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Superior Energy Q2 adjusted earnings fall

Superior Energy Q2 adjusted earnings fall

Write: Eris [2011-05-20]
July 28 - Oilfield services company Superior Energy Services Inc (SPN.N) reported lower adjusted quarterly earnings that missed market expectations, hurt by a fall in demand for production-related services and rental tools, especially in the domestic land market.

Reduced contribution from the company's platform recovery project in the Gulf of Mexico also impacted the quarterly results, Superior said.

For the second quarter, the company posted a net loss of $68.9 million, or 88 cents a share, compared with net income of $71.4 million, or 86 cents a share, in the year-ago quarter.

Adjusted earnings for the quarter were $27.6 million, or 35 cents a share, compared with adjusted earnings of $81.5 million, or 98 cents a share, in the same quarter last year.

Total revenue fell 21 percent to $361.2 million.

Analysts, on average, were expecting earnings of 44 cents a share, before ietms, on revenue of $394.1 million, according to Reuters Estimates.

Shares of the company closed at $18.24 Tuesday on the New York Stock Exchange. They were down 4 percent at $17.49 in trading after the bell.