HOUSTON (AP) -- Exterran Holdings, an oil and natural gas services provider, reported Thursday that its first-quarter net income soared as it benefited from a large gain from discontinued operations.
Results beat analysts' expectations, and the stock rose to a multi-year high.
The Houston company earned $50.2 million, or 76 cents per share, for the three months ended March 31. That's up sharply from $5.5 million, or 9 cents per share, in the prior-year period.
The current quarter included $33.3 million in income from discontinued operations, while the year-ago period included a loss of $1.2 million from discontinued operations.
Removing some charges, profit from continuing operations was 21 cents per share.
Analysts polled by FactSet expected earnings of 4 cents per share.
Revenue increased 32 percent to $811.4 million, with more revenue from fabrication and North America contract operations. Wall Street forecast $762 million.
In afternoon trading, shares of Exterran Holdings Inc. rose 61 cents, or 2.3 percent, to $26.67. The stock reached a multi-year high of $27.51 earlier in the session.