Forest Oil Corporation (NASDAQ:FST) reported net income above Wall Street’s expectations for the second quarter. Forest Oil Corporation is an independent oil and gas company engaged in the acquisition, exploration, development, and production of natural gas and liquids mainly North America.
Forest Oil Earnings Cheat Sheet for the Second Quarter
Results: Net income for the independent oil and gas company rose to $39 million (34 cents per share) vs. $33.3 million (29 cents per share) in the same quarter a year earlier. This marks a rise of 17.3% from the year earlier quarter.
Revenue: Rose 14.5% to $238.1 million from the year earlier quarter.
Actual vs. Wall St. Expectations: FST reported adjusted net income of 36 cents per share. By that measure, the company beat the mean estimate of 31 cents per share. It beat the average revenue estimate of $227 million.
The company topped expectations last quarter after falling short of forecasts in the first quarter with net income of 26 cents versus a mean estimate of net income of 33 cents per share.
Revenue rose last quarter after seeing a drop the quarter before. Revenue fell 8.6% to $202.6 million in the first quarter from the year earlier.
Competitors to Watch: EOG Resources, Inc. (NYSE:EOG), Anadarko Petroleum Corp. (NYSE:APC), GeoMet, Inc. (NASDAQ:GMET), Carrizo Oil & Gas, Inc. (NASDAQ:CRZO), Magellan Petroleum Corp. (NASDAQ:MPET), Devon Energy Corporation (NYSE:DVN), Quicksilver Resources Inc (NYSE:KWK), Gulfport Energy Corp. (NASDAQ:GPOR), Linn Energy, LLC (NASDAQ:LINE), and Approach Resources Inc. (NASDAQ:AREX).
(Source: Xignite Financials)