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QEP Resources tops Street 1Q forecasts

DENVER (AP) _ QEP Resources Inc. (QEP) on Wednesday reported first-quarter net income of $76.9 million, after reporting a loss in the same period a year earlier.

The Denver-based company said it had profit of 32 cents per share. Losses, adjusted for non-recurring gains, came to 14 cents per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 21 cents per share.

The independent oil and gas company posted revenue of $420.1 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $400.7 million.

QEP Resources shares have dropped 36 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed roughly 7 percent. In the final minutes of trading on Wednesday, shares hit $11.86, a fall of 27 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on QEP at https://www.zacks.com/ap/QEP

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Keywords: QEP Resources, Earnings Report