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Forbes Energy (FES) Misses Q4 EPS by 6c

March 27, 2015 9:09 AM EDT

Forbes Energy (NASDAQ: FES) reported Q4 EPS of ($0.19), $0.06 worse than the analyst estimate of ($0.13). Revenue for the quarter came in at $111.7 million versus the consensus estimate of $112.67 million.

"The fourth quarter of 2014 ended what was a relatively stable year for Forbes. Revenue performance trended up from first quarter through third quarter, and slipped just slightly in the fourth quarter as oil prices slid and customers responded by reducing activity levels," commented John Crisp, president and chief executive officer of Forbes Energy Services. "By November, we began to see the impact on our Well Servicing segment utilization, while our Fluid Logistics segment utilization maintained its balance through year end. Fluid Logistics segment revenue fell however due to declines in product and skim oil sales."

"We expect pricing pressure will continue throughout the year. As in the past, we've responded to this depressed business environment with the necessary reductions in labor and supply costs, operational adjustments and a revised capital expenditure plan. Our liquidity is well structured and our debt manageable. We are very experienced in managing through these cycles and believe we are in a good position to withstand the year ahead."

For earnings history and earnings-related data on Forbes Energy (FES) click here.



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