PDC Energy (NASDAQ:PDCE) had a loss and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
PDC Energy Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-1.30 in the quarter versus EPS of $0.66 in the year-earlier quarter.
Revenue: Decreased 28.43% to $71.82 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: PDC Energy reported adjusted EPS loss of $1.30 per share. By that measure, the company missed the mean analyst estimate of $0.16. It missed the average revenue estimate of $94.26 million.
Quoting Management: James Trimble, Chief Executive Officer and President, commented, “We are very pleased with our first quarter results which demonstrated our focus on transitioning the Company portfolio to a higher percentage of liquids. Our liquid production increase in our Wattenberg Field, along with the planned sale of our non-core natural gas assets, improved our liquids production mix from continuing operations to over 54% this quarter. We continue to focus on our liquid-rich Wattenberg Field in Colorado and the emerging Utica Shale play in Ohio.”
Key Stats (on next page)…
Revenue decreased 33.84% from $108.56 million in the previous quarter. EPS decreased to $-1.30 in the quarter versus EPS of $2.11 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.08 to a profit $0.20. For the current year, the average estimate has moved up from a profit of $0.56 to a profit of $0.98 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)