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Cimarex Energy Q3 profit climbs 58.7% YOY

Cimarex Energy Co. said its third-quarter normalized net income came to 95 cents per share, compared with the S&P Capital IQ consensus estimate of 97 cents per share.

EPS climbed 58.2% year over year from 60 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $89.1 million, a gain of 58.7% from $56.2 million in the prior-year period.

The normalized profit margin climbed to 19.2% from 16.7% in the year-earlier period.

Total revenue increased 38.1% on an annual basis to $463.7 million from $335.7 million, and total operating expenses rose 34.1% on an annual basis to $314.1 million from $234.2 million.

Reported net income came to $89.8 million, or 96 cents per share, compared with a loss of $11.2 million, or a loss of 12 cents per share, in the prior-year period.