Todco Net Nearly Triples

But revenue falls short.
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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.