VAALCO Energy & GeoEye Inc. Jump On Solid Earnings
VAALCO Energy, Inc. (NYSE:EGY) gapped up this morning after the company report strong fourth quarter sales growth thanks to rise in crude prices during the quarter and increased volume. However, profit was hurt on account of increased operating expenses due to high volumes and thus higher income tax.
The company said that its net income during the quarter improved slightly to $8.7 million, or $0.15 a share, from a year ago profit of $8.9 million, or $0.15 a share, missing analysts’ estimates of 20 cents a share.
Revenue during the period grew to $67.8 million compared to $38.2 million in the fourth quarter of 2010, ahead of consensus of $44.57 million.
The company reported four crude liftings in Gabon in the fourth quarter 2011 versus three crude liftings in the fourth quarter 2010.
Shares of EGY are trading higher by 69 cents or 9.21% to $8.18 on high volume.
GeoEye Inc. (NASDAQ:GEOY) reported that its fourth-quarter net income slid , but came ahead of analysts’ estimates.
The company said that it net income during the quarter fell to $14.1 million or $0.62 a share, compared to a year ago quarter of $15.2 million or $0.68 a share. On an adjusted basis, the company earned 76 cents a share, topping analysts’ estimates by 18 cents.
Revenue during the period grew 17% to $96.8 million from $82.5 million last year, topping consensus of $89.88 million for the quarter.
Going forward, the company projects to earn $1.95 to $2.35 a share on revenue of $355 million to $375 million in its FY2012, ahead of analysts’ target of $2.25 per share on revenues of $363.95 million.
Shares of GEOY jumped 7.53% to $21.29 on high volume.