EXCO Resources Earnings: Here’s Why Investors are Excited Now
EXCO Resources Inc. (NYSE:XCO) 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 0.23%.
EXCO Resources Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 100% to $0.1 in the quarter versus EPS of $0.05 in the year-earlier quarter.
Revenue: Rose 27.39% to $150.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: EXCO Resources Inc. reported adjusted EPS income of $0.1 per share. By that measure, the company missed the mean analyst estimate of $0.11. It beat the average revenue estimate of $141.19 million.
Quoting Management: Douglas H. Miller, EXCO’s Chief Executive Officer, commented, “We are executing on our strategy of acquiring assets in both our existing core areas and strategic new plays. Our recently announced acquisition in the Haynesville shale fortifies our leading position in that area. Our acquisition in the Eagle Ford in South Texas diversifies our portfolio by adding significant oil volumes with upside drilling opportunities. These acquisitions have significant levels of production which enhance our cash flow and borrowing base capacity. We have partnered with KKR to facilitate the drilling and development of approximately 300 undeveloped locations in the Eagle Ford acquisition which helps us prudently manage our capital expenditures and build long-term value for our shareholders.”
Key Stats (on next page)…