Unocal Misses Earnings Expectation
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EL SEGUNDO, Calif. (AP) _ Unocal Corp. Thursday said it missed analysts third-quarter earnings expectations, and revenue was down 19 percent from last year.
The El Segundo-based natural gas and oil producer earned $99 million, or 41 cents a share, on revenue of $1.28 billion.
Excluding items, it earned 52 cents a share, 2 cents short of the average forecast of analysts surveyed by Thomson First Call.
Including items, the company last year earned $102 million, or 42 cents a share, on revenue of $1.58 billion in the third quarter.
Unocal expects fourth-quarter earnings between 50 cents a share and 60 cents a share. Analysts are expecting 55 cents a share.
Unocal cut its fourth-quarter production estimate after suffering losses in the Gulf of Mexico because of Hurricane Lili.
Unocal expects 2002 adjusted earnings of $1.74 a share to $1.84 a share. Analysts are expecting $1.78 a share.
Earnings before items in 2001 were $753 million, or $3.04 a share. Including all items, income was $615 million, or $2.50 a share, on revenue of $6.75 billion.
New York Stock Exchange-listed Unocal shares traded Thursday morning at $29.40, down 35 cents, or 1 percent.