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Cimarex Energy profit misses consensus by 20.3% in Q4

Cimarex Energy Co. said its normalized net income for the fourth quarter was 48 cents per share, compared with the S&P Capital IQ consensus estimate of 60 cents per share.

EPS rose 769.4% year over year from 6 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $44.9 million, a gain of 777.4% from $5.1 million in the year-earlier period.

The normalized profit margin increased to 23.8% from 1.6% in the year-earlier period.

Total revenue increased 22.8% year over year to $382.2 million from $311.3 million, and total operating expenses grew from the prior-year period to $298.1 million from $290.6 million.

Reported net income totaled $38.4 million, or 41 cents per share, compared with a loss of $802.1 million, or a loss of $8.63 per share, in the year-earlier period.

For the year, the company's normalized net income totaled 41 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 69 cents.

EPS was a loss of 12 cents in the prior year.

Normalized net income was $38.0 million, compared with a loss of $11.3 million in the prior year.

Full-year total revenue decreased on an annual basis to $1.26 billion from $1.45 billion, and total operating expenses declined year over year to $1.15 billion from $1.43 billion.

The company said reported net income totaled a loss of $431.4 million, or a loss of $4.62 per share, in the full year, compared with a loss of $2.58 billion, or a loss of $27.75 per share, the prior year.