We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Diamond Offshore (DO) Beats on Q1 Earnings and Revenues
Read MoreHide Full Article
Diamond Offshore Drilling Inc.’s (DO - Free Report) first-quarter 2017 adjusted earnings of 17 cents per share comfortably surpassed the Zacks Consensus Estimate of 12 cents. The quarterly figure, however, decreased from the year-ago earnings of 64 cents per share. The decrease was mainly due to lower revenues from Contract Drilling segment as well as lesser ultra-deepwater and jackup utilization.
Total revenue of $374.2 million for the first quarter was lower than the year-ago figure of $470.5 million. However, the top line beat the Zacks Consensus Estimate of $373.6 million.
Operational Performance
In the first quarter, revenues from the Contract Drilling segment plunged 20.5% year over year to approximately $363.6 million.
Ultra-Deepwater floaters recorded an average dayrate of $450,000 as against $533,000 in the year-earlier quarter. Deepwater floaters realized an average dayrate of $260,000 compared with $334,000 in the year-ago quarter. Mid-water floaters recorded an average dayrate of $268,000 versus $263,000 in the prior-year quarter. Jackup rig dayrates averaged $75,000 as against $118,000 in the first quarter of 2016.
Rig utilization for Ultra-Deepwater floaters decreased to 50% from 61% in the year-ago quarter. Utilization of Deepwater floaters increased to 48% from 28% a year ago. Mid-water category rig utilization was 40% as against 25% in the comparable quarter last year. Jackup rig utilization decreased significantly to 29% from 18%.
Diamond Offshore Drilling, Inc. Price, Consensus and EPS Surprise
As of Mar 31, 2017, Diamond Offshore had approximately $123.3 million in cash and cash equivalents, while long-term debt was $1,981.2 million.
Zacks Rank
Diamond Offshore currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are SunCoke Energy, Inc. (SXC - Free Report) , China Petroleum & Chemical Corporation and Bellatrix Exploration Ltd. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy posted a positive earnings surprise of 120.0% in the preceding quarter. It beat estimates in two of the four trailing quarters with an average negative earnings surprise of 35.78%.
Bellatrix Exploration posted a positive earnings surprise of 240.00% in the preceding quarter. It beat estimates in three of the four trailing quarters with an average positive earnings surprise of 58.54%.
5 Trades Could Profit "Big-League" from Trump Policies
If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.
Today Zacks reveals 5 tickers that could benefit from new trends like streamlined drug approvals, tariffs, lower taxes, higher interest rates, and spending surges in defense and infrastructure. See these buy recommendations now >>
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Diamond Offshore (DO) Beats on Q1 Earnings and Revenues
Diamond Offshore Drilling Inc.’s (DO - Free Report) first-quarter 2017 adjusted earnings of 17 cents per share comfortably surpassed the Zacks Consensus Estimate of 12 cents. The quarterly figure, however, decreased from the year-ago earnings of 64 cents per share. The decrease was mainly due to lower revenues from Contract Drilling segment as well as lesser ultra-deepwater and jackup utilization.
Total revenue of $374.2 million for the first quarter was lower than the year-ago figure of $470.5 million. However, the top line beat the Zacks Consensus Estimate of $373.6 million.
Operational Performance
In the first quarter, revenues from the Contract Drilling segment plunged 20.5% year over year to approximately $363.6 million.
Ultra-Deepwater floaters recorded an average dayrate of $450,000 as against $533,000 in the year-earlier quarter. Deepwater floaters realized an average dayrate of $260,000 compared with $334,000 in the year-ago quarter. Mid-water floaters recorded an average dayrate of $268,000 versus $263,000 in the prior-year quarter. Jackup rig dayrates averaged $75,000 as against $118,000 in the first quarter of 2016.
Rig utilization for Ultra-Deepwater floaters decreased to 50% from 61% in the year-ago quarter. Utilization of Deepwater floaters increased to 48% from 28% a year ago. Mid-water category rig utilization was 40% as against 25% in the comparable quarter last year. Jackup rig utilization decreased significantly to 29% from 18%.
Diamond Offshore Drilling, Inc. Price, Consensus and EPS Surprise
Diamond Offshore Drilling, Inc. Price, Consensus and EPS Surprise | Diamond Offshore Drilling, Inc. Quote
Financials
As of Mar 31, 2017, Diamond Offshore had approximately $123.3 million in cash and cash equivalents, while long-term debt was $1,981.2 million.
Zacks Rank
Diamond Offshore currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are SunCoke Energy, Inc. (SXC - Free Report) , China Petroleum & Chemical Corporation and Bellatrix Exploration Ltd. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy posted a positive earnings surprise of 120.0% in the preceding quarter. It beat estimates in two of the four trailing quarters with an average negative earnings surprise of 35.78%.
Bellatrix Exploration posted a positive earnings surprise of 240.00% in the preceding quarter. It beat estimates in three of the four trailing quarters with an average positive earnings surprise of 58.54%.
5 Trades Could Profit "Big-League" from Trump Policies
If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.
Today Zacks reveals 5 tickers that could benefit from new trends like streamlined drug approvals, tariffs, lower taxes, higher interest rates, and spending surges in defense and infrastructure. See these buy recommendations now >>