Ovintiv (OVV) Q2 FY2024 earnings: revenue $2.3 billion, down 9.1% on the year

Ovintiv Inc. (OVV) reported revenue of $2.3 billion for Q2 FY2024, the quarter ended 30 June 2024, down 9.1% on the same quarter a year earlier. Net income was $340 million, up 1.2% on the year, and diluted earnings per share $1.27. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2024.

Revenue$2.3 billiondown 9.1%

Net income$340 millionup 1.2%

Diluted EPS$1.27

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	2,288	2,352	n/a	n/a
Operating income	556	494	n/a	n/a
Operating margin	24.3%	21.0%	n/a
Interest expense	105	98.0	n/a	n/a
Pre-tax income	466	428	n/a	n/a
Income tax	126	90.0	n/a	n/a
Effective tax rate	27.0%	21.0%	n/a
Net income	340	338	n/a	n/a
Net margin	14.9%	14.4%	n/a
Diluted EPS	$1.27	$1.24	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	1,020	659	n/a	n/a
Capital expenditure	622	591	n/a	n/a
Free cash flow	398	68.0	n/a	n/a
Free cash flow margin	17.4%	2.9%	n/a
Cash from investing	-641	-761	n/a	n/a
Cash from financing	-376	102	n/a	n/a
Depreciation and amortisation	580	566	n/a	n/a
Share-based compensation	13.0	23.0	n/a	n/a
Buybacks	184	250	n/a	n/a
Dividends paid	80.0	80.0	n/a	n/a
Dividend per share	$0.30	$0.30	n/a	n/a
Diluted shares, weighted	268m	272m	n/a	n/a
Shares outstanding at period end	264m	268m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	10,328	10,262	n/a	n/a
Debt	6,087	6,198	n/a	n/a
Operating lease liabilities	804	818	n/a	n/a
Finance lease liabilities	16.0	18.0	n/a	n/a
Other liabilities	2,574	2,538	n/a	n/a
Total liabilities and equity	19,809	19,834	n/a	n/a
Fixed assets	14,844	14,808	n/a	n/a
Goodwill	2,577	2,583	n/a	n/a
Cash and equivalents	8.0	5.0	n/a	n/a
Other assets	2,380	2,438	n/a	n/a
Total assets	19,809	19,834	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,649	3,166	2,352	2,288	2,324	2,188	2,377	2,318	2,066	2,147	2,532	3,013
Operating income	467	1,188	494	556	527	2.0	-89.0	511	273	436	-754	994
Operating margin	18%	38%	21%	24%	23%	0%	-4%	22%	13%	20%	-30%	33%
Interest expense	98.0	106	98.0	105	103	106	97.0	95.0	91.0	93.0	104	100
Pre-tax income	393	1,067	428	466	558	-101	-193	399	192	372	-827	539
Tax rate	-3%	20%	21%	27%	9%	n/a	n/a	23%	23%	-154%	n/a	15%
Net income	406	856	338	340	507	-60.0	-159	307	148	946	-630	456
Net margin	15%	27%	14%	15%	22%	-3%	-7%	13%	7%	44%	-25%	15%
Diluted EPS	$1.47	$3.11	$1.24	$1.27	$1.92	-$0.23	-$0.61	$1.18	$0.57	$3.70	-$2.35	$1.62
Operating cash flow	906	1,362	659	1,020	1,022	1,020	873	1,013	812	954	1,056	1,632
Capital expenditure	834	660	591	622	538	552	617	521	544	465	605	574
Free cash flow	72.0	702	68.0	398	484	468	256	492	268	489	451	1,058
Buybacks	45.0	53.0	250	184	163	0.0	0.0	147	160	0.0	84.0	345
Dividends paid	82.0	82.0	80.0	80.0	78.0	78.0	78.0	77.0	77.0	76.0	85.0	84.0
Shares outstanding	273m	272m	268m	264m	260m	260m	261m	257m	253m	253m	283m	277m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 30 July 2024, accession 0000950170-24-087984: the filing on EDGAR. All of Ovintiv Inc.'s filings: EDGAR company page.

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