PetroQuest Energy Inc. (NYSE:PQ) delivered a profit 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.
PetroQuest Energy Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 100% to $0.04 in the quarter versus EPS of $0.02 in the year-earlier quarter.
Revenue: Decreased 0.11% to $36 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: PetroQuest Energy Inc. reported adjusted EPS income of $0.04 per share. By that measure, the company beat the mean analyst estimate of $0.02. It missed the average revenue estimate of $37.03 million.
Quoting Management: “We are excited about our near term Gulf Coast inventory where, in addition to our high impact Thunder Bayou prospect, we have identified several new potential targets in this prolific mini-basin,” said Charles T. Goodson, Chairman, Chief Executive Officer and President. “Our Woodford liquids rich asset, with its advantageous joint venture cost structure, provides us a vehicle to deliver outstanding rates of return on a repeatable basis. The combination of high-impact Gulf Coast projects and our deep inventory of repeatable resource potential from our Woodford and East Texas assets provide us a balanced platform to replicate recent growth. Excluding the Fayetteville assets sold in December 2012, we have now grown production six consecutive quarters and expect further growth in the second quarter of 2013.”
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