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Name | Symbol | Market | Type |
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Mul - Lyxor Msci Russia Ucits Etf - Acc | BIT:RUS | Italy | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
DOW JONES NEWSWIRES
BJ Services Co.'s (BJS) fiscal first-quarter net income dropped 13% despite increased revenue as margins were hurt by lower commodity prices, which are expected to dampen oil-and-gas drilling activity.
Chairman and Chief Executive Bill Stewart noted the expectations for lower U.S. drilling activity this year, saying the company is "taking appropriate measures" including cutting capital spending by 20% to 25% this year.
The supplier of pumps and piping services to the energy industry reported net income of $149.2 million, or 51 cents a share for the quarter ended Dec. 31, down from $172.2 million, or 58 cents a share, a year earlier. The company in October projected 48 cents to 51 cents. The latest quarter included a 5-cent pension charge.
Revenue rose 11% to $1.43 billion from $1.3 billion, mathching analysts' expectations.
Operating margins fell to 15.4% from 19.7%.
Oilfield-services revenue increased 13%, led by the completion fluids segment which benefitted from increased fluid sales in Mexico. The U.S. and Mexican pressure pumping operations reported a 10% increase as higher volumes more than offset lower prices, though the latter hurt margins.
Schlumberger Ltd (SLB), the first oilfield-services company to report results Friday, posted its first year-on-year decline in quarterly net income since 2003, noting that producers are slashing spending on oilfield services faster and deeper than in past downturns.
BJ shares closed at $11.92 on Wednesday, and there was no pre-market trading. The stock has fallen two-thirds the past six months.
-By Shirleen Dorman, Dow Jones Newswires; 201-938-2310; shirleen.dorman@dowjones.com
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