James D. Cole, Newpark's chairman and CEO, stated: "Our third-quarter earnings have been reduced by approximately $0.05 per share as a result of suspension of work and project delays due to adverse weather conditions during the quarter. As a result, reported earnings are expected to be $.01 per share for the quarter, or $.03 below the current analysts' expectations.
"In the Gulf of Mexico market, Hurricanes Frances and Ivan and other tropical systems interrupted operations throughout the market and delayed new project starts during the period. In addition, the unusually wet weather that persisted in western Canada throughout the quarter delayed rig moves and the start of new work. On a positive note, operations in all markets have rebounded to a level consistent with the improvement forecast by the Company for the third quarter and should be demonstrated in Newpark's fourth quarter results," he concluded.
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