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Tesco Missed Q1 Estimates, Top Line Up 22.6% YoY

Financial News Network
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May 06, 2011 AT 1:47 PM
Tesco (NASDAQ:TESO) reported Q1 EPS of $0.13, missing consensus estimates of $0.16 per share. Revenues for the quarter rose 22.6% year-over-year to $105.6 million, missing consensus estimates of $120.0 million.Julio Quintana, TESCO's Chief Executive Officer, commented "Our top drive business continued to shine in the first quarter. While revenues were down sequentially from the fourth quarter, our top drive backlog grew nicely during the quarter. We ended the quarter with a backlog of 43 units. We also had a strong quarter in top drive rentals; in fact the highest quarterly rental revenue in our history. Our tubular services margins also improved from the fourth quarter despite reduced activity in North America due to severe weather. We continue to believe that we are well positioned to take advantage of an improving market in 2011."