Boston, MA, 03/11/2014 – RigNet Inc (NASDAQ:RNET), which is engaged into providing remote network infrastructure services to the oil and gas segment needs, continues its upward rally post its better-than-expected fourth quarterly results.
A Review Of Fourth Quarter Performance
During the period of three months ending on December 31′ 2013, RigNet Inc (NASDAQ:RNET)’s earnings per share came in at 30 cents per share, surpassing the analyst estimates by 4 cents per share.This net income includes the acquisition costs related to the purchase of Inmarsat’s Energy Broadband business, and excluding these costs, the earnings per share stood at 38 cents per share for the shareholders. At the same time, its revenues grew by over 21% year-over-year to $59.70 million, as against the set target of $57.84 million, mainly on account of increase in number of sites and eventually increased revenue from the added sites.
During the earnings call, RigNet Inc (NASDAQ:RNET) mentioned that the offshore rig communication segment contributed majorly to steer up the earnings and Rignet expects the continued growth in the segment will further fuel the growth of its future earnings. Another highlight of the earnings call was the income tax item, which came over $1 million lower than the previous quarter, thereby leading to a sequential improvement in the earnings.
During this period, the company successfully completed the acquisition of Inmarsat, post which the company took hold of its both Enterprise Energy business segment and Distribution platform. Following this takeover, the company points out at its broadened offering of services and expected to increase value to the shareholders in the upcoming time.
More About The Company
RigNet Inc (NASDAQ:RNET) is a premier managed remote communications service provider globally. It also facilitates with collaborative applications and systems integration committed to the oil and gas industry, with a focus on onshore as well as offshore drilling rigs, energy maritime and energy production facilities.