Allis-Chalmers Energy Inc. said on Tuesday that it lost $10.3 million in the third quarter as the oilfield services provider dealt with a drop in rig count, falling equipment usage, and pricing.
The company said its loss for the quarter that ended Sept. 30 worked out to 14 cents per share. During the same period a year ago it made a profit of $12.3 million, or 35 cents per share.
Revenue fell 32.7 percent to $120 million, from $178.3 million a year ago.
Analysts surveyed by Thomson Reuters had been expecting, on average, a loss of 13 cents per share on revenue of $116.5 million.
Chairman and CEO Micki Hidayatallah said revenue rose 6.7 percent compared to the second quarter, and the company has seen a slight increase in utilization in its oilfield services segment. Cost-cutting measures are helping too, he said.
Allis-Chalmers Energy shares fell 21 cents, or 6.1 percent, to $3.25 in afternoon trading.