Energy services company CE Franklin Ltd. boosts net earnings to $4.8M in Q3

CALGARY – Energy services company CE Franklin Ltd. (TSX:CFT) has reported its net profits more than doubled on a six per cent jump in revenues.

The Calgary-based company said late Thursday its net earnings rose to $4.8 million from $2.2 million in the same period in 2010.

The company said it earned 27 cents per share for the third quarter ended Sept. 30, compared with 12 cents in the same 2010 period.

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Revenues were $140.5 million, an increase of $8.3 million or six per cent.

“Improved product margins, supported by disciplined revenue growth lead to increased profitability,”chief executive Michael West said in a news release.

“Activity levels are expected to remain at or above prior year levels as the industry works through this period of economic volatility,” West said.

CE Franklin has been a leading supplier of products and services to the energy industry.

The company distributes pipes, valves, production equipment and other supplies to oil and gas producers, miners and other companies.