Mon May 7, 2012 6:49am EDT
* Q1 adjusted EPS $0.56 vs estimates $0.59
* Q1 revenue $279.5 mln vs estimates $276.1 mln
* Sees Q2 EPS $0.80-$0.90 vs estimates $0.95
May 7 (Reuters) - Oilfield services company Lufkin Industries Inc posted a lower-than-expected quarterly profit on higher costs and forecast weak second-quarter earnings as it expects acquisition-related charges.
The company, which sells and services oilfield pumping units and power transmission products, said it expects to earn 80 cents to 90 cents per share on revenue of $300 million in the second quarter.
It expects to record a charge in the quarter of 16 cents per share.
Analysts, on average, were expecting it to earn 95 cents per share on revenue of $316 million, according to Thomson Reuters I/B/E/S.
For the first quarter, Lufkin reported a profit of $10.9 million, or 34 cents per share, compared with $12.4 million, or 40 cents per share, a year earlier.
Excluding items, the company posted a profit of 56 cents a share.
Revenue rose 44 percent to $279.5 million.
Analysts on average expected the Texas-based company to report a profit of 59 cents a share, on revenue of $276.1 million.
Costs rose 35 percent in the quarter as the company moved equipment to oil-rich basins to benefit from the industry-wide shift.
Lufkin also adjusted its full-year forecast to account for charges related to its $127 million acquisition of UK-based Zenith Oilfield Technology Ltd.
Shares of Lufkin closed at $72.30 on Friday on the Nasdaq.
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