Energean Full Year 2023 Earnings: Misses Expectations

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Energean's full year 2023 earnings missed expectations. The company reported revenue of US$1.42 billion, up 93% from FY 2022. Net income was US$184.9 million, up by US$167.7 million from FY 2022. The profit margin increased to 13% from 2.3% in FY 2022. EPS was US$1.04, up from US$0.097 in FY 2022. Oil equivalent production was 44.731 MMboe. Revenue missed analyst estimates by 3.7% and EPS missed estimates by 34%. The primary driver of revenue was the Israel segment, contributing 66% of total revenue. Cost of sales amounted to 54% of total revenue. Non-operating costs were the most substantial expense at US$364.8 million. Energean's shares are down 3.4% from a week ago. Revenue is forecasted to grow 13% p.a. on average for the next 3 years. Energean is showing 3 warning signs in their investment analysis.

#Energean #Earnings #Revenue #NetIncome #ProfitMargin #Eps #OilEquivalentProduction

https://finance.yahoo.com/news/energean-full-2023-earnings-misses-075715129.html