Centennial Resource: Q1 Earnings Snapshot

May 4, 2022 GMT

DENVER (AP) _ Centennial Resource Development, Inc. (CDEV) on Wednesday reported first-quarter net income of $15.8 million, after reporting a loss in the same period a year earlier.

The Denver-based company said it had profit of 5 cents per share. Earnings, adjusted for non-recurring costs, were 37 cents per share.

The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.

The company posted revenue of $347.3 million in the period, which beat Street forecasts. Four analysts surveyed by Zacks expected $307.4 million.

Centennial Resource shares have increased 40% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $8.35, a rise of 96% in the last 12 months.


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