Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Nabors Industries Ltd.    NBR   BMG6359F1032

Delayed Quote. Delayed Nyse - 10/22 04:03:29 pm
18.2 USD   -2.41%
8h agoDJU.S. HOT STOCKS : Hot Stocks to Watch
1d ago NABORS : Announces Third Quarter 2014 Results
6d agoNABORS INDUSTRIES LTD. : quaterly earnings release
SummaryQuotesChart AnalysisNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll news 

Nabors 1Q Profit Climbs 62% On U.S. Drilling Activity

04/24/2012 | 04:42pm US/Eastern

Nabors Industries Ltd.'s (>> Nabors Industries Ltd.) first-quarter profit jumped 62% on continued revenue growth in its continental U.S. drilling business.

The stronger-than-expected results continue Nabors's streak of improved core earnings, as U.S. oil-and-gas producers adopt increasingly complex drilling techniques to access harder-to-reach reserves, boosting the contractor's top line.

At the same time, Nabors is working to improve its operational efficiency after the company acknowledged it strayed off target in its exploration and production forays, which led it to miss growth opportunities in the U.S. The company last month unveiled plans to raise at least $800 million from selling oil and gas properties and other noncore businesses, the latest in a series of divestitures.

Heavy North American drilling activity also helped boost earnings for rival Schlumberger Ltd. (SLB), which on Friday reported a stronger-than-expected core profit.

Nabors posted a profit of $134.1 million, or 46 cents a share, up from $82.8 million, or 28 cents a share, a year earlier. Excluding impairment charges and other adjustments, per-share earnings from continuing operations rose to 65 cents from 29 cents as revenue jumped 32% to $1.84 billion.

Analysts polled by Thomson Reuters were looking for a 50-cent per-share profit with $1.8 billion of revenue.

Operating earnings in Nabors's U.S.-lower-48 land-drilling business, its largest segment, grew 31%, while its domestic pressure-pumping business reported 54% higher earnings. Profit rose 17% in the smaller international business.

Shares were up 1.4% at $16.18 in light after-hours trading Tuesday. The stock had declined 50% over the past year through Tuesday's close.

-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

Stocks mentioned in the article : Nabors Industries Ltd.
Latest news on NABORS INDUSTRIES LTD.
8h agoDJU.S. HOT STOCKS : Hot Stocks to Watch
1d ago NABORS : Announces Third Quarter 2014 Results
6d agoNABORS INDUSTRIES LTD. : quaterly earnings release
09/24 NABORS : Third Quarter 2014 Earnings Conference Call Invitation
09/23 Pending 'inversions' that new U.S. Treasury rules may hit
09/18 NABORS : Market Activity Updates, New Agreement for Strategic Cooperation, Poten..
09/11 NABORS : Announces the Repurchase of approximately $250 million of its Common Sh..
09/05 NABORS INDUSTRIES LTD. : ex-dividend day
07/24 NABORS : Increases Quarterly Cash Dividend By 50%
07/22 NABORS : Announces Second-Quarter EPS of $0.21 after net charges of $0.03 per sh..
Advertisement
Chart
Duration : Period :
Nabors Industries Ltd. Technical Analysis Chart | NBR | BMG6359F1032 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF