Vanguard Natural Resources Q3 Profit Soars, Beats View - Quick Facts

(RTTNews) - Vanguard Natural Resources, LLC (VNR) Monday reported third-quarter net income attributable to common and Class B unitholders of $109.15 million or $1.30 per unit, up from $1.88 million or $0.02 per unit in the same period last year.

Adjusted earnings for the quarter were $27.92 million or $0.34 per unit, compared to $22.60 million or $0.29 per unit in the year-ago period. On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.28 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter grew to $236.94 million from $103.80 million in the same period last year. Analysts expected revenues of $159.88 million.

The company's reported average production of 322 MMcfe per day in the quarter increased 52 percent from 211 MMcfe per day produced in the year-ago period.

Scott Smith, President and CEO of Vanguard Natural Resources, said, "During the quarter we were very active in the acquisition market with the closing of both the Hunt and Barrett transactions. These natural gas weighted acquisitions are projected to increase our overall production by more than 25% and should have a meaningful impact on our cash flows in the 4th quarter and beyond."

The company currently anticipates a total capital expenditures budget for the remainder of 2014 to range between $25.0 million and $30.0 million, excluding any potential future acquisitions.