Berry Petroleum Co. (BRY) said its third-quarter net income plunged to $19.01 million or $0.41 per share from $53.35 million or $1.16 per share a year earlier. Adjusted net income for the latest quarter was $15.7 million or $0.34 per share. On average, 8 analysts polled by Thomson Reuters expected earnings per share of $0.29 for the quarter. Analysts' estimate typically excludes one-time items.
Total revenues for the quarter dipped to $143.45 million from $227.03 million in the comparable period. Four analysts estimated revenues of $133.81 million for the quarter.
While the company is finalizing its 2010 capital plans, capital spending for 2010 is expected to range between $220 million and $260 million.
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