Tesco (TESO) Misses Q3 EPS by 7c, Offers Outlook

Tesco (NASDAQ: TESO) reported Q3 EPS of ($0.32), $0.07 worse than the analyst estimate of ($0.25). Revenue for the quarter came in at $61.4 million versus the consensus estimate of $65.6 million.

Outlook

Recent declines in commodity prices below $50 per barrel have added additional uncertainty to levels of drilling activity in the fourth quarter of 2015 and in 2016. International rig count is still expected to continue to decline slightly over the rest of the year. Requests for additional pricing concessions in North America have slowed but some additional requests for moderate pricing concessions from international customers are continuing. The Company expects to incur an additional operating loss before restructuring charges in the fourth quarter of 2015.

The Company will remain focused on generating positive EBITDA and free cash flow through spending controls and working capital reductions.

For earnings history and earnings-related data on Tesco (TESO) click here.

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