Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


WSP Holdings Limited - WH - To tap into new international markets

Thursday, December 27, 2012 12:49 PM
WSP Holdings Limited (NYSE: WH), a leading Chinese manufacturer of API (American Petroleum Institute) and non-API seamless casing, tubing and drill pipes used in oil and natural gas exploration, drilling and extraction ("Oil Country Tubular Goods" or "OCTG"), and other pipes and connectors, announced its unaudited financial results for the third quarter ended September 30, 2012. WH - Financial Results WH - Third Quarter 2012 Financial Results WSP Holdings (WH) reported revenues of $141.3 million in the third quarter of 2012, compared to $159.2 million in the second quarter of 2012, primarily due to a decrease in revenues generated from export sales. Domestic sales and export sales accounted for 52.8% and 47.2%, respectively, of total revenues for the third quarter of 2012. On a quarter-over-quarter basis, domestic sales decreased primarily due to a 13.3% decrease in average selling prices, partially offset by a 12.1% increase in domestic sales volume. Export sales decreased quarter-over-quarter primarily due to a 19.4% decrease in export sales volume, which was largely attributable to a decrease in sales of API products. On a year-over-year basis, domestic sales decreased primarily due to a 17.9% decrease in domestic sales volume, partially offset by a 2.7% increase in average selling prices. Export sales decreased year-over-year primarily due to a 20.0% decrease in export sales volume and a 17.0% decrease in average selling prices. API and non-API product sales accounted for 67.8% and 18.2%, respectively, of total revenues in the third quarter of 2012. Lower quarter-over-quarter sales revenues from API product sales were primarily due to a 9.4% decrease in sales volume and a 6.2% decrease in average selling prices. Non-API sales revenues increased quarter-over-quarter due to a 1.9% increase in average selling prices. "The third quarter of 2012 showed a decrease in total revenues from the second quarter of 2012, mainly due to a decrease in export sales of API products and a decrease in average product selling prices quarter-over-quarter." commented Mr. Longhua Piao, the Chairman and Chief Executive Officer of WSP Holdings. "We will continue our marketing efforts to tap into new international markets amidst the current global economic uncertainties." WH - Nine Month Results Revenues for the first nine months of 2012 were $429.9 million, a decrease of 15.0% from revenues of $505.7 million in the first nine months of 2011. Gross profit was $18.1 million for the first nine months of 2012, compared to gross profit of $35.5 million for the first nine months of 2011. Gross margin was 4.2% for the first nine months of 2012, compared to 7.0% for the first nine months of 2011. Operating loss was $37.0 million for the first nine months of 2012, compared to operating loss of $25.0 million for the first nine months of 2011. Net loss attributable to WSP Holdings was $55.0 million for the first nine months of 2012, compared to net loss attributable to WSP Holdings of $49.5 million for the first nine months of 2011. Basic and diluted loss per ADS were both $2.69 for the first nine months of 2012, compared to basic and diluted loss per ADS for both of $2.42 in the first nine months of 2011. About WSP Holdings Limited - WH WSP Holdings (WH) develops and manufactures seamless Oil Country Tubular Goods (OCTG), including seamless casing, tubing and drill pipes used for on-shore and off-shore oil and gas exploration, drilling and extraction, and other pipes and connectors.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2015 the year you get RICH!

Latest Headlines

Iran wants OPEC to pave way for its extra oil production when sanctions lifted Iran wants OPEC to pave way for its extra oil production when sanctions lifted
ANKARA (Reuters) - Members of the Organization of the Petroleum Exporting Countries (OPEC) should prepare for extra Iranian crude production when Western sanctions on Tehran are lifted, Iran`s oil min...
Inflation goal may be too low, says Fed's Rosengren: FTInflation goal may be too low, says Fed's Rosengren: FT
(Reuters) - Central banks including the Federal Reserve may need to set higher inflation targets in the future to avoid dealing with low economic growth, Eric Rosengren, president of the Federal Reser...
With a prince's backing, James Murdoch may soon ascend at FoxWith a prince's backing, James Murdoch may soon ascend at Fox
(Reuters) - Saudi Arabia`s Prince Alwaleed bin Talal is in no doubt that James Murdoch is ready to take a much bigger role at Twenty-First Century Fox, by far the largest part of the media empire th...
Boutique banks to suffer most if Comcast-Time Warner Cable deal vetoedBoutique banks to suffer most if Comcast-Time Warner Cable deal vetoed
(Reuters) - Hints that U.S. regulators could veto Comcast Corp`s proposed $45 billion takeover of Time Warner Cable Inc have investment bankers worried about whether they will get paid, with smaller...
China's Finance Minister hits out at U.S. China's Finance Minister hits out at U.S. "negative list" - Xinhua
BEIJING (Reuters) - China`s Finance Minister Lou Jiwei criticized the U.S. proposal for sectors to be closed to foreign investment under a Bilateral Investment Treaty (BIT) that is currently being neg...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.

Algorithm Based
Trade Signals
arrow
small cap swing trades Futures Day Trading System S&P + Crude Oil Signals
Autotrading Autotrade Stocks Try for Free!