Forest Oil Corp. (FST) reported fourth-quarter results that missed the Street’s view, sending shares lower after the market closed, Monday.
The energy company saw fourth-quarter profit of $45.2 million or 40 cents per share, up from a loss of $1.38 billion or $14.50 a share in the year-ago period.
Adjusted earnings improved to 56 cents a share, up from 32 cents a share in the fourth quarter of last year. Revenue fell to $214.4 million, compared to revenue of $282.0 million, a year ago.
Analysts polled by Thomson Reuters had forecast earnings of 60 cents per share on revenue of $257 million.
"Looking forward to 2010, we expect to grow our production organically from our more focused asset base at an expected rate of 10--12%, while maintaining one of the lowest cost structures in the industry," said H. Craig Clark, President and CEO, in a statement.
Shares of Forest Oil fell 87 cents or 3.22% during the regular session on Monday, closing at $26.14 a share. The stock was down another 5 cents in after-hours trading.
Dell sees signs of optimismAnadarko Petroleum Beats Estimates, but Profit Slips
