Headwater Exploration (TSX:HWX) reported quarterly earnings of $0.12 per share which missed the analyst consensus estimate of $0.16 by 25 percent. This is a 42.86 percent decrease over earnings of $0.21 per share from the same period last year. The company reported quarterly sales of $151.080 million which beat the analyst consensus estimate of $141.300 million by 6.92 percent. This is a 7.37 percent decrease over sales of $163.107 million the same period last year.