HOUSTON (AP) _ Independent Contract Drilling Inc. (ICD) on Friday reported a loss of $35 million in its fourth quarter.
On a per-share basis, the Houston-based company said it had a loss of 47 cents. Losses, adjusted for asset impairment costs and non-recurring costs, came to 10 cents per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 9 cents per share.
The provider of drilling services for oil and natural gas producers posted revenue of $45.3 million in the period.
For the year, the company reported that its loss widened to $60.8 million, or 81 cents per share. Revenue was reported as $203.6 million.
The company's shares closed at 41 cents. A year ago, they were trading at $3.20.