Chesapeake Energy Corp. Q2 Profit Decreases, but beats estimates

(RTTNews) - Chesapeake Energy Corp. (CHK) announced a profit for second quarter that decreased from last year but beat the Street estimates.

The company's earnings came in at $391 million, or $2.73 per share. This compares with $1.24 billion, or $8.27 per share, in last year's second quarter.

Excluding items, Chesapeake Energy Corp. reported adjusted earnings of $92 million or $0.64 per share for the period.

Analysts on average had expected the company to earn $0.42 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 46.3% to $1.89 billion from $3.52 billion last year.

Chesapeake Energy Corp. earnings at a glance (GAAP) :

-Earnings (Q2): $391 Mln. vs. $1.24 Bln. last year. -EPS (Q2): $2.73 vs. $8.27 last year. -Analyst Estimates: $0.42 -Revenue (Q2): $1.89 Bln vs. $3.52 Bln last year.