Denbury Resources Inc. (NYSE:DNR) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.88%.
Denbury Resources Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 17.14% to $0.41 in the quarter versus EPS of $0.35 in the year-earlier quarter.
Revenue: Rose 7.18% to $645 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Denbury Resources Inc. reported adjusted EPS income of $0.41 per share. By that measure, the company beat the mean analyst estimate of $0.34. It beat the average revenue estimate of $637.51 million.
Quoting Management: Phil Rykhoek, Denbury’s President and CEO, commented: “We built on our positive start to 2013 in the second quarter as our production, earnings, and cash flow all realized sequential gains and we remain on track to more than fully fund our planned 2013 capital expenditures with cash flows from operations. From a total production standpoint, this was the first quarter with a full contribution from all of the assets we acquired with the proceeds from last year’s Bakken area asset sale. As our results show, we have more than replaced the divested Bakken area production with a combination of acquired production and organic production growth from our tertiary operations, while also increasing our crude oil production mix. Perhaps more importantly, the Bakken-related transactions have made us more purely focused on our proven, unique, and repeatable CO2 enhanced oil recovery growth strategy, which positions us to grow per-share value for the foreseeable future.”
Key Stats (on next page)…