S&P 500 (NYSE:SPY) component Range Resources Corporation (NYSE:RRC) reported net income above Wall Street’s expectations for the second quarter. Range Resources Corporation is an independent natural gas company that primarily explores and develops gas properties in the Southwestern and Appalachian regions of the U.S. Anadarko Petroleum Corp Earnings Cheat Sheet: Back in the Black>>
Range Resources Earnings Cheat Sheet for the Second Quarter
Results: Net income for the independent oil and gas company rose to $51.3 million (32 cents per share) vs. $9.1 million (6 cents per share) in the same quarter a year earlier. This marks a substantial increase from the year earlier quarter.
Actual vs. Wall St. Expectations: RRC reported adjusted net income of 27 cents per share. By that measure, the company beat the mean estimate of 12 cents per share.
RRC’s profit in the latest quarter follows losses in the three previous quarters. The company reported a net loss of $25 million in the first quarter, a loss of $317.7 million in the fourth quarter of the last fiscal year and a loss of $8.2 million in the third of the last fiscal year.
The company has now beaten estimates the last two quarters. In the first quarter, it topped expectations with net income of 22 cents versus a mean estimate of net income of 5 cents per share.
Competitors to Watch: Vanguard Natural Resources, LLC (NYSE:VNR), EV Energy Partners, L.P. (NASDAQ:EVEP), NGAS Resources, Inc. (NASDAQ:NGAS), Atlas Energy, Inc. (NASDAQ:ATLS), New Concept Energy, Inc. (AMEX:GBR), Rex Energy Corporation (NASDAQ:REXX), BreitBurn Energy Partners L.P. (NASDAQ:BBEP), EQT Corporation (NYSE:EQT), Chesapeake Energy Corp. (NYSE:CHK), and Anadarko Petroleum Corp. (NYSE:APC).
(Source: Xignite Financials)