Bronco Drilling 2nd-Quarter Profit Soars on Sharp Rise in Salesadmin
Wednesday, August 9th 2006
Drilling service provider Bronco Drilling Co. said Tuesday its second-quarter profit surged, thanks to a sharp rise in sales and an increase in the average number of operating rigs.
Income for the quarter was $14.7 million, or 59 cents per share, up from $2.5 million last year. Revenue for the quarter was $67.1 million, up from $11.7 million in the year-ago period.
Analysts polled by Thomson Financial expected the company to report, on average, earnings of 57 cents per share on $65 million in revenue.
The average number of operating rigs increased to 43 during the quarter, up from 39 in the first quarter. The company said the growth in rigs was a result of continued refurbishment and deployment of the rigs from its inventory.
Bronco Drilling, which went public in August 2005, saw its shares add 2 cents to $20 in morning trading on the Nasdaq.