McMoRan Exploration (MMR) Reports Bigger Than Expected Loss

McMoRan Exploration Co. (NYSE: MMR) surprised Wall Street on Monday morning when it announced a much bigger than expected loss.

McMoRan Exploration Co. reported a 1st quarter loss of $66 million, or 74 cents per share, compared to a loss of $63 million, or 90 cents per share, a year earlier.

Although revenue rose to $132.5 million, up from $97.4 million a year earlier, McMoRan Exploration's loss was much greater than Wall Street expected.

According to a poll of analysts by FactSet Research, the Wall Street consensus estimate called for a loss of 8 cents per share, on revenue of $131.7 million.