Diamondback Energy Inc (NASDAQ:FANG) 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.
Diamondback Energy Inc Earnings Cheat Sheet
Revenue: Rose 188.25% to $45.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Diamondback Energy Inc reported adjusted EPS income of $0.3 per share. By that measure, the company beat the mean analyst estimate of $0.26. It beat the average revenue estimate of $43.34 million.
Quoting Management: “During the second quarter of 2013, we continued to ramp production, our operating efficiency continues to improve, and we’ve expanded our footprint by over 20% with these acquisitions. We are encouraged by the success of our horizontal drilling program, with our average curve from these wells performing at or above the type curve we predicted,” stated Travis Stice, Chief Executive Officer of Diamondback.
Key Stats (on next page)…