Boston, MA 02/19/2014 (wallstreetpr) – Nabors Industries Ltd. (NYSE:NBR) gets a thumbs up from investors today after it posted above-par quarterly results at the close of the previous day. The Oilfield services and land drilling contractor’s robust gains from international operations steered it ahead of the Wall Street’s expectations.
Roundup Report
Nabors Industries Ltd. (NYSE:NBR) witnessed a slight fall in income from continuing operations for the quarter in comparison to the previous year’s quarter and revenues climbed up marginally despite of seasonal weakening in the completion and production services segment. Earnings per share were posted at $0.42 per share on net income of $128.52 million, widely higher than the market estimates of $0.20 per share. However, it was below the earnings per share of $0.45 per share on net income of $131.57 million recorded last year. Altogether, the revenue as well as other income grew marginally from $1.60 billion in the previous year to $1.61 billion now. The collective estimate of the analysts for the revenues was $1.55 billion. Better sales in the Drilling and Rig Services and Completion and Production services segment contributed to the results.
For the full year 2013, Nabors Industries Ltd. (NYSE:NBR) posted income from continuing operations at $0.87 per share, lower by 45.3% in the previous year and revenues at $6.3 billion as against $6.6 billion a year ago.
Segment-Wise Report
Its Drilling and Rig Service did not contribute much in the revenues as it grew 0.9% to $1,099.8 million in comparison to the last year. The segment’s operating income, however, rose 10.9% to $157.3 million. Nabors Industries Ltd. (NYSE:NBR)‘s operations back in both Canada and the U.S. did not fetch revenues in lines of previous year’s performance as they came in at $88.6 million and $471 million for the quarter, reflecting a fall of 23.4% and 4.9% year-over-year respectively. But, a Nabors’ strong revenue generation from its international operations counterbalanced the decline back home.
The revenue generated from international operations grew 25.5% year-over-year and operating income too climbed up at a substantial rate of 197.6%. Rig Services revenue fell 14.2% to $132.5 million from the last year’s quarter, recording an operating loss of close to $2.2 million. Completion Services remained affected by the unfavorable weather conditions rendering drop in revenue and operating income to the tune of 1.3% to $292 million and 53.6% to $14.1 million respectively, while Production Services revenue increased 7.2% y-o-y due to improved truck hours.
Nabors Industries Ltd. (NYSE:NBR)‘ CEO Tony Petrello mentions that he sees substantial improvements in quarterly performance as against last year’s, starting right from the next quarter.
