Forest Oil Swings To Profit On Lower Expenses

(RTTNews) - Forest Oil Corp. (FST) Monday reported third-quarter net income of $2 million or $0.02 per share compared with net loss of $459 million or $3.97 per share last year.

Results for the prior-year quarter included ceiling test write-down of oil and natural gas properties of $330 million and impairment charges of $80 million.

Excluding items, adjusted earnings for the recent quarter were $7 million or $0.06 per share.

Revenues for the quarter were $118 million compared with $156 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.09 per share on revenues of $132.42 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead, the company said that incorporating the impact of lower-than-forecasted production from the Texas Panhandle assets, it expects company-wide net sales volumes to average 200-205 MMcfe/d for the fourth quarter and 208-210 MMcfe/d for the full year 2013.