Calfrac Posts Upbeat Profit, Lifts Dividend

Calfrac Well Services Ltd

reported a better-than-expected quarterly profit and raised its dividend. Calfrac lowered its 2012 capital budget by C$94 million. It lifted its semi-annual dividend to 50 Canadian cents per share, from 10 Canadian cents per share. For the October-December period, Calfrac's earnings rose to C$78.9 million ($78.9 million), or C$1.79 cents per share, from C$16.1 million, or 37 Canadian cents per share, in the year-ago period. Calfrac's revenue surged 82% to C$490 million. Analysts were estimating earnings of C$1.48 per share on revenue of C$461.3 million. Calfrac shares closed at $28.01 yesterday.