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UPDATE 1-Stone Energy Q2 profit beats Street
August 2, 2011 / 9:51 PM / in 6 years

UPDATE 1-Stone Energy Q2 profit beats Street

* Q2 EPS $1.17 vs est $1.00

* Q2 rev up 41 pct

* Shares up 2 pct after-mkt (Follows alerts)

Aug 2 (Reuters) - Stone Energy Corp posted a third consecutive estimate-beating quarterly profit helped by higher production, and the gas focused exploration and production company backed its full-year output forecast.

April-June net income was $57.2 million, or $1.17 a share, compared with $27.9 million, or 57 cents a share, in the year-ago period.

Revenue rose 41 percent to $231.9 million, while production rose 6 percent.

Analysts, on average, expected the Lafayette, Louisiana-based company to post earnings of $1.00 a share, on revenue of $212.5 million, according to Thomson Reuters I/B/E/S.

The company also backed its full-year output forecast of 205-225 million cubic feet equivalent per day.

Separately, Stone’s larger peer Exco Resources posted second-quarter earnings in line with the estimates.

Stone Energy’s shares closed at $30.88 on Tuesday on the New York Stock Exchange. They rose 2 percent to $31.49 in extended trade. (Reporting by Sumit Jha in Bangalore; Editing by Roshni Menon)

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