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Chevron profit misses consensus by 54.8% in Q2

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Chevron profit misses consensus by 54.8% in Q2

Chevron Corp. said its normalized net income for the second quarter was 52 cents per share, compared with the S&P Capital IQ consensus estimate of $1.16 per share.

EPS fell 82.3% year over year from $2.95.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $979.9 million, a decrease of 82.6% from $5.62 billion in the year-earlier period.

The normalized profit margin fell to 2.3% from 10.5% in the year-earlier period.

Total revenue decreased 34.8% year over year to $34.86 billion from $53.46 billion, and total operating expenses decreased 21.4% year over year to $36.77 billion from $46.79 billion.

Reported net income declined 90.1% from the prior-year period to $563.0 million, or 30 cents per share, from $5.67 billion, or $2.98 per share.