HOUSTON (AP) ¿ Oil and gas company W&T Offshore Inc. on Thursday posted a loss in the third-quarter amid a 42 percent drop in revenue. W&T said it lost $1.3 million, or 2 cents per share, during the July-September period, compared to a profit of $78.2 million, or $1.02 per share, in the prior-year period. Revenue plunged to $167 million from $289.8 million a year earlier but was better than the $164.3 million analysts were forecasting. The company attributed the net loss in large part to a $2.1 million unrealized derivative loss. Excluding this and other special items, the company said it earned $200,000, or break even per share. Analysts surveyed by Thomson Reuters were looking for a loss of 5 cents per share. Those estimates typically exclude special items. Shares of W&T fell 7 cents to end Thursday at $11.78.
More from Technology
Nvidia's New 5G and 'Edge Computing' Offerings Fit Its Long-Term Strategy
The GPU giant has steadily grown its addressable market, in part by creating end-to-end solutions that pair its chips with complementary software.
Snap Shares Decline After Q3 Results Beat Estimate, Outlook Lags
The loss was narrower than expected, but guidance for the fourth quarter may have caused the stock to fall.
Twitter Reports Earnings Thursday -- Here Are 3 Key Factors to Track
Here are two short-term trends and one long-term trend investors must understand about Twitter.
Lyft to Reach Adjusted Pretax Profitability a Year Ahead of Schedule: Report
The ride-sharing company's co-founders told the Wall Street Journal that the company will be profitable based on adjusted Ebitda next year.