PDC Energy Earnings: Here’s Why the Stock is Up Now

PDC Energy (NASDAQ:PDCE) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.47%.

PDC Energy Earnings Cheat Sheet

Results: Adjusted Earnings Per Share decreased 50% to $0.23 in the quarter versus EPS of $0.46 in the year-earlier quarter.

Revenue: Rose 14.38% to $121.3 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: PDC Energy reported adjusted EPS income of $0.23 per share. By that measure, the company missed the mean analyst estimate of $0.26. It beat the average revenue estimate of $95.76 million.

Quoting Management: James Trimble, Chief Executive Officer and President, commented, “We had a very solid second quarter for 2013 with production levels consistent with our forecast, which anticipated high line-pressures in the Wattenberg Field. Through the first six months of the year, we exceeded our production forecast. Drilling in all three basins is progressing well and we are on pace for a strong production increase in the second half of the year. We expect initial production from our Washington County Utica Shale wells and down-spaced Wattenberg Field drilling to occur late in the third quarter of this year.”

Key Stats (on next page)…

Revenue increased 68.87% from $71.83 million in the previous quarter. EPS increased to $0.23 in the quarter versus EPS of $-1.30 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 $0.25 to a profit $0.30. For the current year, the average estimate has moved down from a profit of $1.07 to a profit of $0.13 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)