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Total Energy gains on better-than-estimated Q1 profit and revenue

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Total Energy Services Inc. (TSE:TOT), a diversified energy services supplier, rose in midday trading after reporting first-quarter profit and revenue that surpassed analysts' expectations.

The shares advanced 2.7 percent to C$21.55 at 2:29 p.m. in Toronto.

Net income jumped 21 percent to C$21 million, or 63 Canadian cents per share, in the three months ended March 31, from C$17.4 million, or 54 Canadian cents per share, a year earlier, the Calgary, Alberta-based company said in a statement today.

Revenue grew 12 percent to C$115.1 million from C$102.9 million.

Analysts on average were modeling earnings of 54 Canadian cents per share on revenue of C$108.9 million.

Cash flow nearly tripled to C$34 million. The increase in cash flow was due to the fact that $15.3 million of income taxes paid in the first quarter of 2013 related to 2012 taxable income, the company said.

Total Energy said it has increased its 2014 capital budget by $14.0 million to $68.0 million.

 

 

 

Quick facts: Total Energy Services

Price: 3.21 CAD

TSX:TOT
Market: TSX
Market Cap: $144.71 m
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