Concho Resources Earnings: Here’s Why Shares are Up Now
Concho Resources, Inc. (NYSE:CXO) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.41%.
Concho Resources, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 25.64% to $0.98 in the quarter versus EPS of $0.78 in the year-earlier quarter.
Revenue: Rose 30.04% to $562.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Concho Resources, Inc. reported adjusted EPS income of $0.98 per share. By that measure, the company missed the mean analyst estimate of $1.00. It beat the average revenue estimate of $559.4 million.
Quoting Management: “Our performance during the second quarter of 2013 was exceptional and highlights the quality of our assets across the resource-rich Delaware and Midland Basins,” commented Tim Leach, Concho’s Chairman, CEO and President. “Our Delaware Basin asset is now our largest producing core area, a milestone that took just a little over two years to achieve. Production from our horizontal Delaware Basin grew 37% over the previous quarter driven by our industry-leading well results in both the northern and southern Delaware Basin. We have also drilled some of the industry’s best horizontal wells in our core Wolfberry position in the Midland Basin and will expand that activity through the rest of the year.”
Key Stats (on next page)…