Forbes Energy Services Misses Q3 Expectations; Shares Down 17%, Earlier Touched 52-Week Low

By Staff,

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Forbes Energy Services ( FES ) shares are down 17% at around $2 and earlier touched a 52-week low of $1.80. Late Monday the company reported net income of $486,000, or $0.28 per diluted share, on revenue of $2.81 million for the second quarter of fiscal 2013, ended September 30, 2012. This compares to net income of $728,000, or $0.43 per diluted share, on revenue of $2.55 million for the quarter ended September 30, 2011.Analysts had forecast the company would earn $0.10 per share on revenues of $120.48 million.

Revenues from U.S. Operations decreased 4.6% to $114.3 million in the third quarter of 2012 as compared to $119.8 million in the second quarter of 2012, and decreased 1.2% from the $115.8 million reported in third quarter of 2011.

Analysts had expected $0.10 per share and $120 million in revenues.

In addition, the company announced that it would voluntarily delist from the Toronto Stock Exchange and focus on its NASDAQ listing.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: FES

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