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