C&J Energy Services, Inc. (CJES) reported a decline in net income, despite an increase revenue to $25.1 million, or $0.46 per share, for the first quarter of 2013, from $49.4 million, or $0.92 per share, in the first quarter of 2012.
The latest quarter result was offset by an increase in direct costs compared to the same quarter prior year.
On an adjusted basis, profit for the first quarter totaled $35.2 million, or $0.65 per share, while Analysts polled by Thomson Reuters expected the company to report a profit of $0.55 per share. Analysts' estimates typically exclude special items.
Meanwhile, total revenue for the first quarter of 2013 was $276.1 million, an increase of 15% from $236.1 million for the same quarter of 2012.
The company said the increase in revenue was attributable to four newly acquired wireline businesses, as well as the addition of hydraulic fracturing and coiled tubing equipment. Analysts expected to see revenues of $288.31 million for the quarter.
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