SAN ANTONIO (AP) _ Abraxas Petroleum Corp. (AXAS) on Wednesday reported fourth-quarter net income of $55.8 million, after reporting a loss in the same period a year earlier.
The San Antonio-based company said it had profit of 33 cents per share. Earnings, adjusted for non-recurring gains, came to 2 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 4 cents per share.
The energy company posted revenue of $36 million in the period, beating Street forecasts. Three analysts surveyed by Zacks expected $32.1 million.
For the year, the company reported profit of $57.8 million, or 34 cents per share. Revenue was reported as $149.2 million.
In the final minutes of trading on Wednesday, the company's shares hit $1.34. A year ago, they were trading at $2.36.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AXAS at https://www.zacks.com/ap/AXAS