Posted: Oct 14, 2013 5:14 AM
Updated: Oct 14, 2013 5:14 AM
HOUSTON (AP) Superior Energy Services anticipates its third-quarter earnings will come in below Wall Street's expectations, as the period was hurt by lower pricing and lower customer demand for some of its services.
The oilfield services company said Monday that it foresees earnings in a range of 39 cents to 41 cents per share.
Analysts surveyed by FactSet predict earnings of 50 cents per share.
Superior Energy Services Inc. said that some of its U.S. land services were used less. These include its fluid management in the onshore completion and workover services segment and coiled tubing, remedial pumping and other production-related services in the production services unit.
CEO David Dunlap said in a statement that the U.S. land horizontal rig count has been flat and that continued to hurt pricing and margins for several related services it offers for rig completions and production.
The Houston company also announced that its board approved the repurchase of up to $400 million of its shares by Dec. 31, 2015.
Superior Energy Services expects to report its third-quarter financial results on Oct. 24.
Superior Energy Services finished at $25.87 in on Friday. They have fallen 11.5 percent since finishing at $29.22 in mid-May.