Hess Q1 Profit Declines, But Beats Estimates

(RTTNews) - Hess Corporation (HES), an independent energy company, Wednesday reported net income of $430 million or $1.39 per share for the first quarter, lower than $972 million or $3.16 per share in the same quarter a year ago, primarily due to decline in sales volumes as well prices.

Excluding one-time items, earnings were $559 million or $1.81 per share, that beat the analysts' average estimate of $1.61 per share. Analysts' estimates typically exclude special items.

Total revenues and non-operating income for the quarter grew to $2.938 billion from $3.341 billion in the previous year. The consensus estimate was for $3.01 billion.