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Cabot Oil & Gas profit beats consensus by 138.5% in Q1

Cabot Oil & Gas Corp. said its first-quarter normalized net income was 10 cents per share, compared with the S&P Capital IQ consensus estimate of 4 cents per share.

EPS fell 64.2% year over year from 27 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $39.7 million, a decrease of 64.5% from $112.0 million in the prior-year period.

The normalized profit margin fell to 9.2% from 22.0% in the year-earlier period.

Total revenue decreased 15.5% on an annual basis to $430.6 million from $509.8 million, and total operating expenses increased 9.8% year over year to $344.9 million from $314.0 million.

Reported net income decreased 61.9% from the prior-year period to $41.5 million, or 10 cents per share, from $108.8 million, or 26 cents per share.