Tesco Now Projects Q4 Adj. EPS Of $0.10 - $0.15 - Quick Facts

(RTTNews) - Tesco Corp. (TESO), an oil related equipment manufacturer, issued an updated outlook for the fourth quarter of 2014, currently expecting fourth-quarter reported net earnings, excluding the non-recurring charges, to be in the range of $0.10 - $0.15 per share.

The firm does not expect fourth-quarter revenues to improve sequentially and they are now expected to be closer to the first half run rate. Profitability will also be adversely impacted in the fourth quarter as revenue declines faster than costs. Further, it expects to incur certain non-recurring charges involving the recent Russian currency devaluation, warranty reserves and costs associated with executive retirement.

The company now expects to ship around 25-27 top drives in the fourth quarter, and intends to book approximately 15-17 new top drives during the fourth quarter before cancellations.