W-H Energy Services 4Q Earnings Leap as Drilling Activity Increases in the U.S. and Abroadadmin
Diversified oilfield services company W-H Energy Services Inc. said Friday its fourth-quarter profit nearly doubled, as drilling activity heightened in the U.S. and overseas.
Quarterly earnings rose to $32 million, or $1.04 per share, from $16.2 million, or 55 cents per share a year ago. Revenue grew 38 percent to $238.3 million from $173.3 million.
Analysts polled by Thomson Financial forecast a profit of $1.05 per share on sales of $247.1 million.
W-H Energy said domestic revenue jumped 40 percent year over year, while international revenue increased 20 percent. Drilling revenue gained 36 percent to $150.8 million and revenue from its completion and workover segment leapt 41 percent to $87.5 million.
Annual earnings more than doubled to $115 million, or $3.76 per share, from $49 million, or $1.68 per share in 2005. Revenue advanced 41 percent to $894.8 million from $634.4 million.
Source; AP via biz.yahoo.com