Legacy Reserves Lp (NASDAQ:LGCY) delivered a profit and missed Wall Street’s expectations, BUT 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 92.86% to $0.04 in the quarter versus EPS of $0.56 in the year-earlier quarter.
Revenue: Rose 4.13% to $90.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Legacy Reserves Lp reported adjusted EPS income of $0.04 per share. By that measure, the company missed the mean analyst estimate of $0.37. It beat the average revenue estimate of $89.98 million.
Quoting Management: Cary D. Brown, Chairman, President and Chief Executive Officer of Legacy Reserves GP, LLC, the general partner of Legacy, commented: “2012 was a landmark year for Legacy, as we closed the largest acquisition in our history on December 20, the $502.6 million acquisition of Permian Basin properties from Concho. These properties are in some of the most prolific fields in the Permian Basin. With the exception of the Lower Abo, these properties provide us with a strong set of mature PDP assets with modest production decline rates as well as a very strong portfolio of proved and unproved drilling locations and developed, non-producing projects. Our integration of this acquisition is going smoothly thus far, and since assuming operations on January 1, our operations group is even more excited about the asset potential they are seeing.”
Key Stats (on next page)…