Hanover Compressor Loss Narrows

The oil and gas services company's revenue rises 16%.
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Hanover Compressor

(HC)

said Tuesday that it narrowed its fourth-quarter loss on a 16% rise in revenue.

The Houston-based provider of services to oil and gas companies posted a loss $4.2 million, or 4 cents a share, compared with a loss of $20.2 million, or 24 cents a share, a year earlier. Analysts surveyed by Thomson First Call were expecting a loss of a penny a share in the most recent quarter.

Fourth-quarter revenue rose to $359.3 million from $310.1 million a year earlier. Analysts were expecting revenue of $349.6 million.

The company's parts, service and used equipment segment registered a 48% jump in revenue to $67.6 million; the compressor and fabrication segment recorded a 37% rise in revenue to $54.5 million; and revenue from the largest segment, U.S. Rentals, increased 4% to $88.6 million. Revenue from international rentals rose 16% to $64.9 million and revenue from production processing and equipment fabrication declined 2%.

Hanover shares were down 43 cents, or 2.7%, to $15.42.

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