48.4% year over year.
Operating income in the fourth quarter was $267.4 million, compared to an operating loss of $251.1 million in the year-ago period.
In the EQT Gathering segment, net gathering revenues increased 23.3% year over year to $123.5 million due to 27% higher gathered volumes. Operating income jumped 28.4% year over year to $90.8 million in the reported quarter.
Net transmission revenue grew 6.5% to $101 million. Operating income declined 8.9% year over year to $58.2 million in the reported quarter.
Zacks Rank: Currently, EQT carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank stocks here)
Check back later for our full write up on this EQT Corp earnings report later!
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