FX.co ★ Chevron Corp. Q1 Profit Decreases, but beats estimates

Chevron Corp. reported its first-quarter earnings, showing a decline compared to the same period the previous year, yet it still exceeded Wall Street predictions.

The company's net income amounted to $5.50 billion, or $2.97 per share, which is a drop from the $6.57 billion, or $3.46 per share, reported in the first quarter of last year.

After excluding certain items, the adjusted earnings of Chevron Corp. stood at $5.42 billion, or $2.93 per share, for this period.

On average, analysts had predicted earnings of $2.68 per share, figures compiled by Thomson Reuters illustrate. These estimates usually do not include unique items.

Revenue for the quarter witnessed a 4.1% decrease to $48.72 billion, down from $50.79 billion last year.

A quick overview of Chevron Corp.’s first-quarter earnings (based on Generally Accepted Accounting Principles - GAAP) shows:

- Earnings for Q1: $5.50 billion, down from $6.57 billion last year.

- Earnings Per Share (EPS) for Q1: $2.97, down from $3.46 last year.

- Revenue for Q1: $48.72 billion, down from $50.79 billion last year.