Weatherford International 2nd-quarter profit rises

Oil field services company Weatherford International Ltd. said Monday its second-quarter profit soared on a jump in sales and increased rig count.

Earnings rose to $371 million, or 53 cents per share, from $165.3 million, or 24 cents per share, in the same quarter a year earlier.

Weatherford said the 2008 quarter included a gain from restructuring a Qatar operation to a joint venture. Income from continuing operations, excluding the gain and other items, was $299.7 million, or 43 cents per share.

Revenue rose 23 percent to $2.23 billion from $1.82 billion. Sales rose 15 percent in North America and 28 percent in the company's Middle East, North Africa and Asia segment.

Analysts polled by Thomson Financial predicted income of 45 cents per share and sales of $2.21 billion. Analysts typically exclude one-time items from their estimates.

Rig activity rose 7 percent during the quarter.