Superior Energy sees 43% year-on-year increase in Q4 net income

26 February 2013 23:47  [Source: ICIS news]

HOUSTON (ICIS)--Superior Energy Services said on Tuesday that its fourth-quarter net income rose by 43% compared with the same period in 2011.

Fourth-quarter net income was $76.3m (€58m) in 2012, compared with $53.3m in 2011. Revenues for the 2012 fourth quarter were $1.2bn, compared with $562.4m in the same period in 2011.

For the full year, the Houston-based oil and gas drilling services company saw a net income of $383.1m, compared with $159.4m in 2011. Full-year revenue for 2012 was $4.6bn, compared with $2bn a year ago.

The company said 2012 results reflect “lower sequential activity in the US land market area, offset by continued strong growth in the international and Gulf of Mexico market areas.”

“While our pressure pumping business experienced a sequential increase in profitability, our overall operating income as a percentage of revenue declined sequentially by just under 3%, primarily due to lower pricing and utilisation for coiled tubing and remedial pumping services, and changes in job mix for hydraulic workover and snubbing, as well as pressure control services,” said CEO David Dunlap.

The company gave 2013 EPS guidance of $1.85-2.35/share, and said it expected to fund capital expenditures of $600m to $700m from operating cash flow.

($1 = €0.76)

Author: ICIS staff

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