Todco (THE) said fourth-quarter earnings tripled from a year ago despite rising rig-reactivation costs.
The Houston-based oil driller made $64 million, or $1.11 a share, for the quarter ended Dec. 31, up from the year-ago $21 million, or 34 cents a share. Revenue rose to $260 million from $150 million a year earlier.
Analysts surveyed by Thomson Financial were looking for a $1.01-a-share profit on sales of $255 million.
Rig-reactivation expense rose to $10 million, or 11 cents a share, in the latest quarter from $3 million, or 2 cents a share, a year ago.