Quicksilver Resources Inc. Earnings Cheat Sheet: Increase in Profit Year Over Year

Quicksilver Resources Inc. (NYSE:KWK) reported its results for the third 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 Third Quarter

Results: Net income for Quicksilver Resources Inc. rose to $28.7 million (17 cents per share) vs. $21.8 million (13 cents per share) in the same quarter a year earlier. This marks a rise of 31.6% from the year earlier quarter.

Revenue: Rose 9.3% to $259.9 million from the year earlier quarter.

Actual vs. Wall St. Expectations: KWK reported adjusted net income of 3 cents per share. By that measure, the company fell short of mean estimate of 5 cents per share. It beat the average revenue estimate of $222.4 million.

Quoting Management: “Our goals for Quicksilver remain: to increase production in our core projects, continue to knock down unit operating costs, establish new oil and gas production areas, and significantly improve the company’s balance sheet. I can say that we are moving forward on all fronts,” said Glenn Darden, Quicksilver’s President and CEO.

Key Stats:

The company fell short of estimates last quarter after beating the mark the quarter before with net income of 7 cents versus a mean estimate of net income of 6 cents per share.

The company’s revenue has now risen for two straight quarters. In the second quarter, revenue increased 8.7% to $248.4 million from the year earlier quarter.

Looking Forward: Over the past ninety days, the average estimate for the fourth quarter has fallen from 9 cents per share to 5 cents, indicating that analysts are growing pessisimistic about the company’s performance next quarter. For the fiscal year, the average estimate has moved down from 23 cents a share to 18 cents over the last ninety days.

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)