Penn Virginia Earnings: Here’s Why Shares are Down Now
Penn Virginia Corp. (NYSE:PVA) 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 0.79%.
Penn Virginia Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.17 in the quarter versus EPS of $-0.23 in the year-earlier quarter.
Revenue: Rose 42.78% to $109.73 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Penn Virginia Corp. reported adjusted EPS loss of $0.17 per share. By that measure, the company missed the mean analyst estimate of $-0.16. It missed the average revenue estimate of $111.74 million.
Quoting Management: H. Baird Whitehead, President and Chief Executive Officer stated, “In the second quarter, our operating cash flows and margins remained strong as a result of the continued growth in oil production, including contributions from the MHR Acquisition, as well as lower unit operating costs. We expect oil production to increase by approximately 67 percent in 2013 over 2012, comprising approximately 82 percent of product revenues and approximately 53 percent of production. Substantial growth in oil production and cash flows is expected to continue into 2014 and 2015.”
Key Stats (on next page)…