3Q Earnings Miss For Newpark Resources

Newpark Resources

reported lower than expected 3Q results according to Jefferies & Co., which has published a research report on the company following 3Q results. In the report, Jefferies writes "Newpark reported 3Q EPS of $0.09 versus our $0.12 estimate and the Consensus estimate of $0.11. Evolution drilling fluid share deterioration in the mainstay Haynesville Shale and a lack of sales into new geographies weighed heavily on results and on the shares Friday. Revenues Light - NR reported total revenues of $179.3 million, 1.9% below our model and off 1.1% from the previous quarter. The main Fluid Systems and Engineering segment posted $148.1 million in sales, 5% below our forecast and down almost 2% sequentially as business waned in the key Haynesville shale market." Jefferies maintains its Hold rating and has lowered the price target from $10 to $7. Newpark Resources closed Friday at $5.88.