Targa Resources Corp. Earnings Decline 59% In Q3

(RTTNews) - Targa Resources Corp. (TRGP) announced a profit for third quarter that dropped from last year.

The company said its bottom line came in at $12.7 million, or $0.23 per share. This was lower than $30.7 million, or $0.73 per share, in last year's third quarter.

Analysts had expected the company to earn $0.58 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 28.8% to $1.63 billion. This was down from $2.29 billion last year.

Targa Resources Corp. earnings at a glance:

-Earnings (Q3): $12.7 Mln. vs. $30.7 Mln. last year. -Earnings Decline (Y-o-Y): -58.6% -EPS (Q3): $0.23 vs. $0.73 last year. -EPS Decline (Y-o-Y): -68.5% -Analysts Estimate: $0.58 -Revenue (Q3): $1.63 Bln vs. $2.29 Bln last year. -Revenue Change (Y-o-Y): -28.8%