Thursday, oilfield services provider Superior Energy Services Inc. (SPN), reported higher fourth-quarter earnings, helped by a 19% revenue growth. The company's quarterly earnings per share came in above market expectations.
The New Orleans, Louisiana-based company reported net income for the fourth quarter of $85.8 million or $1.09 per share, up from $72.0 million or $0.88 per share in the same quarter last year.
Excluding items, adjusted net income was $85.9 million or $1.10 per share for the fourth quarter.
On average, eight analysts polled by Thomson Reuters expected the company to earn $0.99 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter increased 19% to $491.8 million from $413.9 million in the comparable quarter last year. Analysts expected the company to report revenue of $482.08 million for the quarter.
Well Intervention segment revenue was $304.4 million, an increase of 60% over the fourth quarter of 2007. Rental tool segment revenue increased 9% to $149.2 million over the last year quarter, and Marine segment revenue rose 25% to $38.1 million year-over-year.
Total cost of services, rentals and sales grew to $235.47 million from $177.19 million in the year-ago quarter.
Income from operations increased to $131.33 million from $116.48 million in the fourth quarter of 2007.
For the full year, net income was $361.72 million or $4.45 per share, up from $281.12 million or $3.41 per share last year.
Total revenues for the full year increased to $1.88 billion from $1.57 billion a year ago.
Analysts were looking for earnings of $3.99 per share on revenues of $1.87 billion for fiscal 2008. SPN closed Thursday's regular trading session at $14.98, up $0.31 or 2.11% on volume of 906 thousand shares.
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