Devon Energy Corp. Profit Retreats In Q2, misses estimates

(RTTNews) - Devon Energy Corp. (DVN) announced earnings for second quarter that decreased from the same period last year and missed the Street estimates.

The company's earnings came in at $690 million, or $1.07 per share. This compares with $1.93 billion, or $2.93 per share, in last year's second quarter.

Analysts on average had expected the company to earn $1.17 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 38.7% to $3.45 billion from $5.63 billion last year.

Devon Energy Corp. earnings at a glance (GAAP) :

-Earnings (Q2): $690 Mln. vs. $1.93 Bln. last year. -EPS (Q2): $1.07 vs. $2.93 last year. -Analyst Estimates: $1.17 -Revenue (Q2): $3.45 Bln vs. $5.63 Bln last year.