EQT's 3Q Profit Slumps, But Results Beat Views

PITTSBURGH (AP) — EQT Corp. said Thursday that its profit tumbled 97 percent in the third quarter, plagued by lower commodity prices and higher operating expenses.

The energy company's profit slumped to $2.9 million, or 2 cents per share, compared with $96.2 million, or 73 cents per share, a year ago.

Adjusted earnings were 22 cents per share, which removes long-term incentive compensation and office relocation costs.

The performance topped analysts' forecasts for a profit of 17 cents per share. Analysts' estimates normally exclude one-time items.

EQT said declining commodity prices lowered operating income by $47.1 million, while total operating expenses rose to $178.4 million from $135.1 million.

Operating revenue for the three months ended Sept. 30 fell 27 percent to $218.4 million from $297.8 million, but still surpassed Wall Street's $170.9 million estimate.

Shares of EQT added $1.83, or 4.3 percent, to $44.13 in afternoon trading. The stock has traded in a 52-week range of $24.73 to $46.80.