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Concho Resources profit beats consensus by 480.7% in Q3

Concho Resources Inc. said its third-quarter normalized net income came to $1.42 per share, compared with the S&P Capital IQ consensus estimate of 24 cents per share.

EPS fell 48.2% year over year from $2.74.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $169.7 million, a decrease of 44.8% from $307.2 million in the prior-year period.

The normalized profit margin declined to 36.6% from 43.9% in the year-earlier period.

Total revenue fell 33.8% year over year to $463.5 million from $700.3 million, and total operating expenses fell 12.3% year over year to $138.7 million from $158.3 million.

Reported net income fell 41.1% year over year to $177.8 million, or $1.49 per share, from $301.7 million, or $2.69 per share.