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DENVER - Natural-gas and oil company St. Mary Land & Exploration Co. on Tuesday reported a 43 percent drop in second-quarter profit that met Wall Street expectations, excluding one-time items.
The company said its net income totaled $33.6 million, or 53 cents per share, compared with $59.2 million, or 91 cents per share, during the second quarter of 2007.
Excluding special items, earnings in the latest quarter were $80.8 million, or $1.29 per share, the company said.
Revenue climbed to $356.9 million from $247.2 million in the year-ago quarter.
Analysts surveyed by Thomson Financial, on average, expected earnings of $1.29 per share on lower revenue of $299.8 million. Analysts typically exclude one-time items from their earnings-per-share estimates.
"Year over year, we grew production 15 percent from our retained properties," Tony Best, St. Mary's president and chief executive, said in a statement. "Commodity prices were very robust during the quarter, which allowed us to generate strong cash flows."
St. Mary shares were up $1.05, or 2.7 percent, to $39.48 in midday trading.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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