Transocean (RIG - Free Report) reported $721 million in revenue for the quarter ended September 2023, representing a year-over-year decline of 1.2%. EPS of -$0.36 for the same period compares to -$0.06 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $738.22 million, representing a surprise of -2.33%. The company delivered an EPS surprise of -63.64%, with the consensus EPS estimate being -$0.22.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Transocean performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Utilization - Total fleet average rig utilization: 49.4% versus the three-analyst average estimate of 58%.
- Utilization - Ultra-Deepwater Floaters: 45% compared to the 55% average estimate based on three analysts.
- Average Daily Revenue - Harsh Environment Floaters: $357.4 thousand versus the three-analyst average estimate of $290.05 thousand.
- Average Daily Revenue - Total fleet average daily revenue: $391.3 thousand versus the three-analyst average estimate of $345.79 thousand.
- Average Daily Revenue - Ultra Deepwater Floaters: $406.5 thousand compared to the $372.73 thousand average estimate based on three analysts.
- Utilization - Harsh Environment Floaters: 63% versus the three-analyst average estimate of 65.1%.
- Contract drilling revenues- Ultra-Deepwater Floaters: $516 million compared to the $519.87 million average estimate based on three analysts. The reported number represents a change of +19.2% year over year.
- Contract drilling revenues- Harsh Environment Floaters: $197 million compared to the $195.72 million average estimate based on three analysts. The reported number represents a change of -23.6% year over year.
View all Key Company Metrics for Transocean here>>>Shares of Transocean have returned -20.2% over the past month versus the Zacks S&P 500 composite's -3.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
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Transocean (RIG - Free Report) reported $721 million in revenue for the quarter ended September 2023, representing a year-over-year decline of 1.2%. EPS of -$0.36 for the same period compares to -$0.06 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $738.22 million, representing a surprise of -2.33%. The company delivered an EPS surprise of -63.64%, with the consensus EPS estimate being -$0.22.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Transocean performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Utilization - Total fleet average rig utilization: 49.4% versus the three-analyst average estimate of 58%.
- Utilization - Ultra-Deepwater Floaters: 45% compared to the 55% average estimate based on three analysts.
- Average Daily Revenue - Harsh Environment Floaters: $357.4 thousand versus the three-analyst average estimate of $290.05 thousand.
- Average Daily Revenue - Total fleet average daily revenue: $391.3 thousand versus the three-analyst average estimate of $345.79 thousand.
- Average Daily Revenue - Ultra Deepwater Floaters: $406.5 thousand compared to the $372.73 thousand average estimate based on three analysts.
- Utilization - Harsh Environment Floaters: 63% versus the three-analyst average estimate of 65.1%.
- Contract drilling revenues- Ultra-Deepwater Floaters: $516 million compared to the $519.87 million average estimate based on three analysts. The reported number represents a change of +19.2% year over year.
- Contract drilling revenues- Harsh Environment Floaters: $197 million compared to the $195.72 million average estimate based on three analysts. The reported number represents a change of -23.6% year over year.
View all Key Company Metrics for Transocean here>>>Shares of Transocean have returned -20.2% over the past month versus the Zacks S&P 500 composite's -3.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
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