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BRIEF-TESCO Corporation reports Q4 revenue $35.3 million
February 28, 2017 / 11:20 AM / 7 months ago

BRIEF-TESCO Corporation reports Q4 revenue $35.3 million

Feb 28 (Reuters) - TESCO Corp

* TESCO Corporation reports fourth quarter 2016 results

* Q4 adjusted loss per share $0.28 excluding items

* Q4 GAAP loss per share $0.43

* Q4 revenue $35.3 million versus I/B/E/S view $31 million

* Q4 earnings per share view $-0.35 -- Thomson Reuters I/B/E/S

* TESCO-While North America rig count is expected to continue to increase during 2017, weakness in international and offshore markets is anticipated to continue

* TESCO- See some opportunities to start to increase pricing in North America, however prevalent overcapacity to likely limit pricing power throughout 2017

* TESCO- In Q1 of 2017, products revenue is expected to be higher sequentially from higher new top drive sales

* Tesco- In Q1 of 2017, products adjusted operating loss is expected to be approximately flat sequentially

* TESCO Corp - Adjusted EBITDA loss is expected to be slightly higher sequentially in Q1

* TESCO Corp - Also expect cash levels to decline due to operating losses, U.S. property taxes and restructuring payments in Q1

* TESCO Corp - “Committed to additional restructuring actions starting in Q4 to reduce our fixed cost structure” Source text for Eikon: Further company coverage:

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