Southwestern Energy 3Q earnings, revenue exceed Wall Street forecast |
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Wed, 31 Oct 2007 22:51
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SAN FRANCISCO (Thomson Financial) - Southwestern Energy Co. late Wednesday reported third-quarter net earnings of $51 million, or 30 cents a share, topping the mean estimate of analysts polled by Thomson Financial of 27 cents.During the year earlier, earnings were $33.5 million, or 20 cents a share.The Houston-based natural gas company posted total operating revenue of $297.6 million, ahead of the consensus estimate of $258.7 million. Last year, revenue was $168.4 million.Net cash provided by operating activities before changes in operating assets and liabilities came in at $157.7 million, versus $95.2 million last year, the company said.Additionally, Southwestern said it expects to invest about $1 billionin its Fayetteville Shale project area during 2007 and participate in approximately 400 horizontal wells, of which 70% are expected to be operated by Southwestern.The stock closed out the regular session up $1.33, or almost 3%, at $51.73.Katherine Huntkh/gmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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