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Concho Resources swings to loss in Q4

Concho Resources Inc. said its normalized net income for the fourth quarter came to a loss of 85 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 8 cents per share.

The per-share result swung to a loss from the prior-year profit of 46 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $124.0 million, compared with income of $35.9 million in the prior-year period.

The normalized profit margin dropped to negative 23.6% from 9.2% in the year-earlier period.

Total revenue rose 34.8% year over year to $524.6 million from $389.2 million, and total operating expenses rose 152.3% on an annual basis to $682.3 million from $270.4 million.

Reported net income totaled a loss of $124.3 million, or a loss of 86 cents per share, compared with a loss of $776,000, or a loss of 1 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of $11.13 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 45 cents.

EPS was 78 cents in the prior year.

Normalized net income was a loss of $1.50 billion, compared with income of $94.4 million in the prior year.

Full-year total revenue decreased year over year to $1.63 billion from $1.80 billion, and total operating expenses grew 168.7% on an annual basis to $3.82 billion from $1.42 billion.

The company said reported net income totaled a loss of $1.46 billion, or a loss of $10.85 per share, in the full year, compared with income of $65.3 million, or 54 cents per share, the prior year.