Log in to your IBTimes Account

close
ID
Password

ATP Oil & Gas profit jumps 71 percent, beats Wall St. view



08 May 2008 @ 09:28 am EST

HOUSTON (AP) - ATP Oil & Gas Corp. said Thursday its first-quarter earnings leaped 71 percent on higher production and soaring sales of oil and gas.

Related Topic

Get stories by e-mail on this topic.

E-mail:

The results blasted past Wall Street's expectations. Shares jumped $2.40, or 7.1 percent, to $36.01 in premarket trading, from their close at $33.61.

The company earned $46.8 million, or $1.29 per share, compared with a year-ago profit of $27.4 million, or 89 cents per share.

Excluding a one-time loss, the company earned $47.2 million or $1.30 per share.

The per-share results reflect an 18 percent increase in the number of outstanding shares in the 2008 quarter, versus a year ago.

Revenue leaped 55 percent to $226.9 million, from $146.3 million in the prior-year period.

Analysts, on average, were expecting a profit of 99 cents per share, on revenue of $223.1 million, according to a poll by Thomson Financial.

The company said oil and gas production increased 36 percent to 21.6 billions of cubic feet equivalent for the first quarter.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

    Click!
  • Rate this article:

Comments

Post Your Comment

You must be an IBTimes member to post a comment. Login | Register


advertisement
More Industries
The South African power situation and its likely effect over the next few years on new and existing platinum developments was the common issue noted by t...
With the dollar falling, renewed strength is being seen in the gold market, while platinum strong in anticipation of bullish research report from Johnson...
About 3,600 workers at American Axle and Manufacturing Holdings Inc. will find out soon whether a new contract was worth 80 days without a company payche...

Advertisement
Corporate Website Design

Professional Website Design For Corporate - Get a Free Quote Today

Latest Investing Research Reports

Find the most up to date research from leading investment firms to make the most informed investing decisions

advertisement
IBTimes.com Web
Partners
International Business Times© 2008 The Ibtimes Company. All Rights Reserved. Terms of service | Privacy Policy | Advertising | About Us | Contact Us | Archives