Superior Energy Services Inc. (NYSE:SPN) delivered a profit and met Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Superior Energy Services Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 43.66% to $0.40 in the quarter versus EPS of $0.71 in the year-earlier quarter.
Revenue: Rose 17.44% to $1.14 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Superior Energy Services Inc. reported adjusted EPS income of $0.40 per share. By that measure, the company met the mean analyst estimate of $0.40. It missed the average revenue estimate of $1.15 billion.
Quoting Management: David Dunlap, President and CEO of the Company, commented, “Our first quarter results came in at the midpoint of our expectations. Lower general and administrative expense partially offset lower gross profit and higher depreciation. Our goal has been to both reduce and defer expenditures until we see indications of increased drilling and completion activity in the U.S. land markets. For example, we limited our capital additions to $130 million for the quarter, well under our originally planned $200 million.”
Key Stats (on next page)…