Callon Petroleum Co. (NYSE:CPE) had a loss and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Callon Petroleum Co. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.02 in the quarter versus EPS of $0.01 in the year-earlier quarter.
Revenue: Decreased 10.25% to $22.76 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Callon Petroleum Co. reported adjusted EPS loss of $0.02 per share. By that measure, the company beat the mean analyst estimate of $-0.06. It missed the average revenue estimate of $22.79 million.
Quoting Management: Fred Callon, Chairman and CEO said, “The past quarter represented an important step for our company, as our team demonstrated continued success in the upper Wolfcamp shale development program, in addition to evaluating additional zones for multi-lateral development on our existing acreage. Based on recent drilling results and delineation of multi-year inventory of identified horizontal drilling locations, we are poised to accelerate growth with the addition of a second horizontal drilling rig in the Midland Basin following a sequential production growth rate of approximately 20% in the second quarter.”
Key Stats (on next page)…