May 4, 2010 / 10:02 PM / in 8 years

UPDATE 1-Canada's Pason Systems Q1 profit tops estimates

* Q1 EPS C$0.10 vs est C$0.09

* Q1 rev C$56.4 mln vs est C$52.6 mln

* Ups semi-annual dividend by 2 Canadian cents

May 4 (Reuters) - Pason Systems Inc PSI.TO, a provider of specialized rental oilfield instrumentation systems, posted first-quarter profit that marginally beat estimates, helped by a recovery in the drilling industry, and raised its semi-annual dividend 14 percent.

“The North American drilling recovery that began in late 2009 continued throughout the first quarter resulting in improved financial returns for Pason compared to 2009 when the drilling industry was in a rapid decline,” the company said in a statement.

The company also said it raised its semi-annual dividend by 2 Canadian cents to 16 Canadian cents a share.

For the quarter ended March 31, the company posted net income of C$8.4 million, or 10 Canadian cents a share, compared with net income of C$4.9 million, or 6 Canadian cents a share, a year ago.

Revenue for the quarter rose 4 percent to C$56.4 million.

Analysts on average had expected earnings of 9 Canadian cents a share, on revenue of C$52.6 million, according to Thomson Reuters I/B/E/S.

Shares of the Calgary-based company closed at C$11.81 Tuesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Aradhana Aravindan)

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