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Diamond Offshore Q2 Earnings and Revenue Beat Estimates
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Diamond Offshore Drilling Inc. (DO - Free Report) is a major contract driller, providing comprehensive offshore drilling services to the global energy industry. The majority of Diamond Offshore is owned (53% of total shares outstanding) by Loews Corporation.
Currently, Diamond Offshore has a Zacks Rank #3 (Hold) but that could change following its second quarter 2016 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:
Earnings: Diamond Offshore beats on adjusted quarterly earnings. Earnings per share came in at 16 cents per share, above the Zacks Consensus Estimate of 2 cents loss.
Revenue: Revenues of $388.7 million came above the Zacks Consensus Estimate of $377.0 million.
Key Stats: In the second quarter, revenues from the Contract Drilling segment fell 42.1% year over year to approximately $357.4 million. Ultra-Deepwater floaters recorded an average dayrate of $452,000 during the quarter, down from $483,000 in the year-earlier quarter. Deepwater floaters realized an average dayrate of $301,000 compared with $451,000 in the year-ago quarter. Mid-water floaters recorded an average dayrate of $313,000, up from $278,000 in the prior-year quarter. Jackup rig dayrates averaged $335,000, up from $83,000 in the second quarter of 2015.
Rig utilization for Ultra-Deepwater floaters decreased to 47% from 63% in the year-ago quarter. Utilization of Deepwater floaters fell to 35% from 63% a year ago. Mid-water category rig utilization was 30% as against 32% in the comparable quarter last year, while jackup rig utilization decreased significantly to 13% from 53%.
Check back later for our full write up on this Diamond Offshore earnings report later!
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Diamond Offshore Q2 Earnings and Revenue Beat Estimates
Diamond Offshore Drilling Inc. (DO - Free Report) is a major contract driller, providing comprehensive offshore drilling services to the global energy industry. The majority of Diamond Offshore is owned (53% of total shares outstanding) by Loews Corporation.
Currently, Diamond Offshore has a Zacks Rank #3 (Hold) but that could change following its second quarter 2016 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:
DIAMOND OFFSHOR Price and EPS Surprise
DIAMOND OFFSHOR Price and EPS Surprise | DIAMOND OFFSHOR Quote
Earnings: Diamond Offshore beats on adjusted quarterly earnings. Earnings per share came in at 16 cents per share, above the Zacks Consensus Estimate of 2 cents loss.
Revenue: Revenues of $388.7 million came above the Zacks Consensus Estimate of $377.0 million.
Key Stats: In the second quarter, revenues from the Contract Drilling segment fell 42.1% year over year to approximately $357.4 million. Ultra-Deepwater floaters recorded an average dayrate of $452,000 during the quarter, down from $483,000 in the year-earlier quarter. Deepwater floaters realized an average dayrate of $301,000 compared with $451,000 in the year-ago quarter. Mid-water floaters recorded an average dayrate of $313,000, up from $278,000 in the prior-year quarter. Jackup rig dayrates averaged $335,000, up from $83,000 in the second quarter of 2015.
Rig utilization for Ultra-Deepwater floaters decreased to 47% from 63% in the year-ago quarter. Utilization of Deepwater floaters fell to 35% from 63% a year ago. Mid-water category rig utilization was 30% as against 32% in the comparable quarter last year, while jackup rig utilization decreased significantly to 13% from 53%.
Check back later for our full write up on this Diamond Offshore earnings report later!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>