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UPDATE 1-Superior Well Services Q4 loss trails Street view
March 9, 2010 / 11:44 AM / 8 years ago

UPDATE 1-Superior Well Services Q4 loss trails Street view

* Q4 loss 0.58/shr vs est. loss 0.38/shr

* Q4 rev down 41 pct

* Says seeing pricing improvement in 2010

March 9 (Reuters) - Oilfield services company Superior Well Services Inc SWSI.O posted a wider-than-expected fourth-quarter loss, mainly hurt by a fall in its stimulation services unit.

For the fourth quarter ended Dec. 31, net loss was $15.2 million, or 58 cents a share, compared with a profit of $11.9 million, or 48 cents a share, a year earlier.

Revenue fell 40.7 percent to $95.9 million.

Analysts on average were looking for loss of 38 cents, before items, on revenue of $94.0 million, according to Thomson Reuters I/B/E/S.

Revenue from its stimulation services, which accounted for 66 percent of revenue, fell 41.3 percent to $63.6 million.

Chief Executive David Wallace said he expects pricing to continue to improve across operation, depending drilling activity continues at current levels.

“In 2010, we began to see improved pricing in some areas,” Wallace said in a statement.

Shares of the company closed at $17.96 Monday on Nasdaq.

For the alerts, please double-click[ID:nWNAB6909] (Reporting by Arundhati Ramanathan in Bangalore; Editing by Bijoy Koyitty) ((arundhati.ramanathan@thomsonreuters.com; within U.S. +646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arundhati.ramanathan.reuters.com@reuters.net))

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