Transocean (RIG) Swings To Loss In Q4, Tops Sales Estimates
Zacks Investment Research | Feb 18, 2019 08:48PM ET
After coming up with profitable results in the third quarter, Transocean Limited (NYSE:RIG) disappointed investors by reporting a net loss in the fourth quarter of 2018. The company posted adjusted loss of 34 cents a share, wider than the Zacks Consensus Estimate and the year-ago figure, both of which stood at 24 cents. Lower-than-anticipated revenues from harsh environment floaters along with increasing costs led to the underperformance. Precisely, revenues from harsh environment floaters came in at $253 million, lagging the consensus estimate of $298 million. Weather-related downtime on a couple of its harsh environment floaters located offshore Canada led to lost revenues of $21 million. Further, operational inefficiencies and reduced y/y dayrates led to weaker results than the year-ago quarter.
Nonetheless, the offshore drilling powerhouse generated total revenues of $748 million, surpassing the Zacks Consensus Estimate of $729 million. The top line also increased from the prior-year figure of $629 million.
Transocean Ltd. Price, Consensus and EPS Surprise
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