Canadian Natural Resources Second Quarter 2024 Earnings: Beats Expectations

Canadian Natural Resources (TSE:CNQ) Second Quarter 2024 Results

Key Financial Results

• Revenue: CA$9.05b (up 15% from 2Q 2023).
• Net income: CA$1.72b (up 17% from 2Q 2023).
• Profit margin: 19% (in line with 2Q 2023).
• EPS: CA$0.80 (up from CA$0.67 in 2Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Canadian Natural Resources Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 6.7%. Earnings per share (EPS) also surpassed analyst estimates by 4.7%.

Looking ahead, revenue is expected to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Canada are expected to grow by 4.7%.

Performance of the Canadian Oil and Gas industry.

The company's shares are down 2.9% from a week ago.

Balance Sheet Analysis

Just as investors must consider earnings, it is also important to take into account the strength of a company's balance sheet. See our latest analysis on Canadian Natural Resources' balance sheet health.

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