DO - Diamond Offshore 1Q Profit Up 54 Percent
Thursday April 26, 7:18 am ET
Diamond Offshore Drilling 1Q Profit Surges 54 Percent As Daily Rates for Rigs Climb
HOUSTON (AP) -- Diamond Offshore Drilling Inc. on Thursday said first-quarter profit ballooned 54 percent, as the contract driller fetched sharply-higher daily rates for its rigs.
Net income increased to $224.2 million, or $1.64 per share (CHL edit: Average Analyst estimate Avg. Estimate 1.47, 11% greater than estimates), from $145.3 million, or $1.06 per share, in the year-earlier quarter.
Revenue climbed 36 percent to $608.2 million from $447.7 million a year ago as prices for and usage of some of the company's rigs increased.
Diamond said daily rates for its high-specification floaters increased to $280,000 from $189,000 in the same quarter last year. Other semisubmersible rigs also fetched sharply-higher rates, as did its fleet of jackup rigs.
Rig use was at 98 percent for high-specification floaters, but usage of other semisubmersibles and jackups declined year over year.
The results came in ahead of Wall Street's expectations. Analysts polled by Thomson Financial forecast earnings of $1.47 per share on revenue of $586.2 million.
