Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


Murphy Swings Back To Profit in Q4, Shares Slip Due to Gloomy Outlook (MUR)

Thursday, January 31, 2013 8:35 AM
Although Murphy Oil Corporation (NYSE: MUR) swung back to a fiscal fourth-quarter profit thanks to lower impairment charges and income tax benefits,  its earnings for the period missed  its own earlier guidance while outlook on fiscal first quarter also disappointed investors. Shares slipped in aftermarket trading on Wednesday. For the fiscal first quarter, Murphy oil is expecting earnings of adjusted earnings to come in the range of 55 cents to 90 cents a share, which is way below analysts’ consensus forecast for $1.30 a share, according to a data compiled by Thomson Reuters. Murphy, which operates in the U.S. and U.K. markets, has been under tremendous pressure since past one year.  Since the company operated in several business lines such as its core oil and gas extraction business, refining and distribution business, its efficiency and profitability started eroding, leading to an uproar from activists investors last year, demanding spinning off of its U.S. fuel making and distribution business.  Under pressure, the Company’s board approved the spin off distribution business in October. Besides, the Company is also unlocking its refining operation as it looks to focus towards its oil and gas extraction business. During the fiscal fourth quarter, Company’s earnings were mainly boosted by income tax benefits of $108.03 million linked to an operating losses in the Republic of Congo and Suriname. Impairment charges, related to oil production operations in Republic of the Congo and ethanol production operations in Texas, also shrunk to $261 million for the quarter from $368.6 million, in the year earlier quarter. In the fourth quarter, the Company reported earnings of $158.7 million, or 82 cents a share, compared with a loss of $113.9 million, or 59 cents a share, in the year-earlier quarter. After excluding onetime items, earnings on adjusted basis came in at 84 cents compared to a loss of 61 cents a share, in the same period of last year. Earlier in October, Murphy forecasted adjusted earnings to come in the range of $1.10 to $1.70 a share. Revenue during the period climbed 8.8% to $7.39 billion, beating analysts’ estimate of $6.81 billion.  
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2014 the year you get RICH!

Latest Headlines

Japan says no trade deal with U.S. as Obama prepares to departJapan says no trade deal with U.S. as Obama prepares to depart
TOKYO (Reuters) - Japan and the United States have made progress in trade talks but not reached the deal that they were hoping to seal at a bilateral summit, Economy Minister Akira Amari said on Frida...
Visa says revenue growth to slow, Russia sanctions hurting volumesVisa says revenue growth to slow, Russia sanctions hurting volumes
(Reuters) - Visa Inc <V.N>, the world`s largest credit and debit card company, said U.S. sanctions on Russia were hurting its card transaction volumes and that revenue growth would slow furthe...
Microsoft beats Wall Street on new CEO debutMicrosoft beats Wall Street on new CEO debut
SEATTLE (Reuters) - Microsoft Corp`s <MSFT.O> new chief executive got off to a winning start with Wall Street on Thursday as the world`s largest software company eased past analysts` profit es...
Apple, Google agree to settle lawsuit alleging hiring conspiracyApple, Google agree to settle lawsuit alleging hiring conspiracy
SAN FRANCISCO (Reuters) - Four major tech companies including Apple and Google have agreed to settle a lawsuit accusing them of conspiring to hold down salaries in Silicon Valley, just weeks before ...
'We don't have a magic wand', says ECB's Constancio'We don't have a magic wand', says ECB's Constancio
MADRID (Reuters) - Societies expect too much of central banks and they don`t have a magic wand to boost economic growth, European Central Bank Vice President Vitor Constancio said on Thursday. The E...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.