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What: Shares of Endeavor International (NYSE:END) dropped as much as 16% today after the company reported earnings.
So what: Revenue fell 56% to $36.9 million due to production dropping from 10,724 boe/day last year to 7,980 in the third quarter. Adjusted net loss nearly tripled to $34.7 million, or $0.74 per share, which was well below the $0.27 per share loss analysts expected.
Now what: Maintenance accounted for some of the drop in production but the numbers were still disappointing. Management predicts 12,000-13,000 boe/day next quarter, which would be a big bump, although may not be enough to make a profit. I'm more concerned about the company's losses than just today's miss. Those losses will keep me from buying the stock's discount today.
Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.