Maverick Tube Beats Estimates

Earnings rise 64%.
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Maverick Tube

(MVK)

, a manufacturer of steel products for the energy industry, reported a 64.1% rise in fourth-quarter earnings, aided by growth in revenues.

The company earned $63.2 million, or $1.54 a share, in the quarter, compared with $38.5 million, or 90 cents a share, a year ago. Analysts surveyed by Thomson Financial were expecting earnings of $1.34 cents a share.

Fourth-quarter revenue rose 34.2% from a year ago to $484.7 million. Analysts were expecting revenue of $500.1 million.

Compared to the third quarter, revenue from energy product business rose 2.5% to $409.7 million, while sales of electrical products declined 16.3% to $75 million.

"We are very pleased with Maverick's fourth quarter performance. Activity levels continue to be strong in all of our energy markets," the company said. "Looking forward, we expect drilling and work over activity in 2006 to continue to increase in the markets we serve."

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