Frank's International (FI) Tops Q1 EPS by 2c

April 29, 2015 7:09 AM EDT
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Frank's International (NYSE: FI) reported Q1 EPS of $0.25, $0.02 better than the analyst estimate of $0.23. Revenue for the quarter came in at $277 million versus the consensus estimate of $267.62 million.

“Frank’s International delivered $277 million in revenue during the first quarter, up 5% year-over-year with 36% adjusted EBITDA margins. We are very pleased with these results despite the fact that we are facing both lower prices and activity levels, particularly in our U.S. land market. We have had some success with previously discussed efforts to offset these challenges through upselling of technology and requesting longer-term volume commitments,” said Gary Luquette, Frank’s International’s President and Chief Executive Officer.

“Offshore activity was resilient in the first quarter and we believe it will remain stable throughout 2015, whereas onshore activity levels will continue to be impacted by reduced rig count. While we do not believe we have reached a market bottom or an end to pricing pressures, we have observed fewer requests for discounts, and are optimistic that the worst is behind us.

“Frank’s International has a very strong balance sheet, which positions us to move on opportunities if and when they present themselves. I am confident that the Company is well positioned for the eventual recovery in commodity prices.”

For earnings history and earnings-related data on Frank's International (FI) click here.

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