Warren Resources Inc. (WRES) Tuesday reported a decline in profit for the second quarter, due mainly to higher operating expenses, despite increased revenues.
The New York-based company's second-quarter net profit applicable to common stockholders was $5.26 million or $0.07 per share, compared to $9.03 million or $0.13 per share last year.
On average, four analysts polled by Thomson Reuters expected the company to earn $0.05 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew to $30.18 million from $26.89 million in the prior-year quarter. Three analysts had a consensus revenue estimate of $27.07 million for the quarter.
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