(Reuters) - Oil field services provider Pason Systems Inc’s (PSI.TO) profit beat estimates, driven by increased oil drilling in North America, but the company expects growth to moderate this year as gas drilling rates decline.
The company, which provides data acquisition, wellsite reporting software and remote communications services, also raised its dividend by 10 percent to 22 Canadian cents per share.
Pason, which still expects oil drilling to offset a further decline in gas drilling, said late on Tuesday that its capital expenditure budget would be C$102 million for the year.
Pason’s earnings rose to C$29.5 million ($29.97 million), or 36 Canadian cents per share, from C$17.8 million, or 22 Canadian cents per share, a year earlier.
Revenue rose 32 percent to C$111.7 million.
Analysts on average had expected the company to earn 32 Canadian cents per share on revenue of C$104.2 million, according to Thomson Reuters I/B/E/S.
Shares of the company closed at C$13.81 on Monday on the Toronto Stock Exchange.
Reporting by Abhiram Nandakumar in Bangalore