Calfrac Well Services Ltd. (CFW.TO) posted lower first-quarter net income attributable to shareholders of C$24.6 million or C$0.54 per share, which included a non-cash foreign exchange gain of C$2.4 million, compared with last year's C$70.8 million or C$1.59 per share, which included a primarily non-cash foreign exchange gain of C$13.9 million. On average, 15 analysts polled by Thomson Reuters expected earnings per share of C$0.49 for the quarter. Analysts' estimates typically exclude one-time items.
Excluding foreign exchange gains, net income per share attributable to the shareholders of Calfrac stood at C$0.50 in the period.
Quarterly revenue of C$423.4 million, a decrease of 11 percent from C$474.1 million in the first quarter of 2012 was driven primarily by lower pricing in the United States and Canada. This decline was partially offset by strong growth in Calfrac's Russia operations. Analysts estimated revenues of C$418.13 million for the quarter.
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