Abraxas: 3Q Earnings Snapshot
SAN ANTONIO (AP) _ Abraxas Petroleum Corp. (AXAS) on Wednesday reported third-quarter net income of $1.8 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the San Antonio-based company said it had net income of 1 cent. Earnings, adjusted for non-recurring costs, were 5 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 4 cents per share.
The energy company posted revenue of $41.6 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $33.4 million.
In the final minutes of trading on Wednesday, the company’s shares hit $1.82. A year ago, they were trading at $2.18.