MIDLAND, Texas (AP) — Diamondback Energy Inc. (FANG) on Monday reported first-quarter net income of $220 million, after reporting a loss in the same period a year earlier.
The Midland, Texas-based company said it had net income of $1.33 per share. Earnings, adjusted for non-recurring costs, came to $2.30 per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.73 per share.
The energy exploration and production company posted revenue of $1.18 billion in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $1.02 billion.
Diamondback shares have climbed 73% since the beginning of the year. In the final minutes of trading on Monday, shares hit $83.92, more than doubling in the last 12 months.