UPDATE 2-Superior Well narrows Q1 loss, sees better pricing
* Q1 loss $0.31/shr vs est loss $0.34/shr
* Rev rises to $123.3 mln vs est $108.5 mln
* Sees continued improvement in pricing
* Shares rise as much as 11 percent (Adds details, analyst comments; updates share movement)
By Vinay Sarawagi
BANGALORE, May 6 (Reuters) - Superior Well Services Inc SWSI.O narrowed its first-quarter loss and beat market estimates, as the oilfield services company's fleet utilization went up on continued improvement in the U.S. land rig count, sending its shares up as much as 11 percent.
The company expects higher pricing due to current levels of drilling. The latest Baker Hughes drilling data showed the gas rig count rose by two after declining by 17 in the previous report. [ID:nN30105436]
"In 2010, we began to see improved pricing in certain of our operating regions and anticipate that pricing will continue to improve across operating regions," the company said in a statement.
Shares of the company rose to a high of $14.70 Thursday morning before shedding some gains to trade up 6 percent at $13.98 on Nasdaq.
"Shares are responding to a reasonably good result, it wasn't a blow-up but it was reasonably good", BMO Capital Markets analyst Michael Mazar said.
"You will see continued modest ramp-up in activity levels in coming quarters and stronger pricing, which has started happening through Q1".
For the first quarter, the company narrowed its net loss by 40 percent to $8.7 million, or 31 cents a share. Analysts on average had expected a loss of 34 cents, according to Thomson Reuters I/B/E/S. [ID:nASA00BQ3]
Superior Well's stimulation revenue increased 17 percent to $92.8 million. The company posted a 23 percent sequential increase in its activity levels. (Reporting by Vinay Sarawagi in Bangalore; Editing by Maju Samuel, Don Sebastian)
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