Costs slug takes shine off Swift numbers
Houston-based explorer Swift Energy booked an 88% rise in net income from
continuing operations in the first quarter, but higher costs meant the
company's figures failed to meet market expectations.
Swift booked net income from continuing operations rof $49.8 million,
compared with $26.4 million, or 87 cents a share, in the year-ago quarter.
Total revenue rose 53% to $199.0 million.
Analysts were expecting earnings of $1.64 a share, excluding special items, on
revenue of $199.3 million, according to Reuters Estimates.
Swift's total costs and expenses rose 36% to $120.1 million.
The company said it was increasing estimated capital outlays for 2008 to
between $475 million and $525 million from $425 million and $475 million.
08 May 2008 12:36 GMT
| last updated:
08 May 2008 12:36 GMT
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