W&T Offshore 3Q net income more than doubles

The company also declared a special dividend, sending its stock sharply higher in midday trading.

For the period ended Sept. 30, the company posted net income of $78.2 million, or $1.03 per share, compared with $36.3 million, or 48 cents per share, in the year-ago period.

Excluding certain one-time items, including a gain from derivatives, the company earned 79 cents per share.

Revenue rose 14 percent to $289.8 million from $255.2 million.

Analysts polled by Thomson Financial expected, on average, higher earnings of 82 cents per share on revenue of $276.3 million. Analysts typically exclude one-time items.

W&T Offshore said production fell to 19.9 billion cubic feet equivalent from 28.9 billion cubic feet equivalent in the year-ago period.

"The third quarter certainly had its share of challenges including two hurricanes in the Gulf of Mexico," Chairman and Chief Executive Officer Tracy W. Krohn said in a statement. "Although we did have some damage from the storms, we are working hard to restore production."

Meanwhile, W&T Offshore declared a special dividend of 27.29 cents payable Dec. 22 to shareholders of record on Dec. 1.

Shares rose $2.12, or 12.2 percent, to $19.55 in midday trading. The stock has traded between $14.57 and $59.99 in the past 52 weeks.