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Cimarex Energy Q2 profit falls YOY

Cimarex Energy Co. said its normalized net income for the second quarter was 17 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 3 cents per share.

EPS fell 90.2% year over year from $1.72.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $15.6 million, a decline of 89.4% from $147.7 million in the year-earlier period.

The normalized profit margin declined to 3.7% from 23.2% in the year-earlier period.

Total revenue declined 33.4% year over year to $424.3 million from $636.7 million, and total operating expenses decreased from the prior-year period to $390.4 million from $396.3 million.

Reported net income totaled a loss of $600.6 million, or a loss of $6.47 per share, compared with income of $146.3 million, or $1.71 per share, in the year-earlier period.