Panoro Energy Full Year 2023 Earnings: Revenues Beat Expectations, EPS Lags

Panoro Energy (OB:PEN) Full Year 2023 Results

Key Financial Results

• Revenue: US$218.0m (up 21% from FY 2022).
• Net income: US$33.4m (up 79% from FY 2022).
• Profit margin: 15% (up from 10% in FY 2022). The increase in margin was driven by higher revenue.
• EPS: US$0.29 (up from US$0.16 in FY 2022).

PEN Production and Reserves

Oil reserves

• Proven reserves: 23.22 MMbbls.

Combined production

• Oil equivalent production: 3.092 MMboe (2.737 MMboe in FY 2022).

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

Panoro Energy Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) missed analyst estimates by 37%.

Looking ahead, revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 5.9% decline forecast for the Oil and Gas industry in Norway.

Performance of the Norwegian Oil and Gas industry.

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

Risk Analysis

It is worth noting though that we have found 1 warning sign for Panoro Energy that you need to take into consideration.

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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.