Nabors (NBR) Q2 Loss Narrower Than Expected, Sales Beat
Zacks Investment Research | Aug 02, 2016 11:02PM ET
On Aug 2, Nabors Industries Ltd. (NYSE:NBR) reported second-quarter 2016 adjusted loss from continuing operations of 26 cents per share, significantly narrower than the Zacks Consensus Estimate of a loss of 43 cents. The lower-than-expected quarterly loss may be attributed to aggressive cost reduction. Notably, the company’s reported figure was wider than the year-ago adjusted loss of 14 cents per share.
Total revenue of $517.1 million came in above the Zacks Consensus Estimate of $503 million but plunged almost 40.1% from $863 million in second-quarter 2015.
Nabors’ U.S. operations recorded quarterly revenues of $140.3 million, down 56.3% from the year-ago level. The unit slipped to an operating loss of $48.3 million from a profit of $31.4 million in the prior-year period.
The Canadian market witnessed a year-over-year decline of 69.2% in revenues and recorded sales of $6.6 million. Moreover, the segment’s quarterly loss of $10.8 million was wider than the operating loss of $8.3 million in the year-ago quarter. Lower rig activity caused the deterioration.
Nabors’ international operations saw a 12.5% year over year decline in revenue generation to $401 million. Operating income plunged 35.5% from second-quarter 2015 to $53.9 million.
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