Chesapeake Energy Corp. Q3 Profit Decreases, but beats estimates

(RTTNews) - Chesapeake Energy Corp. (CHK) released earnings for third quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line came in at $70 million, or $0.49 per share. This compares with $883 million, or $6.12 per share, in last year's third quarter.

Excluding items, Chesapeake Energy Corp. reported adjusted earnings of $155 million or $1.09 per share for the period.

Analysts on average had expected the company to earn $0.64 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 52.2% to $1.51 billion from $3.16 billion last year.

Chesapeake Energy Corp. earnings at a glance (GAAP) :

-Earnings (Q3): $70 Mln. vs. $883 Mln. last year. -EPS (Q3): $0.49 vs. $6.12 last year. -Analyst Estimates: $0.64 -Revenue (Q3): $1.51 Bln vs. $3.16 Bln last year.