HOUSTON — W&T Offshore Inc. (WTI) on Monday reported first-quarter net income of $66 million, after reporting a loss in the same period a year earlier.
The Houston-based company said it had net income of 46 cents per share. Earnings, adjusted for non-recurring gains, were 4 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.
The independent oil and gas company posted revenue of $124.1 million in the period.
In the final minutes of trading on Monday, the company’s shares hit $2.53. A year ago, they were trading at $4.76.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WTI at https://www.zacks.com/ap/WTI