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SMALL BUSINESS
W&T posts loss in 3rd-quarter, revs dip 42 pct
AP
HOUSTON -Oil and gas company W&T Offshore Inc. on Thursday posted a loss in the third-quarter amid a 42 percent drop in revenue.
W&T said it lost $1.3 million, or 2 cents per share, during the July-September period, compared to a profit of $78.2 million, or $1.02 per share, in the prior-year period.
Revenue plunged to $167 million from $289.8 million a year earlier but was better than the $164.3 million analysts were forecasting.
The company attributed the net loss in large part to a $2.1 million unrealized derivative loss.
Excluding this and other special items, the company said it earned $200,000, or break even per share. Analysts surveyed by Thomson Reuters were looking for a loss of 5 cents per share. Those estimates typically exclude special items.
Shares of W&T fell 7 cents to end Thursday at $11.78.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-11-05 17:07:16
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