Diamondback Energy, Inc. Q2 Profit Increases, Beats Estimates

(RTTNews) - Diamondback Energy, Inc. (FANG) revealed a profit for its second quarter that increased from the same period last year and beat the Street estimates.

The company's earnings totaled $837 million, or $4.66 per share. This compares with $556 million, or $3.05 per share, in last year's second quarter.

Excluding items, Diamondback Energy, Inc. reported adjusted earnings of $813 million or $4.52 per share for the period.

Analysts on average had expected the company to earn $4.51 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 29.4% to $2.483 billion from $1.919 billion last year.

Diamondback Energy, Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $837 Mln. vs. $556 Mln. last year. -EPS (Q2): $4.66 vs. $3.05 last year. -Revenue (Q2): $2.483 Bln vs. $1.919 Bln last year.