Oilfield service provider Superior Energy Services Inc. said Tuesday its fourth-quarter profit rose to meet Wall Street forecasts on higher sales at its well intervention, rental tools and oil and gas divisions.
Net income for the three months ended Dec. 31 rose to $72 million, or 88 cents per share, compared with $62.2 million, or 76 cents per share, during the same period a year earlier.
Analysts, on average, expected income of 88 cents per share, according to a survey by Thomson Financial.
Revenue increased to $413.9 million from $319.1 million. Analysts had expected the company to generate sales of $420 million.
Superior said revenue at its largest business unit, well intervention, jumped 43 percent over the year-ago period to $190.7 million. Rental tolls sales were up 27 percent, and oil and gas division sales rose 38 percent. Marine unit revenue fell 24 percent.
For the full year, net income rose to $281.1 million, or $3.41 per share, from $188.2 million, or $2.32 per share, in 2006. Revenue increased to $1.57 billion from $1.09 billion.
Superior shares fell 75 cents to $43 in aftermarket activity. Earlier, they lost 99 cents, or 2.2 percent, to finish regular trading at $43.75.
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