Pioneer Natural Resources Co. Q1 Profit Decreases, but beats estimates

(RTTNews) - Pioneer Natural Resources Co. (PXD) reported earnings for first quarter that decreased from last year but beat the Street estimates.

The company's bottom line came in at $1.22 billion, or $5.00 per share. This compares with $2.01 billion, or $7.85 per share, in last year's first quarter.

Excluding items, Pioneer Natural Resources Co. reported adjusted earnings of $1.3 billion or $5.21 per share for the period.

Analysts on average had expected the company to earn $4.92 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 26.4% to $4.54 billion from $6.17 billion last year.

Pioneer Natural Resources Co. earnings at a glance (GAAP) :

-Earnings (Q1): $1.22 Bln. vs. $2.01 Bln. last year. -EPS (Q1): $5.00 vs. $7.85 last year. -Analyst Estimates: $4.92 -Revenue (Q1): $4.54 Bln vs. $6.17 Bln last year.