HOUSTON (AP) -- Superior Energy Services Inc. said Wednesday that its second-quarter profit will be smaller than analysts had expected because of downtime while it repositioned equipment.
The oilfield services company said it now expects to earn 42 cents to 44 cents per share for the second quarter. Analysts surveyed by FactSet had been expecting a profit of 50 cents per share.
The company moved pressure pumping equipment from north Texas to supplement operations elsewhere. CEO David Dunlap said it made the move because of its strategy of seeking profit margins more than market share. It also dealt with flooding in North Dakota and had other delays.
Superior said it will release full results after markets close on July 29.
Shares of Superior fell $1.06, or 4 percent, to $26.05 in morning trading.