Boston, MA 11/28/2014 (wallstreetpr) – Atlantic Drilling Ltd. (NYSE:NADL) posted its 3Q financial results that showed some performance improvements. The company also highlighted the performance for its first nine months of 2014. According to a report by The Wall Street Transcript, North Atlantic Drilling saw an improvement in its top-line in the latest quarter. However, cost issues still need greater attention to boost the bottom-line.
North Atlantic Drilling Ltd. (NYSE:NADL) generated more than $356 million in 3Q consolidated revenue, which compared with about $343 million in the prior quarter. The company managed to attain an increase of $6.1 million in its operating profit in 3Q, such that it concluded the quarter with $110.9 million in operating profit in the latest quarter.
Impact on financial items
The net financial items of North Atlantic Drilling Ltd. (NYSE:NADL) at the end of the latest quarter was a loss of $23.4 million. That compared favorably with a loss of $42.4 million in the previous quarter. The financial items of the latest quarter were impacted by interest expenses that amounted to $26.8 million and financial derivatives that amounted to $12.7 million. The previous quarter was impacted by financial derivatives of $19.3 million and $27.4 million in interest expenses.
Having noted income taxes of $13.1 million in the latest quarter, North Atlantic Drilling Ltd. (NYSE:NADL) ended up reporting net income of $74.4 million or $0.29 per share.
First nine months of 2014
As for the first nine months of the year, the company posted about $973 million in operating revenue, $287 million in operating income and $154 million in net income. The performance in the latest nine months was mixed compared with the like period a year ago. North Atlantic Drilling Ltd. (NYSE:NADL) had more than $1 billion in operating revenue in the first nine months of 2013. It also had more than $271 million and nearly $188 million in operating income and net income, respectively, for the first nine months of 2013.
The fallout in the oil-field services market has not left the stock of North Atlantic Drilling Ltd. (NYSE:NADL) in good shape this year. Shares of the company had declined nearly 70% since the beginning of the year.
Technicals
North Atlantic Drilling Ltd. (NYSE:NADL) continues to make lower tops and higher bottom, the stock is in a long term downtrend which started in September’2014 since then the stock has lost 75% of its market value. The stock is trading below its 20-Day of $4.24 with RSI of 19.82.
