Earnings Reports – NBL, NEE and NOV

Earnings Reports - NBL, NEE and NOV

Second quarter earnings reports

Noble Energy Inc. (NBL)

Noble Energy, Inc. (NYSE:NBL) reported results for its second quarter, which missed both revenue and earnings estimates by analysts, as falling realizations were accompanied with higher operating expenses, despite increased volumes.

Net profit was $292 million ($1.58 a share), down from $294 million ($1.61 a share) last year. Excluding items, earnings were 77 cents a share ,while the estimates were in the range of 95 cents a share. The company reported revenues of $966 million, up 15 percent, versus expectations of $1 billion.

In the second half of the year, the company expects its Galapagos project, as well as programs in the DJ Basin and Marcellus shale, to make significant contributions to production growth.

NextEra Energy Inc. (NEE)

NextEra Energy, Inc. (NYSE:NEE), owner of Florida Power & Light, and the largest U.S. renewable-energy generator, saw its second quarter earnings rise 4.7 percent, as lower revenues were made up by savings in operating expenses.

The company recently signed a number of wind-power agreements to take advantage of federal subsidies, before their expiry.

Net profit was $607 million ($1.45 a share) and much better than last year’s profit of $580 million ($1.38 a share) Excluding items, earnings were $1.26. Operating revenue dropped 7.4 percent to $3.67 billion. Market expectations were an earnings per share of $1.16, on revenues of $3.95 billion.

The company faces competition from power generated by using low priced natural gas.

National Oilwell Varco Inc. (NOV)

Oilfield-services equipment manufacturer, National-Oilwell Varco, Inc. (NYSE:NOV), posted a solid second quarter that beat on both revenue and earning counts. The company benefited from increased capital expenditure by oil and gas explorers. The company has grown, through acquisitions, to become a dominant player in the sector.

Profit rose to $605 million ($1.42 a share) from $481 million ($1.13 a share) last year. Excluding items, earnings were $1.46 a share, while revenues rose by 35 percent to $4.73 billion. The street expected earnings of $1.40 and revenues of $4.44 billion.

The company’s largest division, rig technology, saw new orders of $2.22 billion, while backlog reached $11.28 billion. Revenues climbed 27 percent.

Revenues in the petroleum services and supplies unit climbed 31 percent. The distribution and transmission segment sales were up 84%.