Atwood Oceanics Rises on Energy Surge

Atwood Oceanics Earnings Drop, Though Stock Up On Energy Surge

HOUSTON (TheStreet) -- Atwood Oceanics(ATW Quote) reported after the market close on Monday net income of $48 million for the quarter ended Sept. 30, or $0.75 per diluted share on revenues of $131 million.

And while the results were down as compared with the previous quarter, the company showed an improvement for the full fiscal year -- and, for this day at least, was buoyed in after-hours trading by a big gain across the energy sector on Monday.

The results compared unfavorably to net income of $74 million, or $1.16 per diluted share, on revenues of $160 million for the previous year's quarter. However, for the full fiscal year ended Sept. 30, net income of $250 million, or $3.89 per diluted share on revenues of $586 million, was ahead of net income of $215 million, or $3.34 per diluted share on revenues of $526 million in the previous fiscal year.

Atwood stock shot up 2.6% in early after-hours trading. Monday was a day during which most of the energy sector rallied, regardless of recent earnings weakness. The sector as a whole ended the day up 1.5%.

BJ Services(symbol Quote), which also reported weaker quarterly earnings today, ended the day up 0.5%. Its planned merger partner, Baker Hughes(BHI Quote), ended the day ahead 1.2%. Helmerich & Payne(HP Quote) which reported negative income late last week, also rebounded today, up 2.1% at the close of trading.

-- Reported by Eric Rosenbaum in New York

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