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Q2 Earnings Scorecard: Commodity Stock Hits and Misses

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How 13 major commodity players have fared during this earnings season.

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2013′s second quarter earnings season was perhaps not what many analysts had expected, as companies across all sectors reported both hits and misses. In the commodity space, Alcoa (NYSE:AA) had set the tone for the start of the season, beating estimates despite falling aluminum prices. And while other commodity stocks also managed to post better-than-expected results, some showed signs of weakness from this year's commodity slump.

And with the majority of companies already done reporting their second quarter results, we take a close look at how well (or how poorly) the commodity producer industry did:

Beating Analyst Expectations
  • Schlumberger Ltd. (NYSE:SLB): This oil giant topped both earnings and revenue estimates, with EPS coming in at $1.57 and revenues at $11.18 billion.
  • Halliburton (NYSE:HAL): This oil and gas giant beat both earnings and revenue estimates, though it reported a dip in its second quarter earnings. EPS was reported at $0.73 for the quarter, a slight drop from last year's $0.79 reading but above the $0.72 expectation. Revenues came in at $7.317 billion, slightly higher than analyst estimates of $7.25 billion.
  • Freeport McMoRan (NYSE:FCX): This popular miner reported earnings of $0.49 per share, slightly higher than analyst estimates of $0.44. Revenues also topped expectations, coming in at $4.29 billion versus the expected $4.28 billion.
  • Plum Creek Timber (NYSE:PCL): This popular timber firm posted earnings of $0.28 per share, beating analyst estimates of $0.23. Revenues came in just shy of expectations at $303 million.
  • Chesapeake Energy Corp (NYSE:CHK): This oil and gas firm managed to top both earnings and revenue estimates, even after reporting a 51% decline in net income year-over-year. Revenues advanced to $4.68 billion, topping estimates of $3.21 billion. EPS came in at $0.51 versus the expected $0.41.
  • ConocoPhillips (NYSE:COP): This oil giant posted an EPS of $1.41, beatings analyst estimates of $1.29. Revenue was reported at $14.14 billion, a decrease from last year's $14.84 figure but still above expectations of $12.75 billion.
Mixed Results
  • Kinder Morgan Inc. (NYSE:KMI): Another MLP, Kinder Morgan posted net income of $277 million, or $0.27 per share; analysts had estimated EPS at $0.33. Revenues, however, were reported at $3.38 billion versus the expected $3.14 billion.
  • Valero Energy (NYSE:VLO): This oil refiner reported earnings of $0.85 per share, lower than analysts' $0.93 forecast. Total revenues came in at $34.03 billion, down from $34.66 billion. Analysts expected to see earnings of $30.18 billion.
  • Exxon Mobil (NYSE:XOM): This oil giant missed earnings estimates, posting second quarter EPS of $1.55 (a 57% decline from a year prior) versus estimates of $1.90. Revenues, however, came in at $106.5 billion, slightly beating expectations of $105.54 billion.
Missing The Mark
  • El Paso Pipeline Partners (NYSE:EPB): This MLP missed both earnings and revenue estimates. EPS came in at $0.40, versus the estimated $0.48. Meanwhile, revenues were reported at $359 million, well below the estimated $389.6 million.
  • Southern Copper (NYSE:SCCO): This copper miner reported earnings of $0.44 per share, missing analyst expectations by 4 cents.
  • British Petroleum (NYSE:BP): This oil and gas giant reported earnings of $2.04 billion, lower than analyst estimates of $2.56 billion. Revenues remained flat at $94.71 billion.
  • Phillips 66 (NYSE:PSX): This energy company recorded second quarter profits declining 20% year-over-year and earnings of $1.50 per share. Analysts were expecting earnings to come in at $1.81 per share.
Follow us on Twitter @CommodityHQ

Editor's note: This article by Danielz Pylypczak was originally published on Commodity HQ.
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