Chesapeake Energy Corporation, Mobileye Beat Earnings Estimates

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Chesapeake Energy and Mobileye released their latest earnings reports before opening bell this morning. Chesapeake posted adjusted losses of 16 cents per share and revenue of $2.65 billion. Analysts had been expecting losses of 17 cents per share and $2.65 billion in revenue.

Mobileye posted non-GAAP earnings of 15 cents per share, coming out a penny ahead of consensus, and $71.8 million in revenue, which was about in line with consensus. In the fourth quarter of 2014, the automotive sensor maker posted $39.7 million in revenue and 6 cents per share in adjusted earnings.

Chesapeake swings to a loss

Chesapeake Energy’s GAAP losses were $3.36 per share, compared to the year-ago quarter’s earnings of 81 cents per share. Adjusted EBITDA came up short of expectations at $298 million, against the consensus of $392.3 million and the year-ago quarter’s $916 million.

Average daily production during the fourth quarter was 661,100 barrels of oil equivalent. Average daily production included about 100,700 barrels of oil, 2.9 billion cubic feet of natural gas and 75,700 barrels of natural gas liquids.

The energy giant said it expects to cut capital expenditures for this year by about 57% to between $1.3 billion and $1.8 billion and is planning to sell between $500 million and $1 billion in assets this year. Management also expects production for this year to be flat to down 5%, adjusted for asset sales.

Chesapeake Energy shares slumped by as much as 4.55% to $2.10 per share in premarket trading.

Mobileye grows unit numbers

Mobileye’s GAAP earnings were 8 cents per share for the fourth quarter, compared to a penny per share in the year-ago quarter.

Of the total revenue, $61.2 million of it was from original equipment manufacturers, compared to $32.3 million in the fourth quarter of 2014. EyeChip volumes climbed 83% year over year to reach 1.3 million units, compared to 715,000 units in the year-ago quarter. The average selling price for EyeChip units rose from $43.10 the previous year to $44.70 in the fourth quarter of 2015. After market revenue rose from $7.4 million to $10.6 million in the most recently completed quarter.

Shares of Mobileye were inactive in premarket trading.

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