Centennial Resource: Q2 Earnings Snapshot

August 3, 2022 GMT

DENVER (AP) _ Centennial Resource Development, Inc. (CDEV) on Wednesday reported second-quarter net income of $191.8 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Denver-based company said it had net income of 60 cents. Earnings, adjusted for costs related to mergers and acquisitions, were 61 cents per share.

The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 41 cents per share.

The company posted revenue of $472.7 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $393.8 million.

Centennial Resource shares have increased 5% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $6.28, a rise of 26% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CDEV at https://www.zacks.com/ap/CDEV