Legacy Reserves Lp (NASDAQ:LGCY) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Legacy Reserves Lp Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 78.03% to $0.38 in the quarter versus EPS of $1.73 in the year-earlier quarter.
Revenue: Rose 49.57% to $118.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Legacy Reserves Lp reported adjusted EPS income of $0.38 per share. By that measure, the company beat the mean analyst estimate of $0.30. It beat the average revenue estimate of $116.83 million.
Quoting Management: Cary D. Brown, Chairman, President and Chief Executive Officer of Legacy Reserves GP, LLC, the general partner of Legacy, commented: “Legacy produced outstanding results during the second quarter generating record Adjusted EBITDA of $67.9 million and Distributable Cash Flow of $38.8 million. Despite third-party plant downtime in the Permian Basin that curtailed production from several of our oil-weighted properties, we produced over 19,500 Boe/d. Every quarter presents new challenges, and once again our team at Legacy handled these challenges well and produced strong results for our unitholders. Our integration of the Concho acquisition has gone well. We continue to be very pleased with the results from these assets, which produced approximately 5,000 Boe/d during the second quarter despite plant downtime issues in the Permian.”
Key Stats (on next page)…