HOUSTON (AP) — Tesco Corp. said Monday that its first-quarter net income fell 39 percent, hurt by reduced rig activity in North America.
The Houston company, which provides technology and services for oil and natural gas drilling, earned $8.8 million, or 22 cents per share, for the three months ended March 31. That compares with $14.5 million, or 37 cents per share, a year ago.
Analysts polled by FactSet expected earnings of 25 cents per share.
Revenue fell 17 percent to $127.1 million from $152.4 million as results weakened in the top drives division because of a drop in the number of units sold and fewer fleet operating days.
But the performance still topped the $126.9 million that Wall Street expected.
Tesco shares finished at $12.71 on Friday. They have traded in a 52-week range of $8.70 to $16.21.