Weatherford International 4th-Quarter Climbs on Higher Revenue From Increased Rig Activity

Weatherford International 4th-Quarter Climbs on Higher Revenue From Increased Rig Activity

Weatherford International Ltd. said Tuesday its fourth-quarter profit rose 12 percent on higher sales from increased rig activity.

Net income grew to $272 million, or 78 cents per share, from $243.8 million, or 69 cents per share, during the same period a year ago.

Excluding a one-time exit and restructuring charge of $18.1 million and $26.4 million related to the favorable settlement of foreign tax exposures, income from continuing operations totaled $263.7 million, or 76 cents per share, versus $163.9 million, or 46 cents per share, in the prior-year period.

Quarterly revenue climbed 24 percent to $1.81 billion versus $1.46 billion in the prior year on increased rig activity. Analysts polled by Thomson Financial were looking for earnings of 73 cents per share on sales of $1.81 billion.

Full-year 2006 earnings surged 92 percent to $896.4 million, or $2.53 per share, from $467.4 million, or $1.47 per share, in the previous year.

Adjusted earnings totaled $889.9 million, or $2.51 per share, compared with $462.7 million, or $1.46 per share.

Revenue for the year grew 52 percent to $6.58 billion from $4.33 billion.

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