California Resources: 1Q Earnings Snapshot
LOS ANGELES (AP) _ California Resources Corp. (CRC) on Thursday reported a first-quarter loss of $2 million, after reporting a profit in the same period a year earlier.
The Los Angeles-based company said it had a loss of 5 cents per share. Earnings, adjusted for non-recurring costs, came to 18 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 67 cents per share.
The oil and natural gas company posted revenue of $609 million in the period.
California Resources shares have climbed 33 percent since the beginning of the year. The stock has more than doubled in the last 12 months.