Resolute Energy Corporation (NYSE:REN) had a loss 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.
Resolute Energy Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.05 in the quarter versus EPS of $0.05 in the year-earlier quarter.
Revenue: Rose 24.17% to $78.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Resolute Energy Corporation reported adjusted EPS loss of $0.05 per share. By that measure, the company missed the mean analyst estimate of $0.01. It beat the average revenue estimate of $77.08 million.
Quoting Management: Nicholas J. Sutton, Resolute’s Chairman and Chief Executive Officer said: “In the Permian Basin we achieved record production in the first quarter, and in Aneth Field production during March reached the highest level achieved since we took over operatorship of the field. Pro forma for the acquisition of Gardendale assets in the Permian Basin, Company production for the first quarter was 13,556 Boe per day. Despite the negative impact on production caused by winter conditions in our key operating areas, our oil production, which represents approximately 92% of our production on a value basis, came in slightly above plan.”
Key Stats (on next page)…