Laredo Petroleum Holdings Q2 Profit Up

(RTTNews) - Laredo Petroleum Holdings, Inc. (LPI), an independent energy company, Thursday reported an increase in the second-quarter net income, reflecting higher revenues.

For the three-month period, the company reported net income of $35.8 million or $0.27 per share, compared with $30.9 million or $0.24 per share during the same period last year.

Excluding unrealized gains on derivative financial instruments, earnings were $21.1 million or $0.16 per share for the second quarter.

On average, seventeen analysts polled by Thomson Reuters expected earnings per share of $0.17 for the third quarter. Analysts' estimates typically exclude one-time items.

Adjusted EBITDA increased 14 percent to $130 million for the three-month period.

Total revenues increased 27 percent to $177.3 million from prior year's $139.7 million. Analysts expected the company to report revenues of $182.13 million. Oil production increased 22 percent, the company said.