OKEA Full Year 2024 Earnings: Misses Expectations

OKEA (OB:OKEA) Full Year 2024 Results

Key Financial Results

• Revenue: kr11.0b (up 26% from FY 2023).
• Net income: kr383.3m (up from kr935.4m loss in FY 2023).
• Profit margin: 3.5% (up from net loss in FY 2023).
• EPS: kr3.69 (up from kr9.00 loss in FY 2023).

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OKEA Production and Reserves

Oil reserves

• Proven reserves: 51.3 MMbbls.

Combined production

• Oil equivalent production: 14.225 MMboe (8.974 MMboe in FY 2023).

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

OKEA Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 35%.

Looking ahead, revenue is expected to fall by 11% p.a. on average during the next 3 years compared to a 3.2% decline forecast for the Oil and Gas industry in Norway.

Performance of the Norwegian Oil and Gas industry.

The company's shares are down 11% from a week ago.

Risk Analysis

We should say that we've discovered 1 warning sign for OKEA that you should be aware of before investing here.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.