Diamondback Energy, Inc. Q4 Profit Increases, beats estimates

(RTTNews) - Diamondback Energy, Inc. (FANG) reported a profit for its fourth quarter that increased from the same period last year and beat the Street estimates.

The company's earnings came in at $1.01 billion, or $5.62 per share. This compares with $1.00 billion, or $5.50 per share, in last year's fourth quarter.

Excluding items, Diamondback Energy, Inc. reported adjusted earnings of $948 million or $5.29 per share for the period.

Analysts on average had expected the company to earn $5.22 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 0.5% to $2.03 billion from $2.02 billion last year.

Diamondback Energy, Inc. earnings at a glance (GAAP) :

-Earnings (Q4): $1.01 Bln. vs. $1.00 Bln. last year. -EPS (Q4): $5.62 vs. $5.50 last year. -Analyst Estimate: $5.22 -Revenue (Q4): $2.03 Bln vs. $2.02 Bln last year.