FX.co ★ Occidental Petroleum Corp. Q1 Profit Decreases, but beats estimates

Occidental Petroleum Corporation has recently disclosed its earnings for the first quarter, which are lower than those from the same period last year. However, these figures exceeded the estimates made by Wall Street.

The corporation made $718 million, equating to $.75 per share. This is lower than the profits made in last year's first quarter, which were $983 million, or $1 per share.

After excluding unspecified items, Occidental Petroleum Corporation declared adjusted earnings of $604 million, or $0.63 per share.

Before the report was published, on average, analysts anticipated the corporation would make around $0.60 per share, based on data collected by Thomson Reuters. These estimates generally do not consider special items.

The corporation's revenue for the quarter dropped by 17.2%, from $7.26 billion the previous year, to $6.01 billion.

To summarize, the company's first-quarter earnings conform to GAAP and are as follows:

First Quarter Earnings stood at $718 million, compared to $983 million the prior year. The Earnings Per Share (EPS) for the first quarter were $0.75, which is lower than last year's $1.00. Additionally, the revenue for the first quarter was $6.01 billion, down from $7.26 billion the previous year.