June 7, 2011 / 1:07 PM / in 7 years

Shares up as Mitcham Q1 profit more than doubles

* Rev up 61 pct to $26.5 mln

June 7 (Reuters) - Shares of Mitcham Industries Inc rose 17 percent before markets opened on Tuesday, a day after the drilling equipment provider posted quarterly profit that more than doubled on high demand in its equipment leasing business in Canada and Russia.

The Huntsville, Texas-based company’s first-quarter net income was $6.1 million, or 58 cents per share, compared with $2.4 million, or 24 cents per share, a year ago.

Revenue rose 61 percent to $26.5 million.

“We generated exceptional results in our equipment leasing business ... led by strength in Canada and Russia, where we enjoyed especially high equipment utilization during the winter season,” Chief Executive Bill Mitcham said in a statement.

Shares of the company rose 17 percent to $17 in trading before the bell on Tuesday on the Nasdaq. (Reporting by Mayuresh Tungare in Bangalore; Editing by Joyjeet Das)

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