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Ensco Rowan plc reported adjusted first-quarter 2019 loss of $1.69 a share, narrower than the Zacks Consensus Estimate of a loss of $1.79. The quarterly loss was, however, wider than the year-ago loss of $1.28.
Total revenues amounted to $406 million, down from $417 million a year ago. The top line marginally missed the Zacks Consensus Estimate of $407 million.
Higher utilization of Jackups supported the narrower-than-expected quarterly loss. This was however partly offset by a fall in average day rates for the floaters.
Segmental Performance
Floaters: Revenues came in at $233 million, down from the year-ago quarter’s $259 million. The fall in average day rates primarily led to the downturn.
Average day rates for the floaters fell 8.5% to $240,440. However, floaters reported utilization of 43%, almost in line with the year-ago quarter level.
Jackups: Revenues totaled $157 million, up from $143 million in the March quarter of 2018, thanks to higher utilization.
Average day rates fell to $72,146 from $73,529 in the prior-year quarter. However, rig utilization of the jackups was recorded at 68%, up from 61% in the year-ago quarter.
Other: Revenues from this segment were reported at $16 million, up from the year-ago quarter’s $15 million. It is to be noted that from $15 million in the March quarter of 2018, the company’s contract drilling expenses rose to $16 million.
Balance Sheet
At the end of the March quarter of 2019, Ensco had $298.4 million in cash and cash equivalents. Long-term debt was $5,018.5 million, with a net debt-to-capitalization ratio of 38.9%.
Ensco Rowan currently carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy space are Murphy Oil Corporation (MUR - Free Report) , Anadarko Petroleum Corporation , and ProPetro Holding Corp. (PUMP - Free Report) . Murphy and Anadarko sport a Zacks Rank #1 (Strong Buy), while ProPetro holds a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Murphy Oil posted an average positive earnings surprise of 17.3% for the past four quarters.
Anadarko Petroleum has average positive earnings surprise of 6.6% for the past four quarters.
The Zacks Consensus Estimate for ProPetro’s 2019 earnings is pegged at $2.42, indicating 21% growth over the year-ago reported figure. Next year’s forecast is $2.70, hinting at 11.5% growth.
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Ensco Rowan (ESV) Tops Q1 Earnings Estimates, Lags Revenues
Ensco Rowan plc reported adjusted first-quarter 2019 loss of $1.69 a share, narrower than the Zacks Consensus Estimate of a loss of $1.79. The quarterly loss was, however, wider than the year-ago loss of $1.28.
Total revenues amounted to $406 million, down from $417 million a year ago. The top line marginally missed the Zacks Consensus Estimate of $407 million.
Higher utilization of Jackups supported the narrower-than-expected quarterly loss. This was however partly offset by a fall in average day rates for the floaters.
Segmental Performance
Floaters: Revenues came in at $233 million, down from the year-ago quarter’s $259 million. The fall in average day rates primarily led to the downturn.
Average day rates for the floaters fell 8.5% to $240,440. However, floaters reported utilization of 43%, almost in line with the year-ago quarter level.
Jackups: Revenues totaled $157 million, up from $143 million in the March quarter of 2018, thanks to higher utilization.
Average day rates fell to $72,146 from $73,529 in the prior-year quarter. However, rig utilization of the jackups was recorded at 68%, up from 61% in the year-ago quarter.
Other: Revenues from this segment were reported at $16 million, up from the year-ago quarter’s $15 million. It is to be noted that from $15 million in the March quarter of 2018, the company’s contract drilling expenses rose to $16 million.
Balance Sheet
At the end of the March quarter of 2019, Ensco had $298.4 million in cash and cash equivalents. Long-term debt was $5,018.5 million, with a net debt-to-capitalization ratio of 38.9%.
Ensco plc Price, Consensus and EPS Surprise
Ensco plc Price, Consensus and EPS Surprise | Ensco plc Quote
Zacks Rank and Key Picks
Ensco Rowan currently carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy space are Murphy Oil Corporation (MUR - Free Report) , Anadarko Petroleum Corporation , and ProPetro Holding Corp. (PUMP - Free Report) . Murphy and Anadarko sport a Zacks Rank #1 (Strong Buy), while ProPetro holds a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Murphy Oil posted an average positive earnings surprise of 17.3% for the past four quarters.
Anadarko Petroleum has average positive earnings surprise of 6.6% for the past four quarters.
The Zacks Consensus Estimate for ProPetro’s 2019 earnings is pegged at $2.42, indicating 21% growth over the year-ago reported figure. Next year’s forecast is $2.70, hinting at 11.5% growth.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.
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