Stock:
Symbol Lookup
Register | Login My Watchlist | My Account | Logout
History
to View Your Portfolio

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 2016 the year you get RICH!

Latest Headlines

7 Things You Should Know From Amazon's Earnings7 Things You Should Know From Amazon's Earnings
Amazon.com, Inc. (NADAQ:AMZN) delivered an amazing Q1 , posting its highest profit ever. Amazon’s presence in cloud computing with its Amazon Web Services has become a key the focus of the future tr...
Germany's Schaeuble in favor of lower income tax: newspaperGermany's Schaeuble in favor of lower income tax: newspaper
BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble is in favor of lowering income tax for workers and raising a relatively modest tax on investment income after next year`s federal election...
Buffett defends Berkshire's Coke stake, warns on BNSFBuffett defends Berkshire's Coke stake, warns on BNSF
OMAHA, Neb. (Reuters) - Warren Buffett on Saturday defended several of Berkshire Hathaway Inc`s larger or struggling investments, including Coca-Cola and the BNSF railroad. Speaking to tens of thous...
Berkshire preliminary first-quarter operating profit fallsBerkshire preliminary first-quarter operating profit falls
OMAHA, Neb. (Reuters) - Warren Buffett on Saturday said preliminary first-quarter profit at his Berkshire Hathaway Inc fell about 12 percent, hurt by weaker performance in its railroad and insurance o...
German finance minister criticises Volkswagen management over bonuses - paperGerman finance minister criticises Volkswagen management over bonuses - paper
FRANKFURT (Reuters) - Germany`s finance minister Wolfgang Schaeuble has criticised the executive board of scandal-ridden carmaker Volkswagen for not waiving bonuses despite bringing the company to the...

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.

{localized={en_US=Terry}, preferredLocale={country=US, language=en}} {localized={en_US=Scott}, preferredLocale={country=US, language=en}}

Terry Scott
CEO of StockMarketWatch

View Profile


Learn the Stock Market

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

Be a Better
Trader, Today
arrow
PreMarket PRO Our New Streaming Realtime Pre-Market Product -- Click Here to Learn More