Continental Resources Inc. (NYSE:CLR) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0%.
Continental Resources Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 53.95% to $1.17 in the quarter versus EPS of $0.76 in the year-earlier quarter.
Revenue: Rose 79.75% to $710.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Continental Resources Inc. reported adjusted EPS income of $1.17 per share. By that measure, the company beat the mean analyst estimate of $1.13. It missed the average revenue estimate of $766.49 million.
Quoting Management: “We are off to an excellent start in 2013 in executing our strategy of profitably growing our world-class position in the Bakken, testing the lower benches and downspacing capability, and also delineating our exciting new play, SCOOP,” said Harold G. Hamm, Continental’s Chairman and Chief Executive Officer. “Our focus on driving well costs lower has been successful due to enhanced utilization of pad drilling, improved cycle times and supply chain efforts. We intend to maintain our capital spending discipline this year, as evident in our first quarter results.”
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