UPDATE 1-Key Energy posts lower 4th-quarter profit
(Adds CEO comment on outlook, details)
NEW YORK, Feb 27 (Reuters) - Key Energy Services Inc (KEG.N), a provider of oilfield services, on Wednesday reported a lower fourth-quarter profit, hit by increased competition for its pressure pumping unit and higher costs.
The Houston-based company reported a net profit of $33.1 million, or 25 cents per share, compare with $40.5 million, or 31 cents per share, a year ago.
Excluding items, the company earned 30 cents a share, matching analysts' average expectation, according to Reuters Estimates.
Revenue rose to $428.6 million from $408.6 million, largely due to the contribution of an acquisition and recognition of $4.2 million in delayed billing associated with an Argentine customer. That topped Wall Street estimates of $416.9 million.
Chief Executive Dick Alario said the 2008 outlook for the company remains positive.
"Commodity prices continue to be robust which we believe will result in our customers spending more in 2008 than in 2007," Alario said in a statement.
"With signs that new equipment additions are slowing, we believe that our activity levels will improve as growing demand offsets the capacity growth," he added. (Reporting by Bill Berkrot; Editing by Braden Reddall)
