BJ Services 3Q profit down 17 percent |
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Tue, 30 Oct 2007 12:54
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HOUSTON (AP) - Oilfield services provider BJ Services Co. said Tuesday its fiscal fourth-quarter profit fell 17 percent largely on restructuring and other charges.Net income for the three months ended Sept. 30 fell to $189.4 million, or 64 cents per share, from $228.6 million, or 76 cents per share, during the same period a year earlier.BJ Services said its international pressure pumping operations were stung by 'a number of unexpected charges to account for restructuring and balance sheet adjustments.' The company did not break out individual figures for the adjustments, but said it expects the segment's margins to improve in fiscal 2008.Total operating expenses rose 13.4 percent to $993.1 million.In Mexico and the U.S., falling prices offset a small increase in activity, while Canadian operations 'continued to be depressed from the prior year,' the company said.BJ Services still beat Wall Street estimates. Analysts expected earnings of 60 cents per share, on average, according to a poll by Thomson Financial.Quarterly revenue rose to $1.28 billion, compared with $1.22 billion a year earlier. Analysts forecast revenue of $1.21 billion.For the full year, the company reported net income of $753.6 million, or $2.55 per share, compared with $804.6 million, or $2.52 per share, last year. Revenue rose to $4.8 billion, from $4.37 billion a year ago.Wall Street estimated full-year earnings at $2.51 a share with revenue of $4.74 billion.BJ Services shares fell 44 cents to $24.90 in premarket trading after closing at $25.34 on Monday.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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