QEP Resources Q3 Profit Soars, Boosts 2014 Production Outlook - Quick Facts

(RTTNews) - QEP Resources, Inc. (QEP) posted third-quarter net income attributable to the company of $171.1 million or $0.94 per share, sharply higher than $37.3 million or $0.21 per share in the year-ago quarter.

Income from continuing operations for the quarter soared to $0.84 per share from last year's $0.07 per share. Excluding items, adjusted income from continuing operations was $75.4 million or $0.41 per share, compared to $63.3 million or $0.36 per share in the prior-year quarter.

On average, 11 analysts polled by Thomson Reuters expected the company to earn $0.26 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter increased to $910.0 million from $719.5 million in the same quarter last year, while five analysts had a consensus revenue estimate of $755.90 million.

Total equivalent production grew 2 percent to 79.2 Bcfe from last year's 78.0 Bcfe, and average daily production was 860.9 MMcfe, up from 857.1 Mmcfe a year ago.

Looking ahead, the company expects total equivalent production for the fourth quarter in a range of 75.4 to 80.2 Bcfe. It also raised total equivalent production for the full-year 2014 to a range of 312 to 317 Bcfe from the prior forecast in the range of 289 to 304 Bcfe.