EQT Corporation EQT is an integrated energy company that focuses on natural gas supply activities in the Appalachian area, including production and gathering, natural gas distribution and transmission as well as energy efficiency solutions, primarily in the eastern and western coastal regions of the United States. EQT conducts its operations in two segments EQT Production and EQT Midstream.
However, the ongoing oil price slump has impacted the company’s activity levels. This is reflected in the consensus estimate that has moved down in the last few months. In the last four trailing quarters, EQT Corp has reported a positive average earnings surprise of 71.59%, missing the estimate once.
Currently, EQT Corp has a Zacks Rank #3 (Hold) but that could change following its first quarter 2015 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:
Earnings: EQT Corp misses on earnings. Loss per share from continuing operations (excluding special items) came in at 33 cents per share, which compared unfavourably with the Zacks Consensus Estimate of loss of 22 cents.
Revenue: Net operating revenues of $577 million came above the Zacks Consensus Estimate of $437 million.
Key Stats: EQT Production's third quarter operating revenue decreased 43% year over year to $188.5 million in spite of an increase in average daily sales volume by nearly 27%.
Operating loss was $72 million, down 33% year over year.
Under the EQT Midstream segment, net operating revenues increased 17% year over year to $195.3 million, owing to 23% growth in gathered volumes. Net transmission revenues increased 12%. Net storage, marketing and other operating revenues were $6.7 million, representing a decline of 19%.
Operating income jumped 21% year over year to $113 million in the reported quarter.
Check back later for our full write up on this EQT Corp earnings report later!
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