HOUSTON (AP) _ Callon Petroleum Co. (CPE) on Wednesday reported first-quarter net income of $39.7 million, after reporting a loss in the same period a year earlier.

The Houston-based company said it had net income of 64 cents per share. Earnings, adjusted for non-recurring costs, came to $3.43 per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $3.28 per share.

The independent oil and gas company posted revenue of $777.2 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $578.2 million.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CPE at https://www.zacks.com/ap/CPE

Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News