But the company said its results in the current quarter will be weaker as some customers spent more than usual as the end of the 2011 approached and aren't likely to stay on that pace in the first three months of 2012.
Shares rose 48 cents to $80.30 in midday trading. Its shares have nearly doubled from their 52-week low of $42.01 in early October. They traded as high as $97.05 in late April.
The Texas company reported net income of $20.7 million, or 67 cents per share, for the three months ended Dec. 31 compared with $14.6 million, or 48 cents per share, a year earlier. Analysts polled by FactSet expected earnings of 77 cents per share. They typically exclude one-time items from their estimates.
Revenue rose 44 percent to $279.3 million from $193.6 million a year ago.
Lufkin said it benefited from strong demand for its artificial lift products, which increase the flow of oil from a well. Demand was especially robust in North America, and improvements in operational efficiencies drove growth in both revenues and earnings.
Total oilfield division bookings increased 28 percent from a year ago, with strong orders for new pumping units and automation products coming from North Dakota and Texas.
Power transmission bookings fell 15 percent from a year earlier.
For all of 2011, the company reported net income of nearly $66 million, or $2.14 per share, compared with $43.8 million, or $1.45 per share, in 2010. Revenue rose 44 percent to $932.1 million from $645.6 million.
For the first quarter, the company expects to earn between 50 cents and 60 cents per share on revenue of $270 million to $280 million. Analysts expect earnings of 92 cents per share.
For the year, the company expects earnings between $3.90 and $4.20 per share on revenue between $1.2 billion and $1.5 billion. Analysts expect earnings of $4.27 per share on revenue of $1.24 billion.
