HOUSTON (AP) _ Independent Contract Drilling Inc. (ICD) on Thursday reported a first-quarter loss of $ 414,000, 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 2 cents.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 7 cents per share.
The provider of drilling services for oil and natural gas producers posted revenue of $ 22.5 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $ 20.9 million.
The company’s shares closed at $ 4.16. A year ago, they were trading at $ 7.91.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ICD at http://www.zacks.com/ap/ICD
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Keywords: Independent Contract Drilling, Earnings Report
