Range Resources Q3 Profit Tops Estimate

(RTTNews) - Range Resources Corp. (RRC) reported net income for the third quarter of $146.4 million or $0.86 per share, compared to $19.2 million or $0.12 per share for the year-ago quarter.

Excluding items, adjusted net income for third quarter was $62.2 million or $0.37 per share, compared to $57.5 million or $0.36 per share in the prior year quarter.

Revenues for the third quarter rose 39% to $616.62 million from $442.04 million a year ago, while adjusted revenues for quarter increased 13% to $491.16 million from $433.99 million last year.

Analysts polled by Thomson Reuters expected the company to earn $0.33 per share on revenue of $488.45 million for the third quarter. Analysts' estimates typically exclude special items.

The company said it targets 25% year-over-year production growth for 2014. Average daily production for the fourth quarter is expected to be about 1.35 Bcfe per day, with 30% liquids.