Yahoo Finance Energean Full Year 2023 Earnings: Misses Expectations
Energean (LON:ENOG) Full Year 2023 Results
Key Financial Results
Revenue: US$1.42b (up 93% from FY 2022).
Net income: US$184.9m (up by US$167.7m from FY 2022).
Profit margin: 13% (up from 2.3% in FY 2022). The increase in margin was driven by higher revenue.
EPS: US$1.04 (up from US$0.097 in FY 2022).
ENOG Production
Combined production
Oil equivalent production: 44.731 MMboe (15.038 MMboe in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Energean Revenues and Earnings Miss Expectations
Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 34%.
The primary driver behind last 12 months revenue was the Israel segment contributing a total revenue of US$939.8m (66% of total revenue). Notably, cost of sales worth US$759.5m amounted to 54% of total revenue thereby underscoring the impact on earnings. The most substantial expense, totaling US$364.8m were related to Non-Operating costs. This indicates that a significant portion of the company's costs is related to non-core activities. Explore how ENOG's revenue and expenses shape its earnings.
Looking ahead, revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 1.3% decline forecast for the Oil and Gas industry in the United Kingdom.
Performance of the British Oil and Gas industry.
The company's shares are down 3.4% from a week ago.
Risk Analysis
Be aware that Energean is showing 3 warning signs in our investment analysis and 1 of those is a bit unpleasant...
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