Adams Resources (AE) Reports Q3 EPS of $0.92; CEO 'Chip' Wilson Comments

Adams Resources & Energy (NYSE: AE) reported Q3 EPS of $0.92, versus $1.70 reported last year. Revenue for the quarter came in at $3.28 million, versus $2.98 million reported last year.

President and Chief Executive Officer, F.T. "Chip" Webster, attributed the current quarter's earnings decline to a pre-tax, non-cash, inventory valuation loss of $4,203,000 as compared to a pre-tax inventory liquidation gain of $851,000 during the third quarter of 2013. Crude oil inventory values declined from an average of $100.63 per barrel as of June 30, 2014 to $86.06 per barrel for the September 30, 2014 valuation. Partially offsetting the inventory variance was the oil and gas segment benefiting from a $2,198,000 pre-tax gain on the sale of certain producing oil and gas properties.

For earnings history and earnings-related data on Adams Resources & Energy (AE) click here.

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