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Transocean (RIG) Reports Q2 Earnings: What Key Metrics Have to Say
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Transocean (RIG - Free Report) reported $748 million in revenue for the quarter ended June 2023, representing a year-over-year increase of 3.6%. EPS of -$0.15 for the same period compares to -$0.10 a year ago.
The reported revenue represents a surprise of +3.26% over the Zacks Consensus Estimate of $724.38 million. With the consensus EPS estimate being -$0.12, the EPS surprise was -25.00%.
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.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
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: 54.7% compared to the 55.65% average estimate based on two analysts.
Utilization - Ultra-Deepwater Floaters: 53.7% versus the two-analyst average estimate of 52.72%.
Average Daily Revenue - Harsh Environment Floaters: $332 thousand versus $343.8 thousand estimated by two analysts on average.
Average Daily Revenue - Total fleet average daily revenue: $367 thousand compared to the $361.5 thousand average estimate based on two analysts.
Average Daily Revenue - Ultra Deepwater Floaters: $380.6 thousand versus $369 thousand estimated by two analysts on average.
Utilization - Harsh Environment Floaters: 57.7% versus 62.75% estimated by two analysts on average.
Total Contract drilling revenues: $729 million compared to the $718.17 million average estimate based on three analysts. The reported number represents a change of +5.4% year over year.
Contract drilling revenues- Ultra-Deepwater Floaters: $536 million versus $501.90 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +18.9% change.
Contract drilling revenues- Harsh Environment Floaters: $193 million versus $207.29 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -19.9% change.
Shares of Transocean have returned +22% over the past month versus the Zacks S&P 500 composite's +4.7% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
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Transocean (RIG) Reports Q2 Earnings: What Key Metrics Have to Say
Transocean (RIG - Free Report) reported $748 million in revenue for the quarter ended June 2023, representing a year-over-year increase of 3.6%. EPS of -$0.15 for the same period compares to -$0.10 a year ago.
The reported revenue represents a surprise of +3.26% over the Zacks Consensus Estimate of $724.38 million. With the consensus EPS estimate being -$0.12, the EPS surprise was -25.00%.
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.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
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: 54.7% compared to the 55.65% average estimate based on two analysts.
- Utilization - Ultra-Deepwater Floaters: 53.7% versus the two-analyst average estimate of 52.72%.
- Average Daily Revenue - Harsh Environment Floaters: $332 thousand versus $343.8 thousand estimated by two analysts on average.
- Average Daily Revenue - Total fleet average daily revenue: $367 thousand compared to the $361.5 thousand average estimate based on two analysts.
- Average Daily Revenue - Ultra Deepwater Floaters: $380.6 thousand versus $369 thousand estimated by two analysts on average.
- Utilization - Harsh Environment Floaters: 57.7% versus 62.75% estimated by two analysts on average.
- Total Contract drilling revenues: $729 million compared to the $718.17 million average estimate based on three analysts. The reported number represents a change of +5.4% year over year.
- Contract drilling revenues- Ultra-Deepwater Floaters: $536 million versus $501.90 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +18.9% change.
- Contract drilling revenues- Harsh Environment Floaters: $193 million versus $207.29 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -19.9% change.
View all Key Company Metrics for Transocean here>>>Shares of Transocean have returned +22% over the past month versus the Zacks S&P 500 composite's +4.7% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.