RigNet (RNET) Misses Q4 EPS by 9c

RigNet (NASDAQ: RNET) reported Q4 EPS of $0.03, $0.09 worse than the analyst estimate of $0.12. Revenue for the quarter came in at $52.19 million versus the consensus estimate of $60 million.

Due to an ongoing contract dispute related to a TSI segment percentage of completion project, the Company recorded negative income adjustments of $15.6 million during the quarter. These adjustments include negative revenue adjustments of $9.6 million and project costs and accruals of $6.0 million. We expect the project to conclude in the second quarter of 2016. Estimated remaining project completion costs are $2.2 million.

For earnings history and earnings-related data on RigNet (RNET) click here.

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