Unit Q3 Profit Tops View - Quick Facts

(RTTNews) - Unit Corp. (UNT), an oil and natural gas contract drilling company, Tuesday said profit for the third quarter increased from the prior year, supported by a 20 percent growth in revenues.

Net income for the quarter climbed to $67.52 million, or $1.37 per share, from $34.23 million, or $0.70 per share, for the third quarter of 2013.

Excluding the effect of non-cash commodity derivatives, net income was $54.7 million, or $1.11 per share, while it totaled $41.2 million, or $0.85 per share last year.

On average, eight analysts polled by Thomson Reuters expected earnings of $1.09 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue increased 20 percent to $401.0 million from last year's $333.8 million. Analysts expected revenues of $410.98 million.

Oil and natural gas segment's total equivalent production increased 9 percent from last year.