UPDATE 2-Lufkin profit beats estimates; stock hits lifetime high
(Recasts, adds details, analysts comments, share movement)
By Shradhha Sharma
BANGALORE, April 16 (Reuters) - Lufkin Industries Inc LUFK.O posted a better-than-expected quarterly profit as the diversified manufacturer saw a rebound in bookings for its oil field equipment and power transmission business, sending its shares to their lifetime high.
The growth in bookings was primarily related to high energy demand, based on orders throughout its markets for high speed gears used in energy related businesses, Lufkin said in a statement.
"I think what the market took hold of is that the backlog was up very strong, which was a certainly a positive indication," Raymond James analyst Colin Gerry said.
The company posted first-quarter earnings of $15.6 million, or $1.06 a share, compared with $17.8 million, or $1.17 a share, a year ago.
Lufkin had forecast first-quarter earnings of 90 cents to $1.00 a share.
The company said the results include a gain of 5 cents per share related to the run-out of inventories in its trailer products business.
Revenue fell marginally to $147 million for the quarter. Continuación...