Ensco shares rise after 3Q profit tops estimates

Ensco shares rise as 3Q profit tops estimates on higher rates and more rig work

Associated Press

NEW YORK (AP) -- Shares of Ensco PLC rose Thursday after third-quarter earnings topped Wall Street's expectations.

Ensco had a profit of $343.5 million, or $1.48 per share, up from $204.5 million, or 88 cents per share a year earlier. Excluding certain items, net income came to $1.53 in the latest quarter, 21 cents above the expectations of analysts surveyed by FactSet.

The London-based drilling services company said its fleet of rigs had more work than a year ago and charged higher prices.

Shares rose $1.65, or 2.9 percent, to $59.47 in afternoon trading. They touched $60 at one point in the session. The shares haven't closed above $60 since September, 2008.

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