GeoResources, Inc. Earnings Cheat Sheet: Strong Revenue Helps Net Income

GeoResources, Inc. (NASDAQ:GEOI) reported net income above Wall Street’s expectations for the second quarter. GeoResources, Inc. is an independent oil and gas company, which is engaged in the acquisition and development of oil and gas reserves.

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GeoResources Earnings Cheat Sheet for the Second Quarter

Results: Net income for GeoResources, Inc. rose to $8.8 million (34 cents per share) vs. $4.4 million (22 cents per share) in the same quarter a year earlier. This marks a rise of 97.6% from the year earlier quarter.

Revenue: Rose 17% to $30.9 million from the year earlier quarter.

Actual vs. Wall St. Expectations: GEOI reported adjusted net income of 31 cents per share. By that measure, the company beat the mean estimate of 29 cents per share. It beat the average revenue estimate of $27.8 million.

Key Stats:

The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 3.9% and in the fourth quarter of the last fiscal year, the figure rose more than twofold.

Revenue has risen the past four quarters. Revenue increased 10.8% to $27.6 million in the first quarter. The figure rose 6.4% in the fourth quarter of the last fiscal year from the year earlier and climbed 30.3% in the third quarter of the last fiscal year from the year-ago quarter.

The company beat estimates last quarter after being in line with expectations in the first quarter with net income of 29 cents per share.

Competitors to Watch: Resolute Energy Corp (NYSE:REN), Brigham Exploration Co. (NASDAQ:BEXP), QEP Resources, Inc. (NYSE:QEP), Continental Resources, Inc. (NYSE:CLR), Oasis Petroleum Inc. (NYSE:OAS), Encore Energy Partners LP (NYSE:ENP), Warren Resources, Inc. (NASDAQ:WRES), Devon Energy Corporation (NYSE:DVN), Double Eagle Petroleum Co. (NASDAQ:DBLE).

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(Source: Xignite Financials)