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C&J Energy Services Q4 net income $22.3 million

Staff writer |
C&J Energy Services, Inc. reported net income of $22.3 million, or $0.40 per diluted share, on revenue of $483.5 million for the fourth quarter of 2014.

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And adjusted net income was $30.5 million, or $0.54 per diluted share, after excluding a $4.9 million after-tax ($0.08 per diluted share) charge related to transaction costs associated primarily with the proposed combination of C&J with the completion and production services business of Nabors Industries Ltd.

Adjusted Net Income also excludes a $0.5 million after-tax ($0.01 per diluted share) charge related to an insurance settlement and a $2.7 million tax effect ($0.05 per diluted share) from the enactment of the Tax Increase Prevention Act.

These results compare with net income of $23.8 million, or $0.42 per diluted share, on revenue of $440.0 million for the third quarter of 2014, and Adjusted Net Income of $26.5 million, or $0.47 per diluted share, after excluding a $2.7 million after-tax ($0.05 per diluted share) charge related to the Pending Transaction.

For the fourth quarter of 2013, the Company recorded net income of $7.3 million, or $0.13 per diluted share, on revenue of $265.4 million. Adjusted EBITDA for the fourth quarter of 2014 was $82.3 million, compared to $75.2 million for the third quarter of 2014 and $36.5 million for the fourth quarter of 2013.


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