HOUSTON (AP) — Nine Energy Services Inc. (NINE) on Friday reported a third-quarter loss of $20.6 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Houston-based company said it had a loss of 70 cents. Losses, adjusted for non-recurring costs and restructuring costs, were 16 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 25 cents per share.
The oilfield services company posted revenue of $202.3 million in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $209.5 million.
Nine Energy shares have dropped 73% since the beginning of the year. In the final minutes of trading on Friday, shares hit $6, a drop of 83% in the last 12 months.