BJ Services lowers earnings guidance
BJ Services (BJS) revised earnings guidance due to lower-than-previously-expected activity levels in several geographic regions, and now expects to earn 23 cents to 25 cents a share for its second quarter ending March 31, stated a press release.
The company said it had expected to report second quarter earnings of 30 cents to 32 cents a share. A Thomson Financial/First Call survey of 24 analysts produced a mean earnings estimate of 29 cents a share for the company's second quarter.
The pressure pumping services provider earned $80.75 million, or 96 cents a diluted share, on revenue of $549.7 million for its year-ago second quarter ended March 31 .
"Drilling activity has fallen faster and somewhat deeper than expected in the U.S. market," Chairman and Chief Executive J. W. Stewart said. “Program delays in Saudi Arabia have likewise adversely impacted the quarter's results," he added.
BJ Services plans to report its second quarter results April 24 , and plans to update its earnings estimates for the balance of the fiscal year at that time. — (menareport.com)
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