Tesco Corporation (NASDAQ:TESO) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Tesco Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 40.54% to $0.22 in the quarter versus EPS of $0.37 in the year-earlier quarter.
Revenue: Decreased 16.61% to $127.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Tesco Corporation reported adjusted EPS income of $0.22 per share. By that measure, the company missed the mean analyst estimate of $0.25. It beat the average revenue estimate of $126.22 million.
Quoting Management: Julio Quintana , TESCO’s Chief Executive Officer, commented, “Despite challenges created by lower North America rig activity, we are satisfied with our result for the first quarter of 2013. Our Tubular Services business increased in the Asia Pacific region, North America , and Latin America for automated offerings. This has resulted in improvements in both revenue and operating income during the first quarter of 2013 as compared to the first and fourth quarters of 2012. However, our Top Drive business has been negatively impacted by the slowdown in North America. Our Top Drive strategy to shift our focus to international markets, especially to Russia , the Middle East , and Latin America, has partially offset the decline we experienced in North America. Today, our Top Drive backlog stands at 18 units. With the increased focus on our base businesses and continuous improvement in our operational efficiency, we are ready to meet the challenges and opportunities in 2013.”
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