Chesapeake Energy 3rd-quarter profit off 34 pct
HOUSTON, Nov 6 (Reuters) – Chesapeake Energy Corp on Tuesday reported a 34 percent decline in third-quarter earnings as natural gas prices fell from a year-ago and offset a jump in production.
Bad news, right? Wrong. Here’s what really happened,
Chesapeake Energy beats by $0.08, beats on revs Reports Q3 (Sep) earnings of $0.69 per share, excluding non-recurring items, $0.08 better than the Reuters Estimates consensus of $0.61; revenues rose 5.1% year/year to $2.03 bln vs the $1.92 bln consensus.
Reuters reports that profit was off 34% despite the fact that Reuters reports that the company beat consensus estimates by 12%?
Full Disclosure: I own a few hundred shares of CHK in a retirement account.