March 18, 2011 / 11:43 AM / 7 years ago

CORRECTED-Flint Energy Q4 profit misses expectation

(Corrects company name in headline, adds million to rev figure in paragraph 4)

* Q4 EPS C$0.02 vs est C$0.19

* Q4 rev C$394.3 mln vs est C$394.7 mln

March 18 (Reuters) - Canadian oilfield service firm Flint Energy Services Ltd’s quarterly profit missed analysts’ expectations, hurt mainly by lower oilsands construction work.

October-December profit fell to C$900,000, or 2 Canadian cents a share, from C$13.8 million, or 32 Canadian cents a share, a year earlier.

Analysts, on average, were expecting the company to earn 19 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Revenue fell 15 percent to C$394.3 million, trailing analysts’ expectations of C$394.7 million.

Fourth quarter saw lower revenues from its facility infrastructure segment as it had completed construction work at Shell Albian Sands, Statoil Leismer and Suncor Forebag oil sands project by the third quarter.

Industry leaders such as Schlumberger Ltd and Halliburton Co have reported better-than-expected profit.

Canada’s largest oil- and gas-well drilling company Precision Drilling Corp also reported a profit that beat estimates, helped by higher drilling activity.

Shares of Calgary-based Flint Services closed at C$18.36 on Thursday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Vyas Mohan)

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