Chris Seaver, President and CEO, commented, "International premium connection shipments were higher than projected, particularly for Latin America. Domestic premium connection demand increased more than expected due to increasing U.S. deep formation drilling and higher levels of activity by certain E&P companies.
Our pressure control segment generated strong aftermarket revenue in the third quarter; however, as we expected, sequential third quarter operating income will be slightly lower due to continued weakness in the capital equipment market.
The overall outlook for the fourth quarter continues to be strong and, absent new shifts in demand, we would expect our pre-tax operating results for the fourth quarter to be similar to third quarter results."
The estimated third quarter tax rate of 27% includes a one-time U.S. tax deduction. Without the deduction, the company's tax rate would be approximately 34%.
Management will discuss financial results for the company's third quarter ending September 30, 2004 in a conference call scheduled for the week of October 25, 2004.
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