Oilfield service company's year-over-year revenues climbed 3.7 percent.
Frank's International, which went public last year, this week reported net income of $350.8 million revenues of $1.08 billion in 2013. Diluted earnings per share were $1.85 per share with weighted average shares outstanding of 185.5 million. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $438.7 million, including $12.5 million in bad debt expenses.
For the fourth quarter, the company had $282.1 million in revenues and net income of $76.4 million. Diluted earnings per share were 36 cents, with weighted average shares outstanding of 207.3 million. EBITDA was $110.2 million.
Said Keith Mosing, Frank's International's chairman, president and CEO, in announcing the earnings: "2013 was an exciting year for Frank's International. In August we took the company public after 75 years as a family company, and then we finished the year growing revenue by four percent on top of record revenue in 2012. Our fourth quarter results exceeded our own expectations, primarily due to higher than expected offshore work in the Gulf of Mexico and internationally. For 2014, we believe we are well positioned to meet the continued increasing exploration and development activity, specifically offshore."
Revenue was $1.08 billion, up 3.7% year-over-year
International Services revenue was $475.3 million, up 1.7% year-over-year
U.S. Services revenue was $434.9 million, up 2.9% year-over-year
Tubular Sales revenue was $167.5 million, up 12.1% year-over-year
Adjusted EBITDA totaled $438.7 million with Adjusted EBITDA margin of 40.7%
Read the full year and fourth quarter earnings report here.