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HOUSTON (AP) - Oil industry contractor Willbros Group Inc. said Wednesday it swung to a profit in the first quarter as sales more than doubled on strength at a recently acquired Canadian pipeline construction business.
| WG | 41.71 |  -0.09 |
The company earned $21.7 million, or 52 cents per share, compared with a loss of $11.8 million, or 46 cents per share, in the year-ago period.
Analysts predicted earnings of 40 cents per share, on average, according to a survey by Thomson Financial.
Revenue jumped to $491.6 million from $206.7 million. Analysts predicted revenue of $387 million.
The company's upstream business, which included the pipeline business Willbros acquired in July, generated the bulk of its revenue. Sales at the division surged to $344.4 million from $171.6 million.
Willbros shares jumped $1.64, or 4.3 percent, to $40 after-hours. Earlier, the stock rose 76 cents, or 2 percent, to close at $38.36.
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