Petrobras Earnings Puts These ETFs In Focus
Zacks Investment Research | May 18, 2015 09:06AM ET
Brazilian state-run energy giant Petroleo Brasileiro Petrobras SA (NYSE:PBR) reported first-quarter 2015 results on May 15. The company reported first-quarter 2015 earnings per share of 14 cents (down from 17 cents in year-ago period) which breezed past Zacks Consensus Estimate of 8 cents. Its revenues of $25.97 billion, though down 24.7% year over year, surpassed the Zacks Consensus Estimate of $29.79 billion.
Reduced cost of sales on lower oil and related product import costs (as noted by the management) can be considered the key to the success. This appears to be a huge achievement for Petrobras considering that the company has long been a laggard in Brazilian corporate backdrop. Prior to first-quarter 2015 earnings, the company’s average earnings surprise for the last four quarters was negative 20.24% (read:
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