AP NEWS

Abraxas: 3Q Earnings Snapshot

November 7, 2018

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.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AXAS at https://www.zacks.com/ap/AXAS

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