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Saturday, May 28, 2022

Enerplus Swings to Q3 Gain on Increased Production

Enerplus (ERF) Friday reported a profitable quarter in Q3 ended September 30, driven by stronger production results. The North American oil and gas explorer earned C$67.4 million, or C$0.33 per share, recovering from a net loss of C$3.7 million, or C$0.02 per share, it reported in the same period last year. The Street’s call was only for C$0.27, according to Capital IQ. Funds flow from operations were C$212.8 million, or C$1.04 per share, up from last year’s C$196.2 million, or C$0.98 per share.

During the quarter, the company produced an average of 104,035 BOE/day versus 87,729 BOE/day in 2013. As a result, it is increasing the low end of its previously announced 2014 production guidance range by 2,000 BOE per day and now expect full year production to average between 102,000 – 104,000 BOE per day. Its preliminary plans for 2015 target continued production growth of 5 – 10% per share with a modestly lower capital spending program than in 2014, it added.

ERF was steady before market opening on Friday and closed down to $13.31 Thursday. It has a 52-week range of $12.67 – $25.37.

In other earnings news, Kratos Defense & Security Solutions (KTOS) said late Thursday Q3 sales were $217.1 million, and adjusted EPS of $0.10. Estimates were for $244.4 million in sales and $0.13 per share in earnings. It now expects Q4 sales between $225 million to $245 million and adjusted EBITDA between $20 million to $23 million.

Full year fiscal 2014 financial guidance is now for revenue of $870 million to $890 million and adjusted EBITDA of $79 million to $82 million. Shares ended Thursday’s after hours down more than 11% but were so far flat in Friday’s pre-market session.



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