Reuters: Regulatory News: UPDATE 1-Lufkin posts weak profit on higher costs

Reuters: Regulatory News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Lufkin posts weak profit on higher costs May 7th 2012, 10:49 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. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions