Nabors Industries Ltd. Earnings: Here’s Why the Stock is Rising Now
Nabors Industries Ltd. (NYSE:NBR) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.26%.
Nabors Industries Ltd. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 78.95% to $0.08 in the quarter versus EPS of $0.38 in the year-earlier quarter.
Revenue: Decreased 6.24% to $1.51 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Nabors Industries Ltd. reported adjusted EPS income of $0.08 per share. By that measure, the company missed the mean analyst estimate of $0.09. It beat the average revenue estimate of $1.5 billion.
Quoting Management: Tony Petrello , Nabors’ Chairman, President & CEO, commented, “Our second quarter was disappointing as seasonal declines in our Alaska and Canada operations were compounded by a weather-induced drop in the utilization of our eight Bakken Shale frac spreads and a further slowdown in Canrig’s capital equipment shipments. These developments have dampened our full-year outlook and mask a number of positive developments that support our continuing expectation of improving results in the second half of this year.
Key Stats (on next page)…