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Monday, May 23, 2022

Earnings: California Resources, BlackLine

California Resources Corp. missed on Wall Street expectations on earnings and revenue for the first quarter.

The Santa Clarita oil and natural gas producer reported on Thursday an adjusted net income of $91 million ($1.13 a share) for the quarter ending March 31, comparted to an adjusted net income of $102 million ($1.22) in the same period a year earlier. Revenue decreased from the prior year by 58 percent to $153 million.

Analysts on average expected earnings of $1.26 on revenue of $469 million, according to Thomson Financial Network.

Shares of California Resources (CRC) closed down $1.33, or about 3 percent, to $43.08 on the New York Stock Exchange, on a day when the Dow Jones closed down about 3.1 percent.

 

BlackLine Inc. beat Wall Street expectations on earnings and matched on revenue for the first quarter.

The Woodland Hills accounting software developer reported on Thursday an adjusted net income of $702,000 (1 cent a share) for the quarter ending March 31, compared with an adjusted net income of $7 million (11 cents) in the same period a year earlier. Revenue increased from the prior year by 22 percent to $120 million.

Analysts on average expected earnings of -8 cents on revenue of $120 million, according to Thomson Financial Network.

Shares of BlackLine (BL) closed down $5.85, or about 8.6 percent, to $61.99 on the Nasdaq, on a day when that market closed down about 5 percent.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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