Southwestern Energy Co. (SWN) reported third quarter net income of $118.3 million or $0.34 per share, compared to $218.2 million or $0.63 per share in the same period last year.
On average, 26 analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share. Analysts' estimates typically exclude special items.
Net income for the third quarter of 2009 declined due to significantly lower natural gas prices, which were only partially offset by higher production volumes. Results for the third quarter of 2008 also included an after-tax gain on the sale of the company's utility assets of $35.4 million or $0.10 per share.
Operating revenues for the quarter was down to $502.9 million from $683.0 million in the preceding year period. Fourteen Wall Street analysts expected revenues of $387.41 million.
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