Harvest Natural Q3 Earnings Plunge, But Beat Estimates

(RTTNews) - Independent oil and gas company Harvest Natural Resources, Inc. (HNR) Tuesday reported a drop in earnings for the third quarter. However, earnings beat analysts' estimates.

Earnings of the company declined to $2 million, or $0.05 per share, from $5.8 million, or $0.15 per share, a year earlier.

Impacting the earnings results for the period were exploration expenses of $1.5 million, an impairment charge on the company's Colombia asset of $2.3 million and an unrealized loss on derivates of $6.6 million.

With the exception of the above items, earnings of the company would have been $12.4 million, or $0.32 per share. Two analysts polled by Thomson Reuters estimated the company's earnings to be $0.06 for the quarter. Analysts' estimates typically exclude one-time items.

Monday, the stock closed at $4.45 on the NYSE.