Abraxas: 2Q Earnings Snapshot
SAN ANTONIO (AP) _ Abraxas Petroleum Corp. (AXAS) on Tuesday reported a second-quarter loss of $10.6 million, after reporting a profit in the same period a year earlier.
The San Antonio-based company said it had a loss of 6 cents per share. Earnings, adjusted for non-recurring costs, were 2 cents per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 5 cents per share.
The energy company posted revenue of $30.9 million in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $31.9 million.
In the final minutes of trading on Tuesday, the company’s shares hit $2.35. A year ago, they were trading at $1.68.