July 31, 2008 / 9:54 PM / 10 years ago

Oil States Intl Q2 profit rises, beats estimates

(Reuters) - Oil States International Inc (OIS.N), a diversified oilfield services provider, reported a 15 percent rise in quarterly net income, citing gains primarily from its pipeline unit and Canadian oils sands operations.

Net income for the latest second-quarter was $60.2 million, or $1.14 a share, compared with $52.2 million, or $1.03 a share, in the year-ago period.

Revenue rose 26 percent to $631.4 million, excluding a $2.7 million pre-tax gain from the Boots & Coots stake sale.

Analysts on average expected the company to earn 96 cents a share, excluding exceptional items, on revenue of $580.6 million for the quarter, according to Reuters Estimates.

The Houston-based company, which owns about 7 percent stake in Boots & Coots International Well Control Inc WEL.A, recorded a 3 cent a share after-tax gain on selling a part of its stake.

The company said it expects third-quarter earnings to be between $1.19 and $1.24 a share. Analysts were expecting the company to earn $1.14 a share in the third-quarter.

Shares of the company closed 2 percent down at $54.88 Thursday on the New York Stock Exchange.

Reporting by Abhishek Chanda in Bangalore; Editing by Gopakumar Warrier

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