Bronco Drilling 4Q Profit More Than Doubles on Higher Revenue, More Operating Rigsadmin
Bronco Drilling Co. said Thursday that its fourth-quarter profit more than doubled on sharply higher revenue and an increase in the number of operating rigs available.
Quarterly net income surged to $16.4 million, or 66 cents per share, from $6.8 million, or 31 cents per share, in the prior-year period.
Excluding a one-time charge related to an increase in the tax rate used to determine deferred tax liability, earnings for the current quarter were 72 cents per share.
Analysts surveyed by Thomson Financial were forecasting a profit of 76 cents per share.
The average number of operating rigs climbed to 50 from 47 in the third quarter. The company said the growth in rigs was a result of continued refurbishment and deployment of the rigs from its inventory.
Revenue more than doubled to $82.5 million from $39 million.
Consensus estimates put sales at $86.8 million.
For the year, earnings jumped to $59.8 million, or $2.43 per share, compared with $5.1 million, or 31 cents per share, a year ago.
Revenue more than tripled to $285.8 million versus $77.9 million in 2005.
Shares jumped 55 cents, or 3.6 percent, to $16.05 in premarket trading, following their close Wednesday of $15.50 on the Nasdaq Stock Market.