November 2, 2010 / 10:00 PM / in 8 years

UPDATE 1-Pason Systems Q3 results beat estimates

* Q3 EPS C$0.16 vs est C$0.13

* Q3 rev C$68.7 mln vs est C$63.3 mln

* Ups semi-annual dividend by a cent to 17 Canadian cents

Nov 2 (Reuters) - Pason Systems Inc (PSI.TO), a provider of specialized rental oilfield instrumentation systems, posted quarterly results that beat market estimates on better pricing and stronger drilling activity.

However, the company said the drilling increase is not likely to continue and some reduction in gas drilling is expected for 2011.

Calgary-based Pason also raised its semi-annual dividend by a cent to 17 Canadian cents.

For the July-September quarter, the company posted earnings of C$12.4 million, or 16 Canadian cents a share, compared with a loss of C$4.2 million, or 5 Canadian cents a share, a a year ago.

Revenue more than doubled to C$68.7 million.

Analysts on average were expecting the company to earn 13 Canadian cents a share on revenue of C$63.3, according to Thomson Reuters I/B/E/S.

The company’s U.S. segment posted a profit of C$21.2 million, compared with a loss of C$2.7 million, a year ago. Its Canadian segment’s operating profit quadrupled to C$8.4 million.

Pason shares, which have gained about 8 percent in value since the company reported second-quarter results, closed at C$11.75 Tuesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Maju Samuel)

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