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Transocean (RIG) Reports Q3 Earnings: What Key Metrics Have to Say
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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.
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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Transocean (RIG) Reports Q3 Earnings: What Key Metrics Have to Say
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.