Tesco Q4 Profit Plummets - Quick Facts

(RTTNews) - Tesco Corp. (TESOF, TESO) reported a plunge in fourth-quarter 2013 GAAP net income to $5.5 million or $0.14 per share, from $13.3 million, or $0.34 per share, last year.

Adjusted net income for the recent quarter totaled $8.7 million, or $0.22 per share. On average, 9 analysts polled by Thomson Reuters expected earnings per share of $0.30 for the quarter. Analysts' estimates typically exclude one-time items.

This excludes the after-tax impact of foreign currency translation losses, of $2.3 million, or $0.06 per share mainly from Latin American currency devaluations, and certain severance charges of $0.9 million, or $0.02 per shares, but includes the after-tax impact of a sequential quarterly swing in allowance for doubtful accounts in Latin America and The Middle East of $1.3 million or $0.03, higher legal fees for patent defense of $0.4 million, or $0.01 per share and $0.6 million, or $0.02 per share, due to drilling delays from severe North-American weather and Iraqi disruptions, according to the company.

Quarterly revenue stood at $136.9 million, compared with $137.6 million in the comparable period in 2012. Six analysts estimated revenues of $133.10 million for the quarter.

In addition, TESCO's Chief Executive commented, "Given year over year 2013 declining drilling activity levels in North America, we look forward to a more stable and improving market in 2014."