Energen Posts Q3 Loss; Cuts Outlook - Quick Facts

(RTTNews) - Energen Corp. (EGN), reported a loss for the third-quarter, reflecting higher expenses that offset the increase in revenues. The results also included a loss from disposal of $15.6 million. The company also trimmed its earnings forecast for the full year, excluding items.

For the three-month period, the company reported net loss of $19.3 million or $0.27 per share, compared with earnings of $2.04 million or $0.03 per share last year.

Excluding non-cash items, Energen's adjusted income from all operations was $36.1 million or $0.50 per share for the quarter.

On average, fourteen analysts polled by Thomson Reuters expected the company to report earnings per share of $0.61the quarter. Analysts' estimates typically exclude one-time items.

Total operating revenues were $320.4 million, up from prior year's $276.4 million. Analysts expected the company to generate revenues of $426.10 million. Total operating expenses were $324.4 million, compared with $262.4 million last year.

Looking forward, for full-year 2013, Energen cut its earnings outlook, excluding items, to $3.10-$3.30 per share

Income from continuing operations in 2013 is estimated to be $3.05-$3.25 per share, the company said. Analysts expect the company to report earnings of $3.38 per share for the year.