Forbes Energy Reports Loss Yet Again - Analyst Blog
2013年5月17日 - 6:00PM
Zacks
Forbes Energy Services Ltd. (FES), an
oilfield services contractor, reported sequentially improved
results for the first quarter of 2013, with a loss per share of 13
cents, narrower than the Zacks Consensus Estimate of a loss of 17
cents. Increased pricing pressures coupled with diminishing demand
negatively impacted earnings.
Revenue: In the
first quarter of 2013, total sales for Forbes Energy were $101.7
million, down 22.6% year over year, primarily due to shorter truck
and rig hours. Revenues missed the Zacks Consensus Estimate of
$110.0 million by 7.3%.
Segment Details:
In the reported quarter, revenues from the Well
Servicing segment was recorded at $50.2 million, a
decrease of 4.0% compared with the year-ago quarter. Fewer 24-hour
operational rigs led to the decline.
Revenue from Fluid
Logistics segment came in at $51.6 million, facing a
decline of 34.9% year over year, due to a reduction in truck
hours.
Margins: General
and administrative expenses amounted to $7.3 million, against $10.7
million recorded in the first quarter of 2012. Forbes Energy’s
operating profit margin in the quarter plunged 818 basis points to
3.6% from 11.8% million reported in the year-ago quarter.
Balance Sheet:
Exiting the first quarter 2013, Forbes Energy’s cash and cash
equivalents were approximately $31.2 million, compared with $17.6
million in the previous quarter. Total debt balance stood at $302.5
million against $306.3 million in the preceding quarter.
Outlook: Forbes
Energy believes that it is in line with the $20.0-$23.0 million
capital expenditure guidance issued in the last quarter. The
company also predicts a stable pricing environment in 2013.
Forbes Energy currently carries a
Zacks Rank #3 (Hold). Other stocks worth a look in the oil &
gas equipment & services sector are NSK Ltd.
(NPSKY); carrying a Zacks Rank #1 (Strong Buy) along with
Precision Castparts Corp. (PCP) and
Worthington Industries Inc. (WOR), each carrying a
Zacks Rank #2 (Buy).
FORBES ENERGY (FES): Free Stock Analysis Report
NSK LTD -UN ADR (NPSKY): Get Free Report
PRECISION CASTP (PCP): Free Stock Analysis Report
WORTHINGTON IND (WOR): Free Stock Analysis Report
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