Superior Energy Profit Rises, Tops Estimate

(RTTNews) - Superior Energy Services Inc (SPN), a provider of oilfield services and equipment, Wednesday reported a better-than-expected increase in second-quarter profit, helped by growth at drilling products and services as well as technical solutions segments.

CEO David Dunlap said: "Our second quarter results exceeded our expectations. We posted strong incremental operating margins in three of our four segments, primarily due to ongoing increases in U.S. land activity."

The Houston, Texas-based company posted quarterly net earnings of $75 million or $0.47 per share, compared with $68.6 million or $0.43 per share last year.

On average, 22 analysts polled by Thomson Reuters projected earnings of $0.41 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter was $1.11 billion, compared with $1.09 billion in the prior year.

Analysts projected revenue of $1.14 billion for the quarter

Drilling products and services segment revenue climbed 10 percent from the prior-year quarter, while onshore completion and workover services segment revenue was flat.

Production services segment revenue slid 7 percent, while technical solutions segment revenue gained 18 percent.

Superior Energy stock closed Wednesday at $34.49, down $0.06 or 0.17%, on a volume of 1.7 million shares on the NYSE.