Quicksilver Resources Inc. Earnings Cheat Sheet: Beats Forecasts

Quicksilver Resources Inc. (NYSE:KWK) reported net income above Wall Street’s expectations for the second quarter. Quicksilver Resources is an independent energy company engaged mainly in exploration, development and production of unconventional natural gas onshore in North America.

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Quicksilver Resources Earnings Cheat Sheet for the Second Quarter

Results: Net income for Quicksilver Resources Inc. rose to $108.6 million (61 cents per share) vs. $86.8 million (49 cents per share) in the same quarter a year earlier. This marks a rise of 25.1% from the year earlier quarter.

Revenue: Rose 8.7% to $248.4 million from the year earlier quarter.

Actual vs. Wall St. Expectations: KWK reported adjusted net income of 7 cents per share. By that measure, the company beat the mean estimate of 6 cents per share. It beat the average revenue estimate of $218.8 million.

Quoting Management: “Continued strength from Quicksilver’s Barnett Shale properties, combined with our Horn River Basin natural gas project, fueled record second quarter production results,” said Glenn Darden, Quicksilver president and chief executive officer. “The company’s liquids production is one-fifth of our total production stream, which is having a disproportionately positive impact on returns and cash flow. At the same time, we continue to drive down costs.

Key Stats:

The company topped expectations last quarter after falling short of forecasts in the first quarter with net income of 2 cents versus a mean estimate of net income of 4 cents per share.

Revenue rose last quarter after seeing a drop the quarter before. Revenue fell 4.5% to $212.2 million in the first quarter from the year earlier.

Competitors to Watch: Chesapeake Energy Corp. (NYSE:CHK), ConocoPhillips (NYSE:COP), Marathon Oil Corporation (NYSE:MRO), Cimarex Energy Co. (NYSE:XEC), Petrohawk Energy Corp. (NYSE:HK), Southwestern Energy Co. (NYSE:SWN), Tengasco, Inc. (AMEX:TGC), CREDO Petroleum Corp. (NASDAQ:CRED), Linn Energy, LLC (NASDAQ:LINE), and SM Energy Co. (NYSE:SM).

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(Source: Xignite Financials)