Ultra Petroleum Q1 Profit Surges - Quick Facts

(RTTNews) - Independent exploration and production company Ultra Petroleum Corp. (UPL) reported a significant jump in first-quarter 2014 net income to $101.72 million, or $0.66 per share, from $16.43 million, or $0.11 per share, last year.

For the tri-monthly period, adjusted earnings came in at $135.4 million or $0.87 per share. On average, 24 analysts polled by Thomson Reuters expected earnings per share of $0.69 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenues increased to $326.3 million, 45% above the prior-year quarter's $225.63 million. Analysts estimated revenues of $295.74 million for the quarter.

Looking ahead, the company expects to produce 59 - 61 Bcfe during the second quarter, confirming its 2014 annual production guidance of 243 - 253 Bcfe.