RigNet (RNET) Posts Cash EPS of $0.52

RigNet (NASDAQ: RNET) reported Q1 cash EPS of $0.52, which may not compare to the analyst estimate of $0.06. Revenue for the quarter came in at $62.3 million versus the consensus estimate of $58.91 million.

Marty L. Jimmerson, interim chief executive officer and president, commented, “During the first quarter, our managed services business performed well despite continuing difficult market conditions. We will continue to focus on reducing costs and providing the same best-in-class and high quality services to the energy industry during this down cycle, which we expect to continue in the near term. We are pleased with the accomplishments achieved to date regarding expanding our service offerings to the maritime and channel sales verticals. While not significant today we are encouraged with the opportunities that we see ahead of us in these two markets. Finally, we are pleased to have resolved the contractual dispute with our TSI customer, resulting in improvements to our revenue and earnings during the quarter and look forward to concluding this project in the second quarter of 2016.”

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

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