Devon Energy Corp. reported a downturn in profits for the first quarter compared to the same period the previous year, falling short of Wall Street's expectations.
The firm's net income totaled $596 million, equivalent to $0.94 per share. This is a drop from last year's first quarter, which saw earnings of $995 million or $1.53 per share.
Industry analysts had anticipated the company to earn $1.11 per share, based on data gathered by Thomson Reuters. These estimates typically exclude any unexpected charges or extraordinary items.
Revenue for the quarter also slipped by 5.3%, declining to $3.6 billion from $3.8 billion in the previous year.
To sum up Devon Energy Corp.'s earnings according to the Generally Accepted Accounting Principles (GAAP):
- First quarter earnings: $596 million, a decrease from $995 million last year.
- Earnings per share for the first quarter: $0.94, down from $1.53 last year.
- First quarter revenue: $3.6 billion, a dip from $3.8 billion last year.
