Evolution Petroleum's Q4 Earnings Miss - Stock Falls After-Hours

Evolution Petroleum Corporation, Inc. EPM shares are trading lower in Tuesday's after-hours session after the company reported fourth-quarter earnings.

What To Know: The company posted quarterly earnings of zero cents per share, which missed the analyst consensus estimate of six cents, a 99.77% decrease over earnings of 44 cents per share from the same period last year. 

Evolution reported quarterly sales of $18.17 million, which missed the analyst consensus estimate of $21.64 million, a 56.75% decrease over sales of $42.02 million in the same period last year.

It produced 7,104 net barrels of oil equivalent per day (BOEPD) in the full year 2023, a 19% increase year-over-year.

Kelly Loyd, President and CEO, stated, "Despite a challenging fiscal fourth quarter that was impacted by much lower quarter over quarter price realizations and extended downtime and maintenance across multiple fields, we are pleased to announce our 2023 fiscal full-year results, in which we recorded our highest ever levels of revenue, production and net income."

"It was a year of transition that saw EPM strengthen its team of highly valued professionals, fully integrate and absorb previous acquisitions, and focus on process, setting the company and our shareholders up for future success."

Also Read: Why Palo Alto Networks Stock Fell Tuesday?

EPM Price Action: Shares of EPM were down 11.3% at $7.86 in the after-hours session at the time of publication, according to Benzinga Pro.

Image by John R Perry from Pixabay