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MRO delivered a robust third-quarter earnings report, outpacing the consensus earnings estimate. Its total revenues and other income increased 92.7% year-over-year to $1.45 billion in its fiscal third quarter, ended September 30. Its adjusted net income was $310 million compared to a year-ago loss. The company’s adjusted EPS increased 239.3% year-over-year to $0.39, beating the $0.31 consensus EPS estimate by 25.8%.
Favorable industry trends, with rallying oil and natural gas prices and a sharp rise in demand, have helped the company register significant gains and recover from last year’s losses. Gas prices have surged to a seven-year high of $3.40 per gallon nationally, while Bank of America (NYSE:BAC) expects Brent crude oil to hit $120 per barrel by June 2022, marking a 45% increase over current levels. The rising prices should bode well for oil-producing companies.
