Like I said yesterday, KEG is on the move! You could have had it at $8 yesterday...it will go up! KEG is Going to post a sharp increase in first quarter profits, not my words, but straight from the company:
Wednesday September 19, 11:31 am Eastern Time
Key Energy still sees sharp Q1 profit gains
MIDLAND, Texas, Sept 19 (Reuters) - Key Energy Services (NYSE:KEG - news) said on Wednesday it confirms the guidance provided last month showing a sharp increase in fiscal first-quarter earnings.
Based on field activity through Wednesday, Key said, the world's No. 1 well service company is comfortable with its guidance of $74 million to $76 million in EBITDA (earnings before interest, taxes, depreciation, and amortization) and earnings per fully diluted share of 26 to 27 cents per share for its fiscal first quarter, ending Sept. 30.
These estimates do not include any extraordinary items or the affects of adopting FASB 142, which would add about 1 cent per share to earnings in the current quarter, the company added.
Analysts reporting to Thomson Financial/First Call expect Key Energy to earn between 25 and 27 cents per share in the first quarter, resulting in a consensus of 26 cents, up from earnings of 8 cents a share in the first quarter of fiscal 2001.
EBITDA for the fiscal fourth quarter, ended June 30, was about $72.6 million and earnings before extraordinary items was about 25 cents per fully diluted share, Key Energy noted.
The company's stock was down 11.64 percent, or 96 cents, to $7.29 in midday trading on the New York Stock Exchange.
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