Swift Energy 1Q profit jumps 75 percent on higher prices
Thursday May 8, 11:27 am ET
Oil and natural gas producer Swift Energy's 1st-qtr profit jumps 75 percent on higher prices
HOUSTON (AP) -- Oil and natural-gas producer Swift Energy Co. said Thursday its first-quarter profit jumped 75 percent on higher prices.
Net income for the three months ended March 31 rose to $48.4 million, compared with $26.5 million in the year-earlier quarter.
Earnings per share on a continuing operations basis climbed to $1.61 from 87 cents in the year-earlier period.
Analysts polled by Thomson Financial expected, on average, earnings per share of $1.64.
Shares tumbled $4.26, or 7.5 percent, to $52.59 in morning trading.
Revenue climbed 54 percent to nearly $200 million, primarily on higher oil and natural gas prices. Analysts expected revenue of $191.2.
Production was 1 percent higher than the year-earlier level.
