Legacy Reserves Earnings: Here’s Why the Stock is Falling Now
Legacy Reserves Lp (NASDAQ:LGCY) had a loss and missed 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 0.15%.
Legacy Reserves Lp Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.12 in the quarter versus EPS of $0.15 in the year-earlier quarter.
Revenue: Rose 17.54% to $108.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Legacy Reserves Lp reported adjusted EPS loss of $0.12 per share. By that measure, the company missed the mean analyst estimate of $0.3. It missed the average revenue estimate of $111.75 million.
Quoting Management: Cary D. Brown, Chairman, President and Chief Executive Officer of Legacy Reserves GP, LLC, the general partner of Legacy, commented: “Legacy started 2013 with some of the best quarterly results in our history despite record crude oil differentials and natural gas infrastructure issues. Our integration of the Concho assets is going very smoothly, as first quarter acquired production of approximately 5,250 Boe/d met our initial Q1 production estimate of 5,238 Boe/d despite unforeseen infrastructure issues that curtailed some of our production. These outstanding initial results are the product of a lot of hard work from our employees.”
Key Stats (on next page)…