Cal Dive 3Q results exceed Wall Street expectations |
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Wed, 31 Oct 2007 23:39
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SAN FRANCISCO (Thomson Financial) - Cal Dive International Inc. late Wednesday reported third-quarter net earnings of $37.5 million, or 45 cents a share, topping the mean estimate of analysts polled by Thomson Financial of 39 cents.During the year earlier, net income was $29.1 million, or 47 cents a share. There were 83.9 million shares outstanding in the quarter versus 61.5 million last year.The increase in income was primarily due to the initial deployment of certain Acergy and Fraser Diving acquisition assets which occurred after the second quarter or during the third quarter of 2006, Cal Dive said. The increase was partially offset by increased depreciation and deferred drydock amortization and interest expense, the company noted.Net revenue came in at $176.9 million, ahead of the consensus estimate of $174.6 million. Last year, revenue was $128.4 million.Shares of Cal Dive closed out the regular session up 2 cents at $13.23.Katherine HuntkhCOPYRIGHTCopyright 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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