W&T Offshore Inc. (NYSE:WTI) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
W&T Offshore Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 12.5% to $0.35 in the quarter versus EPS of $0.40 in the year-earlier quarter.
Revenue: Rose 9.89% to $259.22 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: W&T Offshore Inc. reported adjusted EPS income of $0.35 per share. By that measure, the company beat the mean analyst estimate of $0.28. It beat the average revenue estimate of $239.06 million.
Quoting Management: Tracy W. Krohn, W&T Offshore’s Chairman and Chief Executive Officer, stated, “Our results for the first quarter reflect the success of our strong development drilling program in 2012. Between the increases in our onshore production and the contribution from our Mahogany drilling program, we saw a 20% growth in oil production compared to the first quarter of 2012. Our net cash provided by operating activities was up 33% to $169.8 million. Strong cash flow continues to fund our exploratory and development drilling programs and drive organic growth. The recent increase in our borrowing base to $800 million, up from $725 million, further improves our liquidity and provides us with significant capital to take on new opportunities or pursue acquisitions as we find opportunities that meet our criteria.”
Key Stats (on next page)…