Mid-Con Energy Partners (NASDAQ:MCEP) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Mid-Con Energy Partners Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 41.67% to $0.21 in the quarter versus EPS of $0.36 in the year-earlier quarter.
Revenue: Rose 79.72% to $19.05 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Mid-Con Energy Partners reported adjusted EPS income of $0.21 per share. By that measure, the company missed the mean analyst estimate of $0.44. It missed the average revenue estimate of $19.97 million.
Quoting Management: Randy Olmstead, Chief Executive Officer, commented, “The positive momentum established by our team during 2012 has clearly carried over into the first quarter of 2013. Mid-Con Energy’s continued growth in oil production further validates our ability to exploit the organic potential of our existing asset base and acquire properties that fit our waterflood strategy. Correspondingly, the expansion of our Distributable Cash Flow during the first quarter of 2013 translated into tangible success for our unitholders by increasing the quarterly cash distribution rate for the third consecutive quarter.”
Key Stats (on next page)…