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Nine Energy: 1Q Earnings Snapshot

HOUSTON (AP) _ Nine Energy Services Inc. (NINE) on Tuesday reported first-quarter net income of $17.3 million.

The Houston-based company said it had profit of 59 cents per share. Earnings, adjusted for non-recurring costs, were 76 cents per share.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.

The oilfield services company posted revenue of $229.7 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $229.5 million.

For the current quarter ending in July, Nine Energy said it expects revenue in the range of $220 million to $230 million.

Nine Energy shares have declined roughly 10% since the beginning of the year. The stock has decreased 32% in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NINE at https://www.zacks.com/ap/NINE