Rex Energy Corp. Earnings: Tops Estimates with Narrowing Losses
Rex Energy Corporation (NASDAQ:REXX) reported a loss in the third quarter as its quarterly loss narrowed helped by rising revenue. 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: Loss narrowed to $2.2 million (loss of 4 cents per diluted share) from $8.2 million (loss of 18 cents per share) in the same quarter a year earlier.
Revenue: Rose 26.6% to $38.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Rex Energy Corporation reported adjusted net income of 8 cents per share. By that measure, the company beat the mean estimate of 6 cents per share. It beat the average revenue estimate of $35.3 million.
The company topped expectations last quarter after falling short of forecasts in the second quarter with net income of one cent versus a mean estimate of net income of 4 cents per share.
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 $1.6 million, or 3 cents per share.
Looking Forward: Next quarter’s results are expected to be more favorable for the company. Over the past sixty days, the average estimate for the fourth quarter has reached 9 cents per share, up from 7 cents. For the fiscal year, the average estimate has moved up from 24 cents a share to 26 cents over the last sixty days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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