Occidental Petroleum Q1 Adj $0.63 Beats $0.60 Estimate, Sales $6.01B Miss $6.70B Estimate
Portfolio Pulse from Benzinga Newsdesk
Occidental Petroleum (NYSE:OXY) reported Q1 earnings of $0.63 per share, surpassing the $0.60 estimate, but its sales of $6.01B fell short of the $6.70B estimate. This represents a 42.2% decrease in earnings and a 17.19% decrease in sales from the same period last year.
May 07, 2024 | 8:18 pm
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Occidental Petroleum's Q1 earnings surpassed expectations at $0.63/share against a $0.60 estimate, but sales of $6.01B missed the $6.70B forecast, indicating a significant year-over-year decline.
While Occidental Petroleum's earnings beat may positively impact investor sentiment due to better-than-expected profitability, the significant miss on sales forecasts and the year-over-year decline in both earnings and sales could temper any potential stock price gains. The mixed results present a nuanced picture, suggesting a neutral short-term impact on the stock price as the market digests both the positive earnings surprise and the concerning sales performance.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100