Expand Energy Tops Earnings Estimates as Higher Gas Prices Lift Results

Expand Energy reported stronger-than-expected quarterly results as rising natural gas prices and increased output boosted earnings.

(Reuters) — U.S. natural gas producer Expand Energy beat Wall Street estimates for first-quarter profit on April 28, helped by higher output and stronger commodity prices.

Shares of the company were up 1.4% in extended trading.

U.S. natural gas futures averaged $4.29 per million British thermal units (btu) in the January to March quarter, up more than 8% from a year earlier, lifted by a brief January surge in spot prices during Winter Storm Fern, with geopolitical tensions providing only limited additional support.

The average realized price of natural gas was $4.28 per thousand cubic feet (Mcf), compared with $3.51 Mcf a year earlier.

The company posted an adjusted profit of $3.83 per share for the quarter ended March 31, compared with the analysts' average estimate of $3.64 per share, according to data compiled by LSEG.