Montage Resources: 2Q Earnings Snapshot
IRVING, Texas (AP) _ Montage Resources Corporation (MR) on Tuesday reported second-quarter net income of $27.5 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Irving, Texas-based company said it had profit of 77 cents. Earnings, adjusted for one-time gains and costs, were 41 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.
The independent oil and gas company posted revenue of $155.5 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $145.2 million.
Montage Resources expects full-year revenue in the range of $535 million to $555 million.
In the final minutes of trading on Tuesday, the company’s shares hit $2.68. A year ago, they were trading at $25.79.