Approach Resources: 2Q Earnings Snapshot
FORT WORTH, Texas (AP) _ Approach Resources Inc. (AREX) on Wednesday reported a loss of $9.1 million in its second quarter.
On a per-share basis, the Fort Worth, Texas-based company said it had a loss of 10 cents. Losses, adjusted for non-recurring costs, came to 7 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 8 cents per share.
The oil and gas company posted revenue of $30.3 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $28.2 million.
The company’s shares closed at $2.24. A year ago, they were trading at $2.97.