UPDATE: Lufkin Posts Weaker-Than-Expected Q2 Profit, Issues Downbeat Q3 Forecast

Lufkin Industries LUFK posted a weaker-than-expected second-quarter profit and issued a downbeat forecast for the third quarter Lufkin projects Q3 earnings between $0.70 per share and $0.80 per share, on revenue between $330 million and $340 million. However, analysts were projecting earnings of $1.09 per share and revenue of $341.21 million. Lufkin's quarterly net income surged to $19.3 million, or $0.57 per share, versus $18.5 million, or $0.60 per share, in the year-ago period. Excluding items, Lufkin earned $0.66 per share, missing analysts' estimates of $0.82 per share. Its revenue jumped 35% to 305.6 million, missing analysts' estimates of $307.7 million. Lufkin shares closed at $59.33 on Friday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: EarningsNewsGuidanceEnergyOil & Gas Equipment & Servicesprofit
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!