Lafayette-based Stone Energy Corp.’s first-quarter earnings rose to $51 million, or $1.03 per share, compared to net income of $39.8 million, or 81 cents per share, a year earlier.

Stock analysts surveyed by Thomson Reuters had estimated earnings of $1.06 per share.

The oil-and-gas company’s revenue increased to $244.1 million, compared to $199.2 million in the first quarter of 2011.

Stone’s daily production was the equivalent of 41,000 barrels or oil or 246,000 cubic feet of natural gas, an increase of 13 percent over year-ago levels.

In a news release, Stone Chief Executive Officer David Welch said the company benefited from diversifying its asset base, increased production from deep-water, deep-gas wells and the Marcellus shale.

Stone also issued $300 million in convertible notes during the quarter. The debt and increased production create “a stable financial base” that will allow the company to grow through exploration and acquisitions, Welch said.