HOUSTON (AFX) - Atwood Oceanics Inc., an offshore oil and gas drilling contractor, said Friday its third-quarter profit swelled more than fourfold from last year, while revenue climbed 64 percent.
Net income for the quarter was $27.6 million, or 87 cents per share, up from $6 million, or 19 cents per share, last year. The latest quarter includes income tax benefits of 6 cents per share and gains of 3 cents on sales of excess equipment.
Revenue for the quarter was $71.6 million, up from $43.6 million last year.
The results beat Wall Street expectations for profit of 72 cents per share on sales of $70 million, according to a poll by Thomson Financial.
Shares of Atwood closed down 29 cents at $4.36 in Friday trading on the New York Stock Exchange.
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