Oil States scores on strong demand

Results score: Oil States come up big in Q1

Scanpix/AFP

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Kathrine Schmidt

 26 April 2012 22:17 GMT

Service specialist Oil States International more than doubled its quarterly profits on strong activity domestically and abroad in Brazil, Africa and southeast Asia, the company said Thursday.

The Arlington-based firm posted net income of $135.1 million in the three months ending in March, up from $62.1 million in profits recorded in the year-ago period.

Revenue for the quarter grew to $1.09 billion, up from $760.4 million in 2011.

“We benefitted from expansions of our accommodations business in each of our major markets, strong revenues generated by our offshore products business and continued growth in our North American businesses,” chief executive Cindy Taylor said.

The quarterly per-share earnings of $2.43 were a record for the company, it said.

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