Denbury Resources Inc. Earnings: Back in the Black

S&P 500 (NYSE:SPY) component Denbury Resources Inc. (NYSE:DNR) reported its results for the first quarter. Denbury Resources is an independent oil and gas company that acquires and develops oil and natural gas properties in the United States Gulf Coast region.

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Denbury Resources Earnings Cheat Sheet for the First Quarter

Results: Reported a profit of $113.5 million (29 cents per diluted share) in the quarter. Denbury Resources Inc. had a net loss of $14.2 million or a loss 4 cents per share in the year-earlier quarter.

Revenue: Rose 25.5% to $645.1 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Denbury Resources Inc. reported adjusted net income of 41 cents per share. By that measure, the company beat the mean estimate of 36 cents per share. It beat the average revenue estimate of $621 million.

Quoting Management: Phil Rykhoek, Denbury’s President and CEO, commented, “We are off to a strong start in 2012 as production from our tertiary oil and Bakken operations both reached new record levels in the first quarter. We expect continued tertiary production growth in 2012, while the rate of our Bakken production growth is expected to slow as we reduce our operated rig count in the area to four by mid-year from a peak of seven in 2011.”

Key Stats:

The company has now surpassed analyst estimates for four quarters in a row. It beat the mark by 12 cents in the fourth quarter of the last fiscal year, by 8 cents in the third quarter of the last fiscal year, and by 3 cents in the second quarter of the last fiscal year.

Looking Forward: Expectations for the company’s next-quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the second quarter has risen to 38 cents per share from 31 cents. For the fiscal year, the average estimate has moved up from $1.37 a share to $1.61 over the last ninety days.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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