Hydril's Q4 Earnings to Exceed Expectations
Hydril expects its fourth quarter 2006 earnings to be approximately or exceed $1.05 per diluted share, which is above previous expectations, primarily due to improved premium connection segment results.
Operating income for the premium connection segment is now expected to strengthen above the third quarter due to higher revenue for international markets, and manufacturing efficiency improvements in both domestic and international plants are expected to increase the segment's operating margin.
Operating income for the pressure control segment is anticipated to remain on the increasing trend of the past several quarters, as previously expected. Capital equipment revenue is expected to be higher than the third quarter as a result of progress made on deepwater blowout prevention equipment projects in backlog. Aftermarket revenue is expected to remain on the longer-term gradually increasing trend of the past several quarters.
Management will discuss the company's financial results for the fourth quarter and year-ending 2006 in a conference call tentatively scheduled for February 1, 2007.
Hydril, headquartered in Houston, Texas, is engaged worldwide in engineering, manufacturing and marketing premium connection and pressure control products used for oil and gas drilling and production.
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