Todco (THE) said third-quarter earnings nearly tripled from a year ago, as dayrates improved, though revenue came up shy of Wall Street's expectations.
The Houston-based drilling services company made $56 million, or 92 cents a share, for the quarter ended Sept. 30, up from the year-ago $19 million, or 31 cents a share. Revenue rose to $242 million from $141 million a year earlier.
Analysts surveyed by Thomson Financial were looking for an 80-cent profit on sales of $245 million.
"The improvement in third quarter 2006 results over the same quarter last year was principally caused by improved utilizations and dayrates," Todco said.