S&P 500 (NYSE:SPY) component Range Resources Corporation (NYSE:RRC) reported a drop to a loss in the third quarter driven by higher costs. Range Resources is an independent natural gas company that primarily explores and develops gas properties in the Southwestern and Appalachian regions of the United States.
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Range Resources Corporation Earnings Cheat Sheet
Results: Reported a loss of $53.8 million (34 cents per diluted share) in the quarter. Range Resources Corporation had a net income of $34.8 million or 21 cents per share in the year-earlier quarter.
Revenue: Fell 20.4% to $294.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Range Resources Corporation was about in line with expectations as the mean analyst estimate was breaking even. It fell short of the average revenue estimate of $318.3 million.
Quoting Management: Commenting on the announcement, Jeff Ventura, Range’s President and CEO, said, “We accomplished much in the third quarter. Our record 47% production increase coupled with the 12% reduction in unit costs reflects the high quality of our asset base and exceptional operational performance by the entire Range team.”
After beating analyst estimates for the two previous quarters, the company fell short of forecasts. In the second quarter, it topped the mark by 12 cents, and in the first quarter, it was ahead by 9 cents.
The company reported a net loss last quarter after booking a profit the quarter before that. In the first quarter, the company booked a profit of $41.8 million, or 26 cents per share.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the fourth quarter is 9 cents per share, down from 17 cents ninety days ago. At 20 cents per share, the average estimate for the fiscal year has fallen from 42 cents ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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