Superior Energy Services beats on revenue as drilling products and services segment soars

Superior Energy Services Inc (NYSE:SPN) missed on earnings in its third quarter, but surpassed revenue estimates as its drilling products and services segment jumped double digits.

The oilfield services company reported a net loss of $0.14 per share on revenue of $573.068 million compared with a net loss of $0.39 per share on revenue of $506.03 million in the previous year’s third quarter.

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The Texas-based company fell below Wall Street estimates of a net loss of $0.12 per share, but topped revenue expectations of $563.21 million.

“Our third quarter results demonstrate the value of our geographic diversity and unique cornerstone product lines. In the Gulf of Mexico and US land markets, we realized higher sequential quarterly revenue growth while international activity levels remained stable,” said CEO David Dunlap in the company’s press release.

Superior Energy Services provides oilfield services and equipment to oil and natural gas exploration and production companies in the United States, the Gulf of Mexico, and internationally.

Its US land revenue jumped 20% to $396.8 million compared with revenue of $331.4 million in the previous third quarter.

The Drilling Products and Services segment revenue surged to $99.2 million, a 28% increase from last year’s third quarter revenue of $77.2 million.

Shares of the energy company were down about 4% by Monday’s closing bell and remained flat in after-hours trading.

Contact Lenore Fedow at [email protected]

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Story by ProactiveInvestors