Continental Resources Inc. Earnings: Swinging to a Profit
Continental Resources Inc. (NYSE:CLR) reported its results for the first quarter. Continental Resources is an independent crude oil and natural gas exploration and production company with operations in the North, South, and East regions of the United States.
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Continental Resources Earnings Cheat Sheet for the First Quarter
Results: Reported a profit of $69.1 million (38 cents per diluted share) in the quarter. The company had a net loss of $137.2 million or a loss of 80 cents per share in the year-earlier quarter.
Actual vs. Wall St. Expectations: Continental Resources Inc. reported adjusted net income of 76 cents per share. By that measure, the company fell short of mean estimate of 84 cents per share.
Quoting Management: “Along with good well performance, the two factors driving our results are faster drilling cycle times and our increased working interest ownership in Bakken wells,” said Harold Hamm, Chairman and Chief Executive Officer.
The company fell short of forecasts after beating estimates in the previous two quarters. In the fourth quarter of the last fiscal year, it topped the mark by 9 cents, and in the third quarter of the last fiscal year, it was ahead by one cent.
The company reported a profit last quarter after being in the red the prior quarter. In the third quarter of the last fiscal year, the company booked a net loss of $439.1 million, or a loss of $2.44 per share.
Looking Forward: For next quarter, analysts have a more positive outlook about the company’s expected results. The average estimate for the second quarter is 84 cents per share, up from 77 cents ninety days ago. The average estimate for the fiscal year is $3.54 per share, a rise from $3.23 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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