Stone Energy boost 3Q earnings 49 percent

Associated Press - November 3, 2009 5:04 PM ET

LAFAYETTE, La. (AP) - Independent energy producer Stone Energy Corp. stepped up production to post a 49 percent gain in third-quarter profit that handily beat analysts' forecasts.

For the three months ending Sept. 30, Lafayette-based Stone earned $51.5 million, or $1.06 per share, on revenue of $202.7 million. That's compared with third-quarter earnings in 2008 of $34.1 million, or $1.04 per share, on revenue of $34.1 million. The company had about 10 million fewer outstanding shares a year ago.

Analysts polled by Thomson Reuters, on average, had forecast per-share earnings of 64 cents for the latest quarter.