Diamondback Energy, Inc. Q3 Profit Decreases, Misses Estimates

(RTTNews) - Diamondback Energy, Inc. (FANG) revealed earnings for third quarter that decreased from the same period last year and missed the Street estimates.

The company's earnings totaled $659 million, or $3.19 per share. This compares with $915 million, or $5.07 per share, in last year's third quarter.

Excluding items, Diamondback Energy, Inc. reported adjusted earnings of $698 million or $3.38 per share for the period.

Analysts on average had expected the company to earn $3.99 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 13.0% to $2.645 billion from $2.340 billion last year.

Diamondback Energy, Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $659 Mln. vs. $915 Mln. last year. -EPS (Q3): $3.19 vs. $5.07 last year. -Revenue (Q3): $2.645 Bln vs. $2.340 Bln last year.