Rex Energy Corp Earnings: Beats Estimates

Rex Energy Corporation (NASDAQ:REXX) reported net income above Wall Street’s expectations for the second quarter. Rex Energy is an independent energy company that is engaged in the acquisition, production, exploration and development of oil and gas, with properties primarily in the Appalachian and Illinois regions.

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Rex Energy Corporation Earnings Cheat Sheet

Results: Net income for Rex Energy Corporation rose to $52.9 million ($1 per share) vs. $3.4 million (8 cents per share) in the same quarter a year earlier. This marks a substantial increase from the year-earlier quarter.

Revenue: Rose 3.8% to $30.3 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Rex Energy Corporation beat the mean analyst estimate of 4 cents per share. It fell short of the average revenue estimate of $35.3 million.

Key Stats:

The company has now surpassed analyst estimates for four quarters in a row. It beat the mark by 4 cents in the first quarter, by 7 cents in the fourth quarter of the last fiscal year, and by 7 cents in the third quarter of the last fiscal year.

Revenue has risen for the last four quarters. Revenue increased 44.5% to $33.8 million in the first quarter. The figure rose 60.3% in the fourth quarter of the last fiscal year from the year earlier and climbed 82.9% in the third quarter of the last fiscal year from the year-ago quarter.

The company’s profit in the latest quarter follows losses in the three previous quarters. The company reported a net loss of $1.6 million in the first quarter, a loss of $3.1 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.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the third quarter has moved down from 8 cents a share to 5 cents over the last ninety days. For the fiscal year, the average estimate has moved down from 33 cents a share to 28 cents over the last thirty days.

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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