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 Q2 Earnings & Revenues
Read MoreHide Full Article
Diamond Offshore Drilling Inc. (DO - Free Report) reported second-quarter 2016 adjusted earnings of 16 cents per share that comfortably surpassed the Zacks Consensus Estimate of 2 cents loss. The bottom line, however, decreased from the year-earlier earnings of 66 cents.
Total revenue in the quarter of $388.7 million came lower than the year-over-year number of $634.0 million. However, the top line came in above the Zacks Consensus Estimate of $377.0 million.
Operational Performance
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%.
As of Jun 30, 2016, Diamond Offshore had approximately $103.3 million in cash and cash equivalents, while long-term debt totaled $1,980.3 million.
Zacks Rank
Diamond Offshore currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are Vanguard Natural Resources, LLC , QEP Resources, Inc. and McDermott International Inc. . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
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 >>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Diamond Offshore (DO) Beats on Q2 Earnings & Revenues
Diamond Offshore Drilling Inc. (DO - Free Report) reported second-quarter 2016 adjusted earnings of 16 cents per share that comfortably surpassed the Zacks Consensus Estimate of 2 cents loss. The bottom line, however, decreased from the year-earlier earnings of 66 cents.
Total revenue in the quarter of $388.7 million came lower than the year-over-year number of $634.0 million. However, the top line came in above the Zacks Consensus Estimate of $377.0 million.
Operational Performance
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%.
DIAMOND OFFSHOR Price, Consensus and EPS Surprise
DIAMOND OFFSHOR Price, Consensus and EPS Surprise | DIAMOND OFFSHOR Quote
Financials
As of Jun 30, 2016, Diamond Offshore had approximately $103.3 million in cash and cash equivalents, while long-term debt totaled $1,980.3 million.
Zacks Rank
Diamond Offshore currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are Vanguard Natural Resources, LLC , QEP Resources, Inc. and McDermott International Inc. . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
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 >>