Laredo Petroleum: 2Q Earnings Snapshot
TULSA, Okla. (AP) _ Laredo Petroleum Inc. (LPI) on Wednesday reported second-quarter net income of $173.4 million.
On a per-share basis, the Tulsa, Oklahoma-based company said it had net income of 75 cents. Earnings, adjusted for non-recurring gains, came to 24 cents per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share.
The oil and natural gas company posted revenue of $216.6 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $200.2 million.
In the final minutes of trading on Wednesday, the company’s shares hit $3.33. A year ago, they were trading at $9.32.