SeaDrill (SDRL) Q3 Earnings And Revenues Beat Estimates
Zacks Investment Research | Nov 24, 2016 06:54AM ET
Offshore contract driller SeaDrill Limited (NYSE:SDRL) reported strong third-quarter 2016 earnings owing to a decrease in operating expenses.
Earnings per share – excluding one-time items − came in at 28 cents. The bottom line beat the Zacks Consensus Estimate of 20 cents per share and also increased from the year-ago adjusted figure of 21 cents.
Total operating revenue of $743 million was down 24.6% from $985 million in third-quarter 2015. The top line, however, beat the Zacks Consensus Estimate of $700 million.
Segmental Analysis
Floaters:This segment reported revenues of $528 million compared with $647 million in the year-ago quarter. Net operating income was $182 million compared favorably with the prior-year quarter loss of $410 million.
Jack-up Rigs: The segment registered revenues of $199 million as against $306 million in the prior-year quarter. Net operating income of $62 million plummeted from the third-quarter 2015 figure of $114 million.
Other:Revenues of $16 million were lower than $32 million in the prior-year quarter. Operating profit of $3 million also decreased from the prior-year profit of $5 million.
SEADRILL LTD Price, Consensus and EPS Surprise
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