MEG Energy Second Quarter 2024 Earnings: EPS Misses Expectations

MEG Energy (TSE:MEG) Second Quarter 2024 Results

Key Financial Results

• Revenue: CA$1.37b (up 6.4% from 2Q 2023).
• Net income: CA$136.0m (flat on 2Q 2023).
• Profit margin: 9.9% (in line with 2Q 2023).
• EPS: CA$0.50 (up from CA$0.47 in 2Q 2023).

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

MEG Energy EPS Misses Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 25%.

Looking ahead, revenue is expected to decline by 1.4% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Canada are expected to grow by 4.8%.

Performance of the Canadian Oil and Gas industry.

The company's share price is broadly unchanged from a week ago.

Balance Sheet Analysis

While earnings are important, another area to consider is the balance sheet. See our latest analysis on MEG Energy's balance sheet health.

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