UPDATE 1-Lufkin Q3 profit in-line, sees better results in Q4

* Q3 EPS ex-items $0.44, in-line with estimates

* Revenue up 46 pct, misses estimates

* Sees “modest” improvement in Q4 results

* Sees continued growth in H1 2011

Oct 20 (BestGrowthStock) – Oilfield services provider Lufkin
Industries Inc’s (LUFK.O: ) third-quarter profit (Read more your timing to make a profit.) came in line
with estimates, and it said results would improve in the fourth
quarter on higher demand and utilization rates.

The company, which has two divisions — oilfield and power
transmission — said fourth-quarter results would reflect
“modest” improvements from third-quarter levels.

“At this point, our preliminary expectations are for
continued steady growth for the first half of 2011 with a
potential acceleration in activity in the second half of next
year for both divisions,” Chief Executive John Glick added.

Third-quarter earnings from continuing operations increased
to $12.6 million, or 42 cents a share, from $5 million, or 17
cents a share, last year.

Excluding the impact of an after-tax provision related to a
class-action lawsuit, earnings from continuing operations were
44 cents a share.

Revenue rose 46 percent to $172.1 million, helped by a 76
percent rise in oilfield revenue.

Analysts on average were looking for earnings of 44 cents a
share, on revenue of $181.8 million, according to Thomson
Reuters I/B/E/S.

Shares of the Texas-based company, which have nearly
doubled from a November 2009 year-low, closed at $47.34 Tuesday
on Nasdaq. They touched a 52-week high earlier this month.
(Reporting by Adveith Nair in Bangalore; Editing by Aradhana
Aravindan)

UPDATE 1-Lufkin Q3 profit in-line, sees better results in Q4