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Q3 Earnings: Commodity Stock Hits and Misses

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Since Alcoa beat estimates and posted a $24 million profit, this earnings season has been a mixed bag for commodities stocks.

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2013′s third 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 earnings and revenue estimates and posting a profit of $24 million. And while other commodity stocks also managed to post better-than-expected results, some showed signs of weakness from this year's commodity slump.

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

Beating Analyst Expectations Earnings
  • Nucor Corp (NYSE:NUE): This steelmaker reported a 34% increase in quarterly profits and an EPS of $0.46, easily beating analysts estimates of a $0.39 EPS. Sales for the company increased to $4.94 billion, up from $4.80 billion recorded a year prior.
  • Peabody Energy Corp (NYSE:BTU): This coal miner posted a net third quarter loss of $26.1 million. Despite the loss, the company still managed to beat analyst estimates with an EPS of $0.05 and revenues of $1.8 billion.
  • Schlumberger Ltd. (NYSE:SLB): This oil giant topped both earnings and revenue estimates, with EPS coming in at $1.29 and revenues at $11.61 billion.
  • Halliburton (NYSE:HAL): This oil and gas reported an EPS of $0.83 for the quarter, slightly above the the $0.82 expectation. Revenues came in at $7.5 billion, in line with analyst estimates.
  • Whiting Petroleum Corp (NYSE:WLL): This Denver-based company beat both earnings and revenue estimates, posting an EPS of $1.28 and revenues of $831 million.
  • Weyerhaeuser Co (NYSE:WY): This bellwether timber firm reported earnings of $0.27 per share, above estimates of $0.21. Revenues also beat estimates of $2.09 billion, coming in at $2.181 billion.
  • Valero Energy (NYSE:VLO): This oil refiner reported earnings of $0.96 per share, above analysts' $0.94 forecast. Total revenues came in at $34.0 billion, beating estimates of $30.2 billion.
  • ConocoPhillips (NYSE:COP): This oil giant posted an EPS of $1.47, beating analyst estimates of $1.45. Unadjusted earnings were reported at $2.48 billion, a $600 million increase from last year's recording.
  • Exxon Mobil (NYSE:XOM): This oil giant beat earnings estimates, posting second quarter EPS of $1.79 versus estimates of $1.77. Revenues came in at $112.4 billion, beating expectations of $107.4 billion.
Mixed Results
  • Kinder Morgan Inc. (NYSE:KMI): Another MLP, Kinder Morgan posted earnings of $0.27 per share; analysts had estimated EPS at $0.31. Revenues, however, were reported at $3.7 billion, in line with estimates.
  • British Petroleum (NYSE:BP): This oil and gas giant reported earnings of $0.86 per share, lower than analyst estimates of $1.17. Revenues, however, came in at $94.7 billion, versus the consensus estimate of $90.3 billion.
  • Occidental Petroleum (NYSE:OXY): This company reported earnings of $1.58 per share, below estimates of $1.61. Revenues managed to beat expectations, coming in at $6.0 billion.
  • Enbridge Energy Partners (NYSE:EEP): This MLP missed EPS estimates of $0.22, reporting earnings of $0.13 per share. Revenues were reported at $1.7 billion, in line with expectations.
  • Marathon Petroleum Corp (NYSE:MPC): This oil company reported EPS of $0.59, 2 cents lower than analyst estimates. Revenues, however, came in at $26.27 billion, above the $21.37 billion estimates.
  • CME Group (NASDAQ:CME): CME reported EPS of $0.751, slightly above estimates of $0.75. Revenues came in at $715 million, well below the consensus estimate of $723.43 million.
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 $369 million, well below the estimated $384 million.
  • Southern Copper (NYSE:SCCO): This copper miner reported earnings of $0.41 per share, missing analyst expectations by 1 cent. Revenues were reported at $1.4 billion, slightly below estimates.
  • Dow Chemical (NYSE:DOW): The basic materials firm reported earnings of $0.50 per share, 4 cents below consensus estimates. Revenues came in at $13.73 billion, versus the expected $14 billion.
  • Phillips 66 (NYSE:PSX): This energy company recorded third quarter profits declining 67% year-over-year and earnings of $1.50 per share. Analysts were expecting earnings to come in at $1.83 per share.
  • Chevron Corporation (NYSE:CVX): This oil company reported earnings of $2.57 per share, lower than consensus estimates of $2.71. Revenues were reported at $58.5 billion.
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Editor's note: This article by Daniela Pylypczak was originally published on Commodity HQ.
No positions in stocks mentioned.
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