Tesco Q2 Results Rise, Top Estimates

(RTTNews) - Tesco Corp. (TESO), an oil related equipment manufacturer, reported Friday that its second-quarter net income of $12.7 million or $0.31 per share, compared to net income of $10.2 million or $0.26 per share in the prior year.

Adjusted net income for the quarter was $11.9 million or $0.29 per diluted share, which excludes the impact of foreign currency gains in Argentina and Venezuela, totaling $0.8 million or $0.02 per share. On average, nine analysts polled by Thomson Reuters expected earnings of $0.28 per share for the quarter. Analysts' estimates typically exclude special items.

Second-quarter revenue was $145.1 million, higher than $129.0 million last year. Analysts projected revenues of $143.08 million.

Adjusted EBITDA increased to $30 million from $25 million last year.

Julio Quintana, TESCO's Chief Executive Officer, said, "We continue to see positive trends for top drive sales and bookings in 2014, and we believe expected new top drive shipments in 2014 could approach 2012 levels, primarily from stronger demand from North American and Asian customers. …. We remain focused on the strategy announced in May, focused on growth with improving profitability which will allow us to make future additional investments while returning cash to shareholders."