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RigNet reports 4Q loss

HOUSTON (AP) _ RigNet Inc. (RNET) on Monday reported a loss of $3.7 million in its fourth quarter.

The Houston-based company said it had a loss of 21 cents per share.

The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 7 cents per share.

The communications provider for the oil and gas industry posted revenue of $52.8 million in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $47.9 million.

For the year, the company reported that its loss narrowed to $11.3 million, or 65 cents per share. Revenue was reported as $220.6 million.

RigNet shares have decreased 24 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $17.65, an increase of 39 percent 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 RNET at https://www.zacks.com/ap/RNET


Keywords: RigNet, Earnings Report