Diamond Offshore Drilling Inc. (DO - Free Report) reported first-quarter 2019 adjusted loss of 53 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 61 cents. The company reported a loss of 16 cents in the year-ago quarter.
Total revenues amounted to $233.5 million, down from $296 million in the year-ago quarter. The figure also missed the Zacks Consensus Estimate of $228 million.
The quarterly results were affected by reduced dayrates and rig utilization from floaters as well as lower revenues in the Contract Drilling segment.
Floaters recorded an average dayrate of $309,000 compared with $351,000 in the year-ago quarter. Rig utilization for floaters fell to 48% from 52% in the prior-year quarter.
In the first quarter, revenues in the Contract Drilling segment plunged 21.3% year over year to approximately $226.7 million.
As of Mar 31, 2019, Diamond Offshore had approximately $122.8 million in cash and cash equivalents, while long-term debt totaled $1,974.4 million.
Zacks Rank & Key Picks
Diamond Offshore currently carries a Zacks Rank #3 (Hold).
Some better-ranked players in the energy space are CrossAmerica Partners L.P. (CAPL - Free Report) , SEACOR Holdings, Inc (CKH - Free Report) and Murphy Oil Corporation (MUR - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
CrossAmerica Partners is involved in the wholesale distribution of motor fuels, comprising gasoline and diesel fuel. The partnership delivered average positive earnings surprise of 452.2% in the last four quarters.
SEACOR Holdings is a diversified holding company, mainly focused on domestic and international transportation, logistics as well as risk management consultancy. For 2019, the bottom line is expected to inch up 1.7% year over year. The company delivered average positive earnings surprise of 16.5% in the trailing four quarters.
Headquartered in Houston, TX, Murphy Oil is an independent oil and gas exploration company with producing properties. The top and the bottom line for 2019 is expected to inch up 2.1% and 12.7%, respectively, on a year-over-year basis. The company delivered average positive earnings surprise of 6% in the trailing four quarters.
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