September 22, 2023

Evolution Petroleum Company, Inc. EPM shares are buying and selling decrease in Tuesday’s after-hours session after the corporate reported fourth-quarter earnings.

What To Know: The corporate posted quarterly earnings of zero cents per share, which missed the analyst consensus estimate of six cents, a 99.77% lower over earnings of 44 cents per share from the identical interval final yr. 

Evolution reported quarterly gross sales of $18.17 million, which missed the analyst consensus estimate of $21.64 million, a 56.75% lower over gross sales of $42.02 million in the identical interval final yr.

It produced 7,104 internet barrels of oil equal per day (BOEPD) within the full yr 2023, a 19% enhance year-over-year.

Kelly Loyd, President and CEO, acknowledged, “Regardless of a difficult fiscal fourth quarter that was impacted by a lot decrease quarter over quarter value realizations and prolonged downtime and upkeep throughout a number of fields, we’re happy to announce our 2023 fiscal full-year outcomes, wherein we recorded our highest ever ranges of income, manufacturing and internet earnings.”

“It was a yr of transition that noticed EPM strengthen its staff of extremely valued professionals, absolutely combine and take up earlier acquisitions, and concentrate on course of, setting the corporate and our shareholders up for future success.”

Additionally Learn: Why Palo Alto Networks Inventory Fell Tuesday?

EPM Worth Motion: Shares of EPM have been down 11.3% at $7.86 within the after-hours session on the time of publication, based on Benzinga Professional.

Picture by John R Perry from Pixabay

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