February 23, 2011 / 10:39 PM / 7 years ago

UPDATE 2-Pason Systems Q4 lags market estimates

* Q4 EPS C$0.10 vs est C$0.18

* Revenue C$73.5 mln vs est C$94.4 mln (Rewrites; adds details)

Feb 23 (Reuters) - Canada’s Pason Systems Inc , which rents out oilfield instruments, posted a higher quarterly profit that missed market estimates, hurt by weakness at its international operations.

Heavy flooding in Australia and a slowdown in drilling activity in Mexico — the company’s strongest international market historically — resulted in losses in the two markets.

October-December profit was C$8.2 million, or 10 Canadian cents a share, compared with C$2.5 million, or 3 Canadian cents a share, last year.

Analysts on average were expecting the company to earn 18 Canadian cents a share, according to Thomson Reuters I/B/E/S. Calgary-based Pason’s revenue rose 79 percent to C$73.5 million, but missed consensus estimates of C$94.4 million.

The company saw a turnaround in its U.S. market, where revenue more than doubled as drilling activity increased.

Shares of the company closed at C$15.60 on Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Anne Pallivathuckal)

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