SM Energy Co. Q1 Profit Increases, beats estimates

(RTTNews) - SM Energy Co. (SM) released earnings for its first quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line totaled $198.6 million, or $1.62 per share. This compares with $48.8 million, or $0.39 per share, in last year's first quarter.

Excluding items, SM Energy Co. reported adjusted earnings of $162.2 million or $1.33 per share for the period.

Analysts on average had expected the company to earn $1.28 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 33.3% to $573.5 million from $859.8 million last year.

SM Energy Co. earnings at a glance (GAAP) :

-Earnings (Q1): $198.6 Mln. vs. $48.8 Mln. last year. -EPS (Q1): $1.62 vs. $0.39 last year. -Analyst Estimate: $1.28 -Revenue (Q1): $573.5 Mln vs. $859.8 Mln last year.