OKEA First Quarter 2024 Earnings: Revenues Beat Expectations, EPS Lags

OKEA (OB:OKEA) First Quarter 2024 Results

Key Financial Results

• Revenue: kr3.47b (up 19% from 1Q 2023).
• Net loss: kr49.4m (down by 122% from kr226.1m profit in 1Q 2023).
• kr0.48 loss per share (down from kr2.18 profit in 1Q 2023).

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

OKEA Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 38%. Earnings per share (EPS) missed analyst estimates.

Looking ahead, revenue is expected to fall by 11% p.a. on average during the next 3 years compared to a 4.6% decline forecast for the Oil and Gas industry in Norway.

Performance of the Norwegian Oil and Gas industry.

The company's shares are down 4.3% 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. We've done some analysis and you can see our take on OKEA's balance sheet.

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