Oil and gas company Cimarex Energy Co. (XEC) Tuesday reported a lower profit for the fourth quarter reflecting higher expenses. Earnings per share, however, trounced analyst estimates.
For the period, the company reported net income of $99.15 million, down from $116.86 million last year.On a per share basis, the firm posted earnings of $1.14 versus $1.36 last year. Twenty three analysts, on average, polled by Thomson Reuters estimated earnings per share of $1.01 for the period. Analyst estimates typically exclude one-time items.
For three months, the company clocked revenue of $440.86 million, up from $430.27 million last year and consensus estimate of $430.23 million.
Looking ahead, the company said expects 2013 volumes to average 675-705 MMcfe per day, an increase of 8-13 percent over 2012 and first quarter volumes to average 642-667 MMcfe per day, a 6-10 percent increase over 2012.
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