Chesapeake Energy 2nd-quarter profit falls 68 percent, misses estimate

Chesapeake Energy Corp. (CHK) on Wednesday reported net income that declined by 68 percent in its second quarter, and missed analysts' expectations.

The Oklahoma City-based company said its net income after preferred stock dividends fell to $145 million, or 22 cents per share, from $457 million, or 66 cents per share, in the same quarter a year ago.

Earnings, adjusted for one-time gains and costs, came to 36 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.

The natural gas company said revenue rose 10 percent to $5.15 billion from $4.68 billion in the same quarter a year ago, and missed Wall Street forecasts. Analysts expected $1.73 billion, according to Zacks.

Chesapeake Energy shares have risen 29 cents, or 1.5 percent, to $26.06 since the beginning of the year, while the Standard & Poor's 500 index has climbed 3.9 percent. The stock has increased $1.96, or 8.1 percent, in the last 12 months.