Pride International Swings to a Profit
Pride International
(PDE)
swung to a profit in the fourth quarter, as the market for oil drilling rigs continued to improve.
The Houston-based oil well services and equipment company reported income from continuing operations of $16.0 million, or 11 cents a share, vs. a loss of $2.5 million, or 2 cents a share, a year ago.
The quarter included a pretax gain of 4 cents a share, covering assets sales and refinancing costs. On a net basis, the company earned $17.4 million, or 12 cents a share, compared with a loss of $36.1 million, or 27 cents a share, in the year-ago period.
Revenue jumped more than 12% to $448.1 million.
Analysts expected earnings of $5.5 million, or 3 cents a share, according to Thomson First Call.
The company reduced outstanding debt during the fourth quarter by approximately $260 million.
Pride also restated earnings for the first three quarters of 2004 and for 2003
Pride said the move reflects "a reclassification of certain costs from general and administrative costs to operating costs" so they more closely align to industry peers. The company, however, added that the restatements also "correct certain errors related primarily to transactions initially recorded in periods from 1999 to 2002, but affecting periods from 1999 through 2004."
Shares closed at $24.24 Wednesday.