Storms weigh on BJ Services fiscal 4Q earnings

BJ Services estimated its profit at 55 cents to 57 cents a share on revenue of approximately $1.53 billion for the quarter ended Sept. 30.

The preliminary results also include a goodwill impairment charge of $6.1 million, or 2 cents per share, related to its Russia operations.

Analysts surveyed by Thomson Reuters forecast profit of 56 cents a share on revenue of $1.44 billion. Analyst estimates typically exclude one-time items.

BJ Services earned $189.4 million, or 64 cents a share, on revenue of $1.28 billion in the year-ago quarter.

BJ Services said it incurred property damage and repair costs of approximately $1 million pretax from Tropical Storm Edouard and Hurricanes Ike and Gustav. The company estimates that revenue was approximately $18 million to $20 million lower than it would have been because projects and jobs were delayed or canceled due to the storms.

The company is scheduled to report its full results on Oct. 30.

BJ Services stock advanced 90 cents, or 7.2 percent, to $13.47 in premarket activity. The stock has ranged from $8.93 to $34.94 over the past year.