Parker Drilling 3Q Net Income Rises, Helped by Better Dayrates, Higher Tool Rental Sales
Parker Drilling Co., a provider of contract drilling and related services to oil and gas companies, said Wednesday third-quarter earnings grew 3 percent, helped by better dayrates at some rigs and higher revenue from tool rental.
Quarterly net income rose to $18.6 million, or 17 cents per share, compared with a profit of $18.1 million, or 18 cents per share, during the same period of 2005. Results from the recent quarter include $400,000 of one-time income and non-cash deferred taxes of 11 cents per share.
Diluted average common shares outstanding grew 10 percent to about 108.2 million from about 98 million during the year-ago period.
Revenue climbed 15 percent to $146.8 million, from $127.9 million last year.
Analysts polled by Thomson Financial expected a profit of 13 cents per share on revenue of $143.3 million.
Results were helped by higher dayrates at Parker’s U.S. Gulf of Mexico barge rigs and higher revenue from Quail Tools, the company’s drilling and production rental tools subsidiary.
Shares of Parker Drilling dipped 20 cents, or 2.4 percent to $7.99 in afternoon trading on the New York Stock Exchange. They have ranged between $6.10 and $12.44 over the past year.
