NEW YORK (Thomson Financial) - Allis-Chalmers Energy Inc. Friday said
third-quarter net income increased 15.4% to $13 million, or 37 cents a share,
from $11.3 million, or 50 cents a share, in the same period last year.
Third-quarter revenue rose 70.4% to $147.9 million from $86.8 million in the
comparable quarter last year.
The mean estimate of analysts polled by Thomson Financial are for earnings
of 35 cents a share and revenue of $143 million.
The company said revenue was boosted by acquisitions completed in 2006,
investments in new capital equipment and the opening of new locations.
"Our results in the third quarter were primarily affected by weaker Gulf of
Mexico activity," the company said, pointing to the hurricane season, delivery
delays and labor strikes.
The oil and natural gas service and equipment company expects to see the
benefits of its recent acquisitions and its capital expenditure program next
year.
Shares of the Houston-based oilfield company closed Thursday at $17.20.
Melinda Peer
mp/pc
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