Shares of Evolution Petroleum Corp (NYSE:EPM) tumbled more than 23% Wednesday afternoon after the company posted lower fiscal fourth-quarter revenue.
The oil and natural gas company reported revenue of $18.2 million, down 57% year-over-year, in the quarter ended June 30.
Earnings were flat on a per-share basis, compared to $0.44 per share in the year-ago quarter.
Analysts had projected earnings of $0.07 per share on revenue of $20.3 million.
CEO Kelly Loyd acknowledged “a challenging fiscal fourth quarter that was impacted by much lower quarter over quarter price realizations and extended downtime and maintenance across multiple fields,” in a statement.
“It was a year of transition that saw EPM strengthen its team of highly valued professionals, fully integrate and absorb previous acquisitions, and focus on process, setting the company and our shareholders up for future success,” Loyd added.
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