Berry Petroleum Q4 Profit Rises Sequentially But Misses Estimates

(RTTNews.com) - Berry Petroleum Co. ( BRY ) Thursday posted higher profit for the fourth quarter compared with the prior quarter, owing in particular to improved oil and natural gas sales. However, earnings per share did not match up to analyst expectations.

For the three months, the firm posted net earnings of $38.5 million, up from $18.12 million a quarter back. On a per share basis, earnings were $0.69 compared with $0.33 for the third quarter.

While adjusted earnings witnessed a slight decline from net earnings at $38.2 million, earnings per share on that basis remained the same at $0.69 for the fourth quarter.

Fifteen analysts on average polled by Thomson Reuters estimated earnings per share of $0.77 for the period. Analysts expectations typically exclude one-time items.

Revenue for the period jumped to $260.06 million from $244.82 million sequentially, particularly on the back of improved oil and natural gas sales at $248.91 million, up from $232.91 million reported a quarter back. Analysts were looking for revenue of $253.09 million for the reporting period.

The company said production in the fourth quarter of 2012 was 39,500 BOE/D, up 9 percent sequentially while oil production in the fourth quarter was 30,649 BOE/D, up 11 percent sequentially again.

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