Forest Oil Corp. said Monday its swung to a second-quarter loss due in part to charges related to derivative instruments and investments, but adjusted figures beat Wall Street's expectations.
For the three months ended June 30, the company posted a loss of $68 million, or 78 cents per share, compared with a profit of $76.8 million, or $1.08 per share, in the year-ago period.
Excluding certain items, including unrealized losses related to recording derivative instruments and investments, profit was $135.1 million, or $1.54 per share.
Revenue more than doubled in the period to $515.2 million from $254.7 million in the second quarter of 2007.
Analysts polled by Thomson Financial expected, on average, earnings of $1.51 per share on revenue of $456.1 million for the period.
"We expect to continue to see the trend of solid production growth while controlling cash costs throughout the remainder of the year," President and Chief Executive H. Craig Clark said in a statement.
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