QEP Resources Swings To Profit, But Misses Estimates

(RTTNews) - Oil and natural gas company QEP Resources Inc. (QEP) Tuesday reported third-quarter net income of $37 million or $0.21 per share, compared with a net loss of $3 million or $0.02 per share last year.

Excluding items, adjusted earnings for the quarter were $63 million or $0.36 per share, compared with adjusted earnings of $35.4 million or $0.19 per share in the prior year.

Revenues for the quarter grew 43% to $772.8 million from $542.4 million a year ago.

Analysts polled by Thomson Reuters estimated earnings of $0.39 per share on revenues of $795.37 million for the quarter. Analysts' estimates typically exclude special items.

Production for the quarter fell 4 percent to 78 bcfe, compared with a year ago, the company said.