THE WOODLANDS, Texas (AP) _ Earthstone Energy Inc. (ESTE) on Wednesday reported first-quarter net income of $16.7 million, after reporting a loss in the same period a year earlier.
The The Woodlands, Texas-based company said it had profit of 57 cents per share. Earnings, adjusted for one-time gains and costs, came to 13 cents per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 14 cents per share.
The oil and gas company posted revenue of $45.1 million in the period, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $50.9 million.
In the final minutes of trading on Wednesday, the company's shares hit $2.17. A year ago, they were trading at $6.87.