Atwood Oceanics 4Q profit tumbles 35 pct

AP News
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Posted: Nov 24, 2009 3:39 PM

Offshore drilling contractor Atwood Oceanics Inc. reported its fiscal fourth-quarter earnings fell 35 percent drop as its revenue tumbled and companies in its industry faced weak energy markets.

Lower prices also hurt demand for drilling and pressured day rates.

The company said Monday that its quarterly earnings fell to $48.3 million, or 75 cents per share, compared with $74.8 million, or $1.16 per share, during the same period last year.

Analysts polled by Thomson Reuters estimated on average that it would earn 69 cents per share. Analysts typically exclude one-time items.

Revenue slid 18 percent to $131 million, down from $160.7 million a year earlier. Analysts forecast an average revenue of $128.4 million.

Shares of the company fell 32 percent to $37.64 in afternoon trading.