RigNet Inc (RNET) Releases Earnings Results, Misses Expectations By $-0.34 EPS

RigNet Inc (RNET) reported quarterly earnings results on Monday, Aug-8-2016. The company reported $-0.27 earnings per share for the quarter, missing the analyst consensus estimate by $-0.34. Analysts had a consensus of $0.07. The company posted revenue of $54.91 million in the period, compared to analysts expectations of $58.50 million. The company’s revenue was down -26.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.34 EPS.

Many Wall Street Analysts have commented on RigNet Inc. RigNet Inc was Upgraded by Sidoti to ” Buy” on Jun 28, 2016.

RigNet Inc opened for trading at $11.76 and hit $12.3 on the upside on Friday, eventually ending the session at $12.2, with a gain of 3.30% or 0.39 points. The heightened volatility saw the trading volume jump to 92,733 shares. Company has a market cap of $216 M.

In a different news, on May 31, 2016, Kevin C. Mulloy (director) sold 3,700 shares at $12.80 per share price. According to the SEC, on May 27, 2016, Martin L. Jimmerson (Interim CEO and President) sold 29,192 shares at $12.51 per share price. On May 26, 2016, Charles Louis Iv Davis (director) sold 3,500 shares at $12.42 per share price, according to the Form-4 filing with the securities and exchange commission.

RigNet Inc. (RigNet) is a provider of digital technology solutions to the oil and gas industry. The Company provides managed remote communications telecoms systems integration (project management of turnkey engineered telecommunications solutions) and collaborative applications focusing on offshore and onshore drilling rigs energy production facilities and energy maritime. The Company operates through three segments: Eastern Hemisphere Western Hemisphere and Telecoms Systems Integration (TSI). The Company’s Eastern Hemisphere segment provides remote communications services for customers and rig sites located on the eastern side of the Atlantic Ocean. The Western Hemisphere segment provides remote communications services for onshore and offshore customers and rig sites located on the western side of the Atlantic Ocean. The Company’s TSI segment designs assembles installs and commissions turnkey solutions for customer telecommunications systems.

RigNet Inc

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