Consolidated revenue in the first quarter of fiscal 2006 was $956.2 million, up 30% compared to $737.8 million in prior year's December quarter and up 7% compared to $892.3 million reported in the previous quarter.
Consolidated operating income for the quarter was $229.6 million, a 76% increase compared to $130.1 million for the same quarter last year and a 26% increase compared to $182.5 million reported in the previous quarter.
During the quarter, debt was consistent with prior quarter and cash and cash equivalents increased $71.1 million to $427.6 million. The Company's capital expenditures were $81.9 million, dividend payments were $16.1 million and the Company purchased 537,600 shares of its common stock for $18.9 million and has remaining authorization to purchase up to $134 million in stock.
Commenting on the results, Chairman and CEO Bill Stewart said, "Activity increases and price improvement in the U.S. and Canada were the main contributors to yet another record revenue and earnings performance for the Company.
"We continue to believe the worldwide market activity will remain strong into the foreseeable future. As a result, we now expect consolidated revenue for fiscal 2006 to increase 20% to 25% over fiscal 2005 with earnings per share expected to be in the range of $2.00 - $2.10, an increase of 45% to 52% for the same period."
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