Frank's International (FI) Misses Q2 EPS by 13c, Reduces Dividend
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Frank's International (NYSE: FI) reported Q2 EPS of ($0.14), $0.13 worse than the analyst estimate of ($0.01). Revenue for the quarter came in at $120.9 million versus the consensus estimate of $140 million.
On July 22, 2016, the Board of Managing Directors of the Company (the “Management Board”), with the approval from the Board of Supervisory Directors of the Company (the “Supervisory Board”), and jointly with the Management Board, (the “Boards”), approved a plan to reduce the Company’s quarterly dividend to $0.075 per share in response to deteriorating market conditions, particularly demand for our services offshore, in order to preserve capital to invest in growth opportunities.
The new $0.075 dividend (subject to applicable Dutch dividend withholding tax), will be payable on September 16, 2016 to all common stockholders of record as of August 31, 2016. Future declarations of dividends and their record and payment dates, if any, are subject to the final determination of the Boards. However, the Company believes that the reduced dividend level is appropriate and sustainable for the trough of the current cycle.
For earnings history and earnings-related data on Frank's International (FI) click here.
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