Hydril Profit Rises

Earnings beat targets.
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Hydril

(HYDL)

, a maker of connection and pressure-control products for the oil and gas industry, said its first-quarter earnings rose 51%.

The Houston-based company earned $22.7 million, or 94 cents a share in the quarter, compared with $15 million, or 63 cents a share, a year ago. Analysts surveyed by Thomson First Call were expecting earnings of 90 cents a share in the most recent quarter.

First-quarter revenue rose 44.7% from a year ago to $114.1 million.

Revenue in the premium connection segment rose 45.6% to $73.5 million, while the revenue in the pressure control segment jumped 43.1% to $40.5 million.

"Continued growth in our premium connection markets resulted in improved financial performance for the first quarter," the company said. "Our outlook remains strong for both of our segments, and we remain focused on our commitment to meeting the growing demands of our customers."

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