ATW $74.90 Atwood Oceanics 4Q Profit, Sales Jump
Wednesday November 28, 5:29 pm ET
Atwood Oceanics Reports Higher Profit and Sales in 4th Quarter, Fiscal 2007; Beats Estimates
HOUSTON (AP) -- Offshore oilfield service provider Atwood Oceanics Inc. said Wednesday its fourth-quarter and fiscal 2007 profit surged on higher revenue to beat Wall Street expectations.
Net income for the three months ended Sept. 30 rose to $54.1 million, or $1.69 per share, compared with $23.2 million, or 74 cents per share, during the same period a year earlier.
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Revenue increased to $121.6 million, from $81.8 million.
Analysts polled by Thomson Financial forecast earnings of $1.43 per share on revenue of $116 million.
For the full fiscal year, the company said net income increased to $139 million, or $4.37 per share, compared with $86.1 million, or $2.74 per share, the previous year. Revenue rose to $403 million from $276.6 million the prior year.
Analysts predicted fiscal 2007 earnings of $4.19 per share on revenue of $393 million.
Separately, the company said its Atwood Southern Cross drilling rig received a contract from Italian energy company Eni SpA AGIP to drill two wells, with options for two more, at a daily rate of $406,000. The project is expected to take 150 days, with a possible extension of 90 days, likely beginning in February.
Atwood shares jumped $3.30, or 4.4 percent, to $78.20 in aftermarket trading.
