Energy shares were flat in pre-market trade Friday while crude oil futures were trading lower.
Light, sweet crude oil for April delivery was down 0.11% at $102.29 per barrel. In other energy futures, heating oil was down 0.13% at $3.00 per gallon while natural gas was up 0.20% at $4.52 per million British thermal units. In energy ETFs, the United States Oil Fund (NYSEARCA:USO) was down 0.27% at $36.59. The United States Natural Gas ETF (NYSEARCA:UNG) was up 0.8% at $24.98.
In other energy news, Dril-Quip, Inc. (NYSE:DRQ), which makes engineered offshore drilling and production equipment, said net income rose to $47.1 million, or $1.15 per diluted share, from $31.0 million, or $0.76 per diluted share, beating analysts’ estimates by one cent, according to Capital IQ.
The company said the Q4 results for 2013 results were hit by an after-tax foreign exchange loss of $2.3 million, or $0.06 per diluted share, as compared to an after-tax foreign exchange loss of $0.7 million, or $0.02 per diluted share, a year ago.
PharMerica (NYSE:PMC), a pharmacy services company, said Q4 adjusted diluted earnings per share rose 22% to $0.44, topping analysts’ estimates for $0.33, according to Capital IQ.
Q4 revenues were $450.5 million compared with $433.2 million a year ago and handily beating forecasts for $421 million. The company expects 2014 revenue in the range of $1.67 billion to $1.72 billion and adjusted diluted earnings per share in the range of $1.35 to $1.50. Analysts are expecting revenue of $1.7 billion and EPS of $1.46.
Pharmerica said its 2014 guidance does not include the effect of any potential 2014 acquisitions. It’s targeting acquisitions that generate at least $100 million of annualized sales, in each of 2014 and 2015.
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