Mid-Con Energy Partners (NASDAQ:MCEP) 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.
Mid-Con Energy Partners Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 28.57% to $0.54 in the quarter versus EPS of $0.42 in the year-earlier quarter.
Revenue: Decreased 22.08% to $22.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Mid-Con Energy Partners reported adjusted EPS income of $0.54 per share. By that measure, the company missed the mean analyst estimate of $0.56. It beat the average revenue estimate of $22.18 million.
Quoting Management: Craig George, Executive Chairman of the Board, commented, “We are pleased to report positive second quarter 2013 results which include increases in both production and Adjusted EBITDA. Further, our recently announced distribution increase to $0.515 per unit represents our fourth consecutive quarterly increase in distribution rate, now approximately 8% above our initial quarterly distribution rate of $0.475 per unit. We believe these results reflect our ongoing commitment to our founding purposes: to grow reserves and production, generate stable cash flows, make cash distributions, and, over time, to increase those distributions.”
Key Stats (on next page)…