Oil giant Chevron Corp. (CVX) on Friday reported a turnaround to profit in the fourth quarter on higher revenues, while the year-ago period’s results were impacted by impairment charges.
However, both revenue and earnings per share for the latest quarter missed analysts’ estimates. The company’s shares are losing more than 2 percent in pre-market activity.
Chevron’s fourth-quarter net income was $415 million or $0.22 per share, compared to net loss of $588 million or $0.31 per share in the prior-year quarter.
On average, 23 analysts expected the company to report earnings of $0.64 per share for the quarter. Analysts’ estimates typically exclude special items.
Total revenues and other income for the quarter rose 8 percent to $31.50 billion from $29.25 billion in the same quarter last year, but missed analysts’ consensus estimate of $33.76 billion.
Sales and other operating revenues…