May 23 (Bloomberg) -- Schoeller-Bleckmann Oilfield Equipment AG, the Austrian maker of directional drilling gear, said first-quarter net income rose 54 percent to 17.8 million euros as sales rose 24 percent to 120.6 million euros.
It was expected to report a profit of 15.7 million euros on sales of 113.8 million euros, according to the average estimate of five analysts surveyed by Bloomberg.
The company said it had a “great” order backlog of 192.9 million euros at the end of March, up 9.3 percent from the end of December.
Schoeller is expanding capacity at its Ternitz headquarters, investing 54 million euros over the next two years. It also expanding sites in the U.S., Singapore and Vietnam to meet increasing demand.
“At the end of the first quarter of 2012 the business activity within the oilfield service industry remained robust and no signs of change in these positive demand tendencies were observed,” the company said in the statement.
Chief Executive Officer Gerald Grohmann said in a telephone interview today that business in April was “very satisfactory,” declining to provide guidance for full-year results.
The company is expected to increase full-year net income by 21 percent to 64.8 million euros from 53.4 million euros in 2011, according to the average estimate of six analysts surveyed by Bloomberg.
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