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February 28, 2014
05:36 EDTTESOTesco reports Q4 adjusted EPS 22c, consensus 30c
Reports Q4 revenue $136.9M, consensus $133.1M. Julio Quintana, TESCO's CEO, commented, "Given year over year 2013 declining drilling activity levels in North America, we look forward to a more stable and improving market in 2014. With strengthening activity in our international business units, our Tubular Services business enjoyed the highest annual revenue in the company's history and exceeded 4,000 automated jobs in the year. Although our Top Drive business has continued to be negatively impacted by the decreased active rig count in North America, our Top Drive strategy to shift to international markets, especially to Russia and Latin America, has partially offset the decline we experienced in North America. Today, our Top Drive backlog which stands at 39 units compares favorably to our Q3 backlog of 26 units. Finally, we are particularly proud of our improvement in our balance sheet where cash grew year on year from $22M to $97M as a result of greater focus on optimizing working capital; a key aspect of our Tesco 3.0 quality initiative. With the increased focus on our base businesses and continuous improvement in our operational efficiency, we are well positioned to meet the challenges and opportunities for 2014 and beyond."
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