SemGroup: 3Q Earnings Snapshot
TULSA, Okla. (AP) _ SemGroup Corp. (SEMG) on Wednesday reported third-quarter net income of $8.5 million, after reporting a loss in the same period a year earlier.
The Tulsa, Oklahoma-based company said it had net income of 3 cents per share. Earnings, adjusted for non-recurring costs, were 5 cents per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 12 cents per share.
The petroleum pipeline and storage company posted revenue of $634 million in the period.
SemGroup shares have fallen 30 percent since the beginning of the year. The stock has dropped 21 percent in the last 12 months.