California Resources Q3 Adjusted EPS $1.17 Beats $0.96 Estimate Despite $315M GAAP Loss
CRC sits 21% above its 52-week low of $43.245.
Summary
Adjusted results came in well ahead of consensus: EPS of $1.17 versus the $0.96 IBES estimate and adjusted net income of $104 million versus $88.1 million expected. Adjusted EBITDAX of $341 million also topped the $319.9 million consensus. The GAAP picture is ugly by contrast — a $315 million net loss and EPS of -$3.55 — reflecting the $134 million commodity derivative settlement loss flagged in the October 13 8-K and preliminary Q3 pricing disclosure, with the swing to a loss also tied to higher operating expenses. Traders will separate the hedge-driven GAAP hit from the underlying cash earnings beat, which is the number that matters for the dividend and buyback, and the company raised its annual dividend 4% to $1.68.
At the time of this announcement, CRC was trading at $52.54 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $4.7B. The 52-week trading range was $43.25 to $71.98. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.