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Cabot Oil & Gas swings to loss in Q3

Cabot Oil & Gas Corp. said its normalized net income for the third quarter was a loss of 4 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 0 cents per share.

The per-share result swung to a loss from the prior-year profit of 26 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $18.3 million, compared with income of $108.0 million in the year-earlier period.

The normalized profit margin fell to negative 6.4% from 24.5% in the year-earlier period.

Total revenue declined 34.6% year over year to $287.9 million from $440.1 million, and total operating expenses rose 17.3% year over year to $294.4 million from $250.9 million.

Reported net income came to a loss of $16.6 million, or a loss of 4 cents per share, compared with income of $100.3 million, or 24 cents per share, in the year-earlier period.