Noble Energy Profit Falls Almost 50%
HOUSTON (AP) — Noble Energy Inc. (NBL) on Thursday reported earnings that decreased by 49 percent in its second quarter, and beat analysts' expectations.
The Houston-based company said net income fell to $192 million, or 52 cents per share, from $377 million, or $1.04 per share, in the same quarter a year ago.
Earnings, adjusted for one-time gains and costs, came to 87 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of 79 cents.
The company said revenue rose 20 percent to $1.38 billion from $1.15 billion in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $1.4 billion, according to Zacks.
Noble Energy shares have climbed $6.10, or 9 percent, to $74.21 since the beginning of the year, while the Standard & Poor's 500 index has risen 7.5 percent. The stock has increased $9.67, or 15 percent, in the last 12 months.