Energy XXI (Bermuda) Limited Earnings: Here’s Why Investors are Selling Shares Now
Energy XXI (Bermuda) Limited (NASDAQ:EXXI) delivered a profit and met Wall Street’s expectations, AND 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 1.46%.
Energy XXI (Bermuda) Limited Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 57.41% to $0.46 in the quarter versus EPS of $1.08 in the year-earlier quarter.
Revenue: Decreased 9.58% to $303.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Energy XXI (Bermuda) Limited reported adjusted EPS income of $0.46 per share. By that measure, the company met the mean analyst estimate of $0.46. It missed the average revenue estimate of $317.69 million.
Quoting Management: “We brought four new wells online within the past week that have added significant production,” Energy XXI Chairman and Chief Executive Officer John Schiller said. “Our West Delta and Main Pass fields continue to drive oil volumes through successful application of horizontal drilling techniques.”
Key Stats (on next page)…