Shares of Weatherford International, the Switzerland-based oil services provider, surged 10% to $22.49 on volume that was more than triple the daily average after the company reported a second-quarter profit of $110.1 million, or 15 cents a share, compared with $59.2 million, or 8 cents, a year earlier.
Revenue surged 25% to a record $3.05 billion. Weatheford (WFT) is forecasting 2011 revenue growth of 25%, which tops the previous estimate of 20% revenue growth. The nearly 10% gain for shares of Weatherford today was the stock's best single-day performance in nearly four months, according to Bloomberg News.
As nearly all of the oil services providers that have already reported earnings have done, Weatherford showed a strong performance in the North American market where it said its revenue climbed 46% to $1.34 billion. Revenue in the Middle East and North Africa rose 2% to $617 million. Revenue in Latin America increased 21% to $498 million.
The company forecast a third-quarter profit of 24-26 cents a share, well above the 15 cents analysts were expecting. Heading into the start of trading on Tuesday, shares of Weatherford had dropped 10% this year.