Oil States beats street in Q2

by on July 31, 2012 10:57 pm BST

Oil States chief executive Cindy Taylor said increased sales of deepwater capital equipment, and the increase in US drilling and completion activity, both onshore and offshore, helped the company during the quarter, Reuters reported.

Net income rose to $111.2 million, or $2.01 per share, from $74.2 million, or $1.34 per share.

Excluding one-time gains, the company would have earned $1.98 per share, comfortably beating analysts’ estimates of $1.86 per share, according to the news wire.

Revenues increased by 33% to $1.09 billion, above analysts’ expectations of $1.04 billion.

Revenues at tubular services — the company’s largest segment by far — rose 39% as Oil States gained market share in the US and saw greater demand for higher specification equipment in shale basins.