GlobalSantaFe 3Q adjusted earnings, revenue top analyst estimates |
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Wed, 31 Oct 2007 23:16
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SAN FRANCISCO (Thomson Financial) - GlobalSantaFe Corp. late Wednesday reported adjusted third-quarter earnings of $461.2 million, or $2.02 a share, topping the mean estimate of analysts polled by Thomson Financial of $1.89.The adjusted results exclude transaction costs of $12.6 million, or 6 cents a share, related to GlobalSantaFe's pending merger with Transocean, the company said.The Houston-based offshore oil and gas drilling contractor posted net income of $448.6 million, or $1.96 a share, up from $245.6 million, or $1.02 a share, last year.Operating income totaled $501 million for the quarter versus $281.8 million last year. The improved results reflect higher operating income for the combined drilling management services and oil and gas segments, primarily resulting from stronger drilling performance compared with the third quarter of 2006, the company said.Total revenue came in at $1.19 billion, ahead of the consensus estimate of $1.16 billion. Last year, revenue was $909.2 million.The stock closed the regular session up $3.46, or almost 4.5%, at $81.03.Katherine Huntkh/gmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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