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HOUSTON - BJ Services Co., an oilfield services company, said Tuesday its fiscal third-quarter profit fell 16 percent as lower prices at its U.S. pressure pumping operations cut into margins.
| BJS | 10.13 |  1.37 |
For the quarter ended June 30, BJ Services earned $141.8 million, or 48 cents per share, compared with $168.3 million, or 57 cents per share, for the same quarter in 2007.
Revenue rose 15 percent to $1.33 billion from $1.15 billion in the year-ago period.
The results beat Wall Street predictions. Analysts polled by Thomson Financial expected a profit of 40 cents per share on $1.24 billion in revenue.
Operating income as a percentage of revenue fell to 15.6 percent from 22.4 percent in the same quarter last year due to lower pricing at the company's U.S. pressure pumping operations, but company officials said that prices and margins at the business appear to have stabilized.
The company also issued a fiscal fourth-quarter guidance above current Wall Street predictions.
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